|
Registered number: 14180496
|
|
Project Gosforth Limited
Financial statements
Information for filing with the registrar
31 March 2025
|
|
|
|
Balance sheet
At 31 March 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Balance sheet (continued)
At 31 March 2025
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 November 2025.
Registered number: 14180496
The notes on pages 3 to 5 form part of these financial statements.
2
|
|
Notes to the financial statements
Year ended 31 March 2025
Project Gosforth Limited ('the company') is a private company limited by shares, domiciled and registered in England and Wales. The address of the registered office is Hay & Kilner, The Lumen, St. James' Boulevard, Newcastle upon Tyne, NE4 5BZ.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of rents receivable and service charge income during the year, exclusive of Value Added Tax.
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is carried at fair value, determined periodically and derived from the market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
|
|
The average monthly number of employees, including directors, during the year was 5 (2024 - 5).
|
3
|
|
Notes to the financial statements
Year ended 31 March 2025
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No formal valuations were made in 2025, the last valuation was made in 2024 by the directors, on an open market value for existing use basis. The directors are satisfied that the carrying value at the year end was consistent with their assessment of market value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
Notes to the financial statements
Year ended 31 March 2025
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following liabilities were secured:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Details of security provided:
|
Bank loans are secured against the investment property held by the company, there is also a multilateral guarantee with Monument Gosforth LLP to support the borrowings of Project Gosforth Limited.
|
|
Related party transactions
|
|
|
During the year, the company used a loan account to record amounts due to and from Monument Gosforth LLP, the company's parent undertaking. At the year end, the balance owed by the company to Monument Gosforth LLP was £3,925,000 (2024: £3,925,000). The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
|
Monument Gosforth LLP is the company's immediate controlling party. There is no single ultimate controlling party.
5
|