Registered number:
00002687
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
Fletcher & Partners
Chartered Accountants
Salisbury
|
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
REGISTERED NUMBER:
00002687
BALANCE SHEET
AS AT
5 APRIL 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
REGISTERED NUMBER:
00002687
BALANCE SHEET
(CONTINUED)
AS AT
5 APRIL 2017
|
|
|
|
|
|
|
|
|
|
|
|
Profit and loss account - non-distributable
|
|
|
|
|
|
Profit and loss account - distributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 by
:
The notes on pages 3 to 7 form part of these financial statements.
Page 2
|
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
The Gillingham Pottery Brick and Tile Company Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 41 Adams Drive, Fleet, Hampshire, GU51 3DZ.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises rents receivable and is recognised when the rents fall due.
Investment properties are carried at fair value determined annually by the directors and derived from the current 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 the Statement of Comprehensive Income.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are measured at transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Page 3
|
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.
|
The average monthly number of employees, including directors, during the year was
2
(2016 -
2
)
.
|
Page 4
|
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
Page 5
|
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to / (released from) profit or loss
|
|
|
|
|
|
|
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
THE GILLINGHAM POTTERY BRICK AND TILE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2017
|
First time adoption of FRS 102
|
|
The Company transitioned to FRS 102 from previously extant UK GAAP as at 6 April 2015. The impact of the transition to FRS 102 is as follows:
|
|
Reconciliation of equity at 6 April 2015
|
|
|
|
|
Equity at 6 April 2015 under previous UK GAAP
|
|
|
|
Restatement of listed investments at fair value
|
|
|
|
Deferred tax provision on fair value gains
|
|
|
|
Restatement of fair value of investment properties
|
|
|
|
Equity shareholders funds at 6 April 2015 under FRS 102
|
|
|
|
Reconciliation of equity at 5 April 2016
|
|
|
|
|
Equity at 5 April 2016 under previous UK GAAP
|
|
|
|
Restatement of listed investments at fair value
|
|
|
|
Deferred tax provision on fair value gains
|
|
|
|
Restatement of fair value of investment properties
|
|
|
|
Equity shareholders funds at 5 April 2016 under FRS 102
|
|
|
|
Reconciliation of profit and loss account for the year ended 5 April 2016
|
|
|
|
|
Profit for the year under previous UK GAAP
|
|
|
|
Restatement of profit on disposal of investments
|
|
|
|
Profit for the year ended 5 April 2016 under FRS 102
|
|
|
The following were changes in accounting policies arising from the transition to FRS 102:
|
|
Listed investments previously stated at cost have been restated at fair value.
|
|
|
Deferred tax has been provided on all fair value movements.
|
|
|
Fair value of investment properties reduced for an option premium received prior to 6 April 2015.
|
Page 7
|
|