Company registration number 09263565 (England and Wales)
GOLLAND PROPERTY SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GOLLAND PROPERTY SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GOLLAND PROPERTY SERVICES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,440
2,793
Investment properties
5
1,904,443
1,904,443
1,906,883
1,907,236
Current assets
Debtors
6
116,122
86,215
Cash at bank and in hand
13,627
49,822
129,749
136,037
Creditors: amounts falling due within one year
7
(553,872)
(528,100)
Net current liabilities
(424,123)
(392,063)
Total assets less current liabilities
1,482,760
1,515,173
Creditors: amounts falling due after more than one year
8
(1,051,093)
(1,054,167)
Net assets
431,667
461,006
Capital and reserves
Called up share capital
100
100
Revaluation reserve
391,913
391,913
Profit and loss reserves
39,654
68,993
Total equity
431,667
461,006
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
P Golland
Director
Company Registration No. 09263565
GOLLAND PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Golland Property Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income from investment properties, which is recognised on an accruals basis, with any outstanding rental income at the year end included within trade debtors. Any rent received which relates to future periods is included as deferred income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for 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 profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
GOLLAND PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2023
4,398
Additions
257
At 31 March 2024
4,655
Depreciation and impairment
At 1 April 2023
1,605
Depreciation charged in the year
610
At 31 March 2024
2,215
Carrying amount
At 31 March 2024
2,440
At 31 March 2023
2,793
GOLLAND PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,904,443
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Director at the year end, based on mortgage valuations for the various properties.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
116,122
86,215
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
200
81
Other creditors
553,672
528,019
553,872
528,100
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,051,093
1,054,167
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
1,051,093
1,054,167