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Registered number: 04937264
Gannock Park Developments Limited
Financial Statements
For The Year Ended 31 October 2023
Robert Agates & Associates
Certified Accountants
Sentosa
Southview Road
Crowborough
East Sussex
TN6 1HG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 04937264
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 680,770 680,962
680,770 680,962
CURRENT ASSETS
Debtors 5 334 438
Cash at bank and in hand 447 122
781 560
Creditors: Amounts Falling Due Within One Year 6 (369,505 ) (119,809 )
NET CURRENT ASSETS (LIABILITIES) (368,724 ) (119,249 )
TOTAL ASSETS LESS CURRENT LIABILITIES 312,046 561,713
Creditors: Amounts Falling Due After More Than One Year 7 - (265,499 )
NET ASSETS 312,046 296,214
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 223,000 223,000
Profit and Loss Account 88,946 73,114
SHAREHOLDERS' FUNDS 312,046 296,214
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Steven
Director
28th July 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gannock Park Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04937264 . The registered office is Little Rosevine, Portscatho, Truro, Cornwall, TR2 5EJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation has been provided, as the property is revalued on a regular basis.
Fixtures & Fittings 20% per annum on reducing balance
2.3. Taxation
Corporation Tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when it related to items that are recognised in other comprehensive income or directly in equity, in which case, the current is also recognised in other comprehensive income or directly in equity respectively.
2.4. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 November 2022 680,000 4,149 684,149
As at 31 October 2023 680,000 4,149 684,149
...CONTINUED
Page 3
Page 4
Depreciation
As at 1 November 2022 - 3,187 3,187
Provided during the period - 192 192
As at 31 October 2023 - 3,379 3,379
Net Book Value
As at 31 October 2023 680,000 770 680,770
As at 1 November 2022 680,000 962 680,962
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 334 334
Taxes and social security - 104
334 438
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 33,000 34,195
Corporation tax 3,759 1,554
Other creditors - 4,000
Director's loan account 331,858 79,030
Accruals 888 1,030
369,505 119,809
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Directors loan account - 265,499
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
9. Reserves
Revaluation Reserve
£
As at 1 November 2022 223,000
As at 31 October 2023 223,000
Page 4