Company Registration No. 00528614 (England and Wales)
GAYDEANNE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
GAYDEANNE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GAYDEANNE INVESTMENTS LIMITED
BALANCE SHEET
AS AT 25 MARCH 2021
25 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
5,966,196
5,966,196
Current assets
Debtors
4
249,457
249,457
Cash at bank and in hand
41,750
10,361
291,207
259,818
Creditors: amounts falling due within one year
5
(334,552)
(293,045)
Net current liabilities
(43,345)
(33,227)
Total assets less current liabilities
5,922,851
5,932,969
Creditors: amounts falling due after more than one year
6
(1,252,179)
(1,329,874)
Provisions for liabilities
7
(847,528)
(847,528)
Net assets
3,823,144
3,755,567
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
3,822,944
3,755,367
Total equity
3,823,144
3,755,567
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 25 March 2021 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.
T
he 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.
GAYDEANNE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 25 MARCH 2021
25 March 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 October 2021 and are signed on its behalf by:
D E B Coleman
Director
Company Registration No. 00528614
GAYDEANNE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 MARCH 2021
- 3 -
1
Accounting policies
Company information
Gaydeanne Investments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
37 Springfield Road, London, NW8 0QJ.
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 a
mounts
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 rental income
in respect of the investment properties, property development and management
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.
1.3
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
GAYDEANNE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
3
Investment property
2021
£
Fair value
At 26 March 2020 and 25 March 2021
5,966,196
The fair value of the investment properties have been arrived at on the basis of valuations carried out by the directors of the company who hold recognised and relevant professional qualifications and have recent experience in the locations and classes of the investment properties being valued. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties and the directors consider that the carrying amounts of the investment properties approximates to their fair value.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
249,457
249,457
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
106,580
86,199
Corporation tax
25,234
22,908
Other creditors
202,738
183,938
334,552
293,045
The directors consider that the carrying amount of
creditors
approximates to their fair value.
GAYDEANNE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 MARCH 2021
- 5 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,252,179
1,329,874
The long-term loans are secured by a debenture and fixed charges over the investment
p
roperties at 36 St
James Street, London, E17, 147 and 450 Green Lanes, London, N13, 2 Stoke Newington Road, London,
N16 and
8
North Pole Road, London, W10.
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
847,528
847,528
The deferred tax liability provision is an estimate of future tax payable on sale of all investment properties held by the company based on current estimated market value.
8
Related party transactions
At the year end an amount of £249,457 (20
20
- £2
49,457
) was due from Harhill Developments Limited
.
At the year end the company owed
£199,430 (2020 - £179,430) to the d
irector
s
of the company, in respect of interest free loans which are repayable on demand.