0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,258,406 441,594 2,700,000 2,700,000 xbrli:pure xbrli:shares iso4217:GBP 11820939 2023-03-01 2024-02-29 11820939 2024-02-29 11820939 2023-02-28 11820939 2022-03-01 2023-02-28 11820939 2023-02-28 11820939 2022-02-28 11820939 bus:Director1 2023-03-01 2024-02-29 11820939 core:WithinOneYear 2024-02-29 11820939 core:WithinOneYear 2023-02-28 11820939 core:AfterOneYear 2023-02-28 11820939 core:ShareCapital 2024-02-29 11820939 core:ShareCapital 2023-02-28 11820939 core:RevaluationReserve 2024-02-29 11820939 core:RetainedEarningsAccumulatedLosses 2024-02-29 11820939 core:RetainedEarningsAccumulatedLosses 2023-02-28 11820939 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-29 11820939 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 11820939 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 11820939 core:Non-currentFinancialInstruments 2024-02-29 11820939 bus:SmallEntities 2023-03-01 2024-02-29 11820939 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11820939 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11820939 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11820939 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 11820939
GOTTS PARK DEVELOPMENTS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
GOTTS PARK DEVELOPMENTS LTD
FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
GOTTS PARK DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Investments
4
2,700,000
CURRENT ASSETS
Stocks
1,155,564
Debtors
5
44,695
16,632
Cash at bank and in hand
28,536
3,053
---------
--------------
73,231
1,175,249
CREDITORS: amounts falling due within one year
6
2,578,876
529,674
--------------
--------------
NET CURRENT (LIABILITIES)/ASSETS
( 2,505,645)
645,575
--------------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
194,355
645,575
CREDITORS: amounts falling due after more than one year
7
730,590
PROVISIONS
48,565
-----------
-----------
NET ASSETS/(LIABILITIES)
145,790
( 85,015)
-----------
-----------
GOTTS PARK DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
393,029
Profit and loss account
( 247,339)
( 85,115)
-----------
---------
SHAREHOLDERS FUNDS/(DEFICIT)
145,790
( 85,015)
-----------
---------
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.
For the year ending 29 February 2024 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 year 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 were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mrs K Dunbar
Director
Company registration number: 11820939
GOTTS PARK DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
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.
Investment properties
Certain of the company's properties are held for long-term investment.
Investment properties are accounted for in accordance with FRS 102, as follows:
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
No depreciation is provided in respect of investment property, which is revalued annually. The surplus or deficit on revaluation is transferred to revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of the fixed assets. However, these assets are not held for consumption, but for investment and the directors consider that systematic annual deprecation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
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 stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. INVESTMENTS
Investment properties
£
Cost
At 1 March 2023
Additions
2,258,406
Revaluations
441,594
--------------
At 29 February 2024
2,700,000
--------------
Impairment
At 1 March 2023 and 29 February 2024
--------------
Carrying amount
At 29 February 2024
2,700,000
--------------
At 28 February 2023
--------------
Investments held at valuation
The properties were completed in the year and then rented out. The investment properties were valued by the directors on the 29 February 2024, using the return on investment and the estimated market value to reach a fair value for these properties.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 29 February 2024
Aggregate cost
2,258,406
Aggregate depreciation
--------------
Carrying value
2,258,406
--------------
At 28 February 2023
Aggregate cost
Aggregate depreciation
-----
Carrying value
-----
5. DEBTORS
2024
2023
£
£
Other debtors
44,695
16,632
---------
---------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
468,107
217,479
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,108,419
310,995
Other creditors
2,350
1,200
--------------
-----------
2,578,876
529,674
--------------
-----------
7. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
730,590
-----
-----------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2024
2023
£
£
Bank loan
Nil
730,590
-----
-----------