FY
Private Limited Company
Company accounts
2016-12-19
2016-12-19
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2407541
2015-04-01
2016-03-31
2407541
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2407541
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2407541
2015-03-31
2407541
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2016-03-31
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uk-bus:Director1
2016-03-31
Company Registration Number
2407541
GOOSE GREEN DEVELOPMENTS LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
31 March 2016
GOOSE GREEN DEVELOPMENTS LIMITED
ABBREVIATED BALANCE SHEET
31 March 2016
Fixed assets
|
2
|
|
|
|
|
Tangible assets
|
|
2,136,138
|
|
2,095,558
|
Investments
|
|
16,337
|
|
7,531
|
|
|
-------------
|
|
-------------
|
|
|
2,152,475
|
|
2,103,089
|
|
|
|
|
|
|
Current assets
Debtors
|
172,708
|
|
101,247
|
|
Cash at bank and in hand
|
20,794
|
|
62,742
|
|
|
----------
|
|
----------
|
|
|
193,502
|
|
163,989
|
|
Creditors: amounts falling due within one year
|
68,124
|
|
45,560
|
|
|
----------
|
|
----------
|
|
|
|
|
|
|
Net current assets
|
|
125,378
|
|
118,429
|
|
|
|
|
|
|
|
-------------
|
|
-------------
|
Total assets less current liabilities
|
|
2,277,853
|
|
2,221,518
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
847,072
|
|
871,397
|
|
|
|
|
|
|
|
-------------
|
|
-------------
|
|
|
1,430,781
|
|
1,350,121
|
|
|
-------------
|
|
-------------
|
|
|
|
|
|
Capital and reserves
Called up equity share capital
|
4
|
|
120
|
|
120
|
Revaluation reserve
|
|
322,890
|
|
279,015
|
Other reserves
|
|
230,567
|
|
230,567
|
Profit and loss account
|
|
877,204
|
|
840,419
|
|
|
|
|
|
|
|
|
-------------
|
|
-------------
|
Shareholders' funds
|
|
1,430,781
|
|
1,350,121
|
|
|
-------------
|
|
-------------
|
|
|
|
|
|
For the year ended 31 March 2016 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 accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on
19 December 2016
, and are signed on their behalf by:
Mr M R M Rubin, Director
Company Registration Number:
2407541
GOOSE GREEN DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 MARCH 2016
1.
Accounting policies
(a)
Preparation of financial statements
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). As a result of the ongoing difficulties with the economy in general following the recession in the late 2000's the group of companies had experienced problems with its properties resulting from vacancies and the need to grant concessions to tenants in previous years. This had led to an impact on both the group's cash flow and trading position and the group had therefore needed to make use of private funds and personal borrowing injected into the company by the directors in previous years to help finance its ongoing activities. The group of companies has also been reliant on bank finance on an ongoing basis for the funding of its activities. Following the withdrawal from the property sector of its previous bankers, the group negotiated the replacement of the funding with a new lender Handelsbanken in 2014, to ensure that the group has adequate resources to continue in operational existence for the forseeable future.The directors are confident that this will prove to be a successful move for the group going forward and the financial statements have therefore been prepared accordingly on the going concern basis.
(b)
Turnover
Turnover represents rents receivable for the year.
(c)
Fixed assets
All fixed assets are initially recorded at cost
.
(d)
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor Vehicles-25% reducing balance basis
Office Equipment-25% reducing balance basis
(e)
Investment properties
Depreciation is not provided on freehold properties held as investments. Such properties are included in the Balance Sheet at their open market value and the surplus or deficit on valuation is transferred to the Revaluation Reserve, unless the deficit on valuation is expected to be permanent when the deficit is transferred to the Profit and Loss Account.
(f)
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
(g)
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(h)
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.
Fixed assets
|
Tangible Assets
|
Investment Loans
|
Total
|
|
£
|
£
|
£
|
|
|
|
|
Cost or valuation
At 1 April 2015
|
2,110,054
|
7,531
|
2,117,585
|
Additions
|
–
|
34,891
|
34,891
|
Disposals/repayments
|
–
|
(26,085)
|
(26,085)
|
Revaluation
|
43,875
|
–
|
43,875
|
|
-------------
|
---------
|
-------------
|
At 31 March 2016
|
2,153,929
|
16,337
|
2,170,266
|
|
-------------
|
---------
|
-------------
|
|
|
|
|
Depreciation
At 1 April 2015
|
14,496
|
–
|
14,496
|
Charge for year
|
3,295
|
–
|
3,295
|
|
---------
|
---------
|
---------
|
At 31 March 2016
|
17,791
|
–
|
17,791
|
|
---------
|
---------
|
---------
|
|
|
|
|
Net book value
At 31 March 2016
|
2,136,138
|
16,337
|
2,152,475
|
|
-------------
|
---------
|
-------------
|
|
|
|
|
At 31 March 2015
|
2,095,558
|
7,531
|
2,103,089
|
|
-------------
|
---------
|
-------------
|
|
|
|
|
The historic cost of freehold properties included above at a valuation of £2,126,250 was £1,803,359
(2015 £1,803,359). Depreciation is not provided on these properties, in accordance with Financial Reporting Standard for Smaller Entities (effective January 2015), since they are held for investment purposes. This is a departure from the statutory requirement of the Companies Act 2006, which requires all properties to be depreciated. Depreciation is only one of the many factors reflected in the annual val uation and the amount which might otherwise have been shown cannot be separately identified or quantified. The freehold properties were valued by the director Mr Mark Rodney Meek Rubin on the basis of their current open market value.The company's properties are situated in Altrincham, which is generally a much sought after area favoured by investors. The properties have therefore historically been able to retain their value because of the ability to return above average rental yields. The values of the company's properties had been reduced in previous year's accounts however in view of the general market reduction in property values following the recession in the late 2000's. The values were increased in the 2015 accounts to reflect growing optimism in the market. This trend has continued and the values have therefore been increased by a further modest amount in the 2016 accounts.
3.
Transactions with the directors
At the start of the year the balance on the director's loan account for Mr.M.R.M.Rubin was £
67,832
(2015 £36,286).During the year the company paid advances
to the director Mr.Rubin of £ 68,208
which did not include any material amounts (2015 £31,546). Mr.Rubin made repayments
during the year of £ 0
(2015 £0). No interest was charged or paid.As a result at the year end the balance on the director's loan account for Mr.M.R.M.Rubin was £ 136,040
(2015 £67,832). There are no specific plans for the repaym ent of the outstanding loan balance.
4.
Share capital
Allotted, called up and fully paid:
|
2016
|
2015
|
|
No.
|
£
|
No.
|
£
|
|
Ordinary shares of £ 1 each
|
120
|
120
|
120
|
120
|
|
|
---------
|
---------
|
---------
|
---------
|
|
|
|
|
|
|
5.
Ultimate parent company
This company is the subsidiary company of Booth Estates Limited, which is a subsidiary of Phasemain Securities
, a company controlled by Mr Mark Rodney Meek Rubin.
6.
Post balance sheet events
There were no material post balance sheet events, which require disclosure in these financial statements.