Company Registration No. 12703967 (England and Wales)
LONDON GLADSTONE LIMITED
Unaudited Financial Statements
for the year ended 30 June 2023
LONDON GLADSTONE LIMITED
Unaudited Financial Statements
Contents
LONDON GLADSTONE LIMITED
Company Information
for the year ended 30 June 2023
Directors
Mohammed S Quadri
Sarah S Quadri
Company Number
12703967 (England and Wales)
Registered Office
75 Creighton Avenue
East Ham
London
E6 3DT
United Kingdom
Accountants
Gladstone & Co. Accountants
75 Creighton Avenue
East Ham
London
E6 3DT
LONDON GLADSTONE LIMITED
Accountants' report
Accountants' report to the board of directors of LONDON GLADSTONE LIMITED on the preparation of the unaudited statutory accounts for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
LONDON GLADSTONE LIMITED for the year ended
30 June 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of LONDON GLADSTONE LIMITED, as a body, in accordance with the terms of our engagement letter dated 29 June 2020. Our work has been undertaken solely to prepare for your approval the accounts of LONDON GLADSTONE LIMITED and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than LONDON GLADSTONE LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that LONDON GLADSTONE LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of LONDON GLADSTONE LIMITED. You consider that LONDON GLADSTONE LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of LONDON GLADSTONE LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Gladstone & Co. Accountants
75 Creighton Avenue
East Ham
London
E6 3DT
27 November 2023
LONDON GLADSTONE LIMITED
Statement of financial position
as at 30 June 2023
Investment property
1,326,574
1,285,478
Cash at bank and in hand
16,116
8,905
Creditors: amounts falling due within one year
(54,016)
(163,632)
Net current liabilities
(26,412)
(139,523)
Total assets less current liabilities
1,300,162
1,145,955
Creditors: amounts falling due after more than one year
(1,297,309)
(1,151,599)
Net assets/(liabilities)
2,853
(5,644)
Called up share capital
100
100
Profit and loss account
2,753
(5,744)
Shareholders' funds
2,853
(5,644)
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by
Mohammed S Quadri
Director
Company Registration No. 12703967
LONDON GLADSTONE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
LONDON GLADSTONE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12703967. The registered office is 75 Creighton Avenue, East Ham, London, E6 3DT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Investment property is included at fair market value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Fair value at 1 July 2022
1,285,478
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.
LONDON GLADSTONE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
Amounts falling due within one year
Deferred tax asset
-
1,418
Accrued income and prepayments
1,525
1,975
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
31,680
41,982
Trade creditors
15,750
5,250
Taxes and social security
(818)
-
Other creditors
6,404
6,404
Loans from directors
-
108,996
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
809,173
1,151,599
The bank loan is secured by a fixed charge over the assets of the company. In addition, the directors have also provided personal guarantees.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account
(54,498)
54,498
-
-
Directors Loan Account
(54,498)
54,498
-
-
Directors loan accounts were settled during the year (2022: £108,996) by way of converting these to an interest bearing loan account as at the balance sheet date. The interest rate applicable to the loans commencing from 01st July 2023 is agreed at 5.25% pa in line with market interest rate for a similar borrowing arrangement.
LONDON GLADSTONE LIMITED
Notes to the Accounts
for the year ended 30 June 2023
10
Transactions with related parties
Other creditors include loans obtained from connected parties for a period of 10 years. Total borrowings were £488,136.78 (2022: £nil) and market interest rate applicable is £5.25% per annum based on the arm's length principle.
11
Average number of employees
During the year the average number of employees was 2 (2022: 0).