Company Registration No. 03277701 (England and Wales)
GLADSTONE COURT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 MARCH 2018
ACCOUNTS FOR FILING WITH REGISTRAR
GLADSTONE COURT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GLADSTONE COURT LIMITED
BALANCE SHEET
AS AT
24 MARCH 2018
24 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
11,597
23,194
Current assets
Debtors
3
19,949
642
Creditors: amounts falling due within one year
4
(6,236)
(288)
Net current assets
13,713
354
Total assets less current liabilities
25,310
23,548
Capital and reserves
Called up share capital
5
6
6
Freehold contribution reserve
18,293
18,293
Profit and loss reserves
7,011
5,249
Total equity
25,310
23,548
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 2018 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.
The financial statements were approved by the board of directors and authorised for issue on 17 December 2018 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 2018
- 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.
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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments 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.
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.
GLADSTONE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans,
other
loans and preference shares that are classified as debt, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.6
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.
1.7
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 2018 the cash balance held on behalf of the lessees amounted to £11,173.
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 2017
23,194
Disposals
(11,597)
At 24 March 2018
11,597
Depreciation and impairment
At 25 March 2017 and 24 March 2018
-
Carrying amount
At 24 March 2018
11,597
At 24 March 2017
23,194
GLADSTONE COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 MARCH 2018
- 4 -
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
100
280
Other debtors
19,849
362
19,949
642
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
150
200
Other taxation and social security
5,726
28
Other creditors
360
60
6,236
288
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary shares of £1 each
6
6
6
6