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Company registration number: 13392966
Etro Properties (Gosforth) Limited
Pages for filing with Registrar
31 July 2023
Etro Properties (Gosforth) Limited
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Etro Properties (Gosforth) Limited
Statement of financial position
31 July 2023
31/07/23 31/05/22
Note £ £ £ £
Current assets
Stocks 1,948,873 699,401
Debtors 5 9,232 2,670
Cash at bank and in hand 1,351 19,374
_______ _______
1,959,456 721,445
Creditors: amounts falling due
within one year 6 ( 1,985,696) ( 724,862)
_______ _______
Net current liabilities ( 26,240) ( 3,417)
_______ _______
Total assets less current liabilities ( 26,240) ( 3,417)
_______ _______
Net liabilities ( 26,240) ( 3,417)
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account ( 27,240) ( 4,417)
_______ _______
Shareholders deficit ( 26,240) ( 3,417)
_______ _______
For the period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2024 , and are signed on behalf of the board by:
S K Jerath
Director
Company registration number: 13392966
Etro Properties (Gosforth) Limited
Statement of changes in equity
Period ended 31 July 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2021 - - -
Loss for the period ( 4,417) ( 4,417)
_______ _______ _______
Total comprehensive income for the period - ( 4,417) ( 4,417)
Issue of shares 1,000 1,000
_______ _______ _______
Total investments by and distributions to owners 1,000 - 1,000
_______ _______ _______
At 31 May 2022 and 1 June 2022 1,000 ( 4,417) ( 3,417)
Loss for the period ( 22,823) ( 22,823)
_______ _______ _______
Total comprehensive income for the period - ( 22,823) ( 22,823)
_______ _______ _______
At 31 July 2023 1,000 ( 27,240) ( 26,240)
_______ _______ _______
Etro Properties (Gosforth) Limited
Notes to the financial statements
Period ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West 2 Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to Nil (2022: Nil).
5. Debtors
31/07/23 31/05/22
£ £
Other debtors 9,232 2,670
_______ _______
6. Creditors: amounts falling due within one year
31/07/23 31/05/22
£ £
Bank loans and overdrafts 616,120 -
Trade creditors 645,732 3,742
Other creditors 723,844 721,120
_______ _______
1,985,696 724,862
_______ _______
7. Directors advances, credits and guarantees
included in other creditors due within one year are amounts due to the directors of £48,586 (2022: £nil), these are provided interest free and repayable on demand.
8. Related party transactions
Included within other creditors is £675,258 (2022: £721,119) due to companies under common control.