Company Registration No. 03277701 (England and Wales)
GLADSTONE COURT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2017
ACCOUNTS FOR FILING WITH REGISTRAR
GLADSTONE COURT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GLADSTONE COURT LIMITED
BALANCE SHEET
AS AT
24 MARCH 2017
24 March 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
23,194
23,194
Current assets
Debtors
3
642
655
Creditors: amounts falling due within one year
4
(288)
(410)
Net current assets
354
245
Total assets less current liabilities
23,548
23,439
Capital and reserves
Called up share capital
5
6
6
Freehold contribution reserve
18,293
18,293
Profit and loss reserves
5,249
5,140
Total equity
23,548
23,439
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 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
The financial statements were approved by the board of directors and authorised for issue on 3 November 2017 and are signed on its behalf by:
Y Nannis
Director
Company Registration No. 03277701
GLADSTONE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2017
- 2 -
1
Accounting policies
Company information
Gladstone Court Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
97 Chamberlayne Road, Kensal Rise, London, NW10 3NN.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 24 March 2017
are the
first
financial statements of Gladstone Court Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 25 March 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 6.
1.2
Turnover
Turnover represents
ground rents
receivable .
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:
Land and buildings Freehold
- Nil
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
.
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.
GLADSTONE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.5
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
paymen
ts 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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GLADSTONE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax
The company is a non-profit making organisation and under present legislation will only be liable for tax on its investment income received. In the opinion of the directors the company will have no deferred tax liabilities.
1.8
During the year the company has acted as agent for the lessees of the property at 2-12B Gladstone Court Anson Road, London NW2 4LA. The funds in relation to the maintenance of the property are held in trust. As at 24 March 2017 the cash balance held on behalf of the lessees amounted to £2,248.
Income and expenditure arising in relation to the maintenance of common parts of the property held in accordance with the governing leases is shown in separate service charge accounts for the property and do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Gladstone Court Limited.
2
Tangible fixed assets
Land and buildings
£
Cost
At 25 March 2016 and 24 March 2017
23,194
Depreciation and impairment
At 25 March 2016 and 24 March 2017
-
Carrying amount
At 24 March 2017
23,194
At 24 March 2016
23,194
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
280
544
Other debtors
362
111
642
655
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
200
200
Corporation tax
28
210
Other creditors
60
-
288
410
GLADSTONE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2017
- 5 -
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary shares of £1 each
6
6
6
Reconciliations on adoption of FRS 102
Reconciliation of equity
25 March
24 March
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
5,026
5,146
Adjustments to prior year (note 7)
18,293
18,293
As restated
23,319
23,439
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
120
Notes to reconciliations on adoption of FRS 102
There were no adjustments to the prior year accounts as a result of the adoption of FRS 102.
GLADSTONE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2017
- 6 -
7
Prior period adjustment
Loans from members to acquire the freehold interest were previously disclosed within long-term creditors. The intention of the injection of cash was never to be repaid, but to be a contribution towards the purchase of the freehold. On this basis, the loans have been reclassified to capital and reserves as a "Freehold contribution reserve".
Changes to the balance sheet
At 24 March 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment at 25 Mar 2015
Adjustment at 24 Mar 2016
As restated
£
£
£
£
Creditors due after one year
Loans and overdrafts
(18,293)
18,293
-
-
Capital and reserves
Freehold contribution reserve
-
18,293
-
18,293
Changes to the profit and loss account
Period ended 24 March 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Profit for the financial period
120
-
120