Company Registration No. 04226080 (England and Wales)
67 GLOUCESTER TERRACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
24 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
67 GLOUCESTER TERRACE LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
67 GLOUCESTER TERRACE LIMITED
BALANCE SHEET
AS AT
24 MARCH 2024
24 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
100,000
107,597
Current assets
Debtors
4
100,592
44,395
Cash at bank and in hand
2,637
2,637
103,229
47,032
Creditors: amounts falling due within one year
5
(4,072)
(3,252)
Net current assets
99,157
43,780
Total assets less current liabilities
199,157
151,377
Creditors: amounts falling due after more than one year
6
(107,597)
(107,597)
Net assets
91,560
43,780
Capital and reserves
Called up share capital
22
22
Share premium account
43,574
43,574
Revaluation reserve
30,806
-
0
Profit and loss reserves
17,158
184
Total equity
91,560
43,780

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 24 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.

67 GLOUCESTER TERRACE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
24 MARCH 2024
24 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr. P Nicolaou
Director
Company registration number 04226080 (England and Wales)
67 GLOUCESTER TERRACE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 24 MARCH 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 25 March 2022
22
43,574
-
0
721
44,317
Year ended 24 March 2023:
Loss and total comprehensive income
-
-
-
(537)
(537)
Balance at 24 March 2023
22
43,574
-
0
184
43,780
Year ended 24 March 2024:
Profit
-
-
-
16,974
16,974
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
30,806
-
30,806
Total comprehensive income
-
-
30,806
16,974
47,780
Balance at 24 March 2024
22
43,574
30,806
17,158
91,560
67 GLOUCESTER TERRACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2024
- 4 -
1
Accounting policies
Company information

67 Gloucester Terrace Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Freehold land and buildings
Not depreciated

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.

67 GLOUCESTER TERRACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

 

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

67 GLOUCESTER TERRACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 25 March 2023
107,597
Disposals
(38,403)
Revaluation
30,806
At 24 March 2024
100,000
Depreciation and impairment
At 25 March 2023 and 24 March 2024
-
0
Carrying amount
At 24 March 2024
100,000
At 24 March 2023
107,597

Land and buildings with a carrying amount of £100,000 were revalued as at 24.3.2024 by the directors of the company. The directors have prepared their valuation on an open market value basis by reference to market evidence of transaction process for similar properties.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
790
540
Other debtors
99,802
43,855
100,592
44,395
67 GLOUCESTER TERRACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
498
498
Other creditors
3,574
2,754
4,072
3,252
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
107,597
107,597
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