Relate AccountsProduction v2.7.3 v2.7.3 2022-08-02 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the business is mixed farming 31 July 2024 1 NI690111 2023-08-31 NI690111 2022-08-01 NI690111 2022-08-02 2023-08-31 NI690111 uk-bus:PrivateLimitedCompanyLtd 2022-08-02 2023-08-31 NI690111 uk-curr:PoundSterling 2022-08-02 2023-08-31 NI690111 uk-bus:SmallCompaniesRegimeForAccounts 2022-08-02 2023-08-31 NI690111 uk-bus:FullAccounts 2022-08-02 2023-08-31 NI690111 uk-core:ShareCapital 2023-08-31 NI690111 uk-core:RetainedEarningsAccumulatedLosses 2023-08-31 NI690111 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-08-31 NI690111 uk-bus:FRS102 2022-08-02 2023-08-31 NI690111 uk-core:PlantMachinery 2022-08-02 2023-08-31 NI690111 uk-core:CurrentFinancialInstruments 2023-08-31 NI690111 uk-core:WithinOneYear 2023-08-31 NI690111 uk-core:EmployeeBenefits 2022-08-01 NI690111 uk-core:EmployeeBenefits 2022-08-02 2023-08-31 NI690111 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 NI690111 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-08-31 NI690111 uk-core:OtherDeferredTax 2023-08-31 NI690111 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-08-31 NI690111 uk-core:EmployeeBenefits 2023-08-31 NI690111 2022-08-02 2023-08-31 NI690111 uk-bus:Director1 2022-08-02 2023-08-31 NI690111 uk-bus:AuditExempt-NoAccountantsReport 2022-08-02 2023-08-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Gortgonis House Limited
 
Unaudited Financial Statements
 
for the financial period from 2 August 2022 (date of incorporation) to 31 August 2023



Gortgonis House Limited
Company Registration Number: NI690111
BALANCE SHEET
as at 31 August 2023

Aug 23
Notes £
 
Fixed Assets
Tangible assets 7 10,451
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Current Assets
Stocks 8 7,805
Debtors 9 29,211
Cash at bank and in hand 4,230
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41,246
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Creditors: amounts falling due within one year 10 (15,294)
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Net Current Assets 25,952
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Total Assets less Current Liabilities 36,403
 
Provisions for liabilities 11 (2,195)
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Net Assets 34,208
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Capital and Reserves
Called up share capital 100
Retained earnings 34,108
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Equity attributable to owners of the company 34,208
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The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
       
For the financial period from 2 August 2022 (date of incorporation) to 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
       
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial period in question in accordance with section 476 of the Companies Act 2006.
       
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial period and of its profit and loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
       
Approved by the Director and authorised for issue on 31 July 2024
       
Ciaran Lynch      
Director      
       



Gortgonis House Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial period from 2 August 2022 (date of incorporation) to 31 August 2023

   
1. General Information
 
Gortgonis House Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI690111. The registered office of the company is 88 Washingbay Road, Coalisland, Coalisland, Tyrone, BT71 4PU which is also the principal place of business of the company. The principal activity of the business is mixed farming The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial period ended 31 August 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Adoption of FRS 102 Section 1A
 
This is the first set of financial statements prepared by Gortgonis House Limited in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 January 2016.
   
4. Period of financial statements
 
The financial statements are for the 12 month 30 days period from 2 August 2022 (date of incorporation) to 31 August 2023.
   
5. Statement on previous periods
 
The company did not present financial statements for previous periods.
     
6. Employees
 
The average monthly number of employees, including director, during the financial period was 1, (Aug 22 - 0).
 
  Aug 23
  Number
 
Total 1
  ═════════
       
7. Tangible assets
  Plant and Total
  machinery  
     
  £ £
Cost
At 2 August 2022 - -
Additions 11,405 11,405
  ───────── ─────────
At 31 August 2023 11,405 11,405
  ───────── ─────────
Depreciation
At 2 August 2022 - -
Charge for the financial period 954 954
  ───────── ─────────
At 31 August 2023 954 954
  ───────── ─────────
Net book value
At 31 August 2023 10,451 10,451
  ═════════ ═════════
     
8. Stocks Aug 23
  £
 
Finished goods and goods for resale 7,805
  ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
     
9. Debtors Aug 23
  £
 
Trade debtors 23,295
Taxation 5,916
  ─────────
  29,211
  ═════════
     
10. Creditors Aug 23
Amounts falling due within one year £
 
Trade creditors 5,953
Taxation 7,565
Director's current account 250
Other creditors 526
Accruals 1,000
  ─────────
  15,294
  ═════════
       
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total
  allowances  
     
    Aug 23
  £ £
 
At financial period start - -
Charged to profit and loss 2,195 2,195
  ───────── ─────────
At financial period end 2,195 2,195
  ═════════ ═════════
     
12. Capital commitments
 
The company had no material capital commitments at the financial period-ended 31 August 2023.
   
13. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial period-end.