Company Registration No. 03377844 (England and Wales)
CGT DEVELOPMENTS XXXXVIII LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
CGT DEVELOPMENTS XXXXVIII LIMITED
COMPANY INFORMATION
Director
Mr. J Rowe
Company number
03377844
Registered office
Manchester House
86 Princess Street
Manchester
M1 6NG
Accountants
Jack Ross Chartered Accountants
Barnfield House
The Approach
Manchester
M3 7BX
CGT DEVELOPMENTS XXXXVIII LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CGT DEVELOPMENTS XXXXVIII LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
3
375,665
463,809
Cash at bank and in hand
87,945
918
463,610
464,727
Creditors: amounts falling due within one year
4
(1,080)
(1,080)
Net current assets
462,530
463,647
Capital and reserves
Called up share capital
160,000
160,000
Share premium account
143,200
143,200
Profit and loss reserves
159,330
160,447
Total equity
462,530
463,647
The director 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 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his 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 and signed by the director and authorised for issue on 13 September 2017
Mr. J Rowe
Director
Company Registration No. 03377844
CGT DEVELOPMENTS XXXXVIII LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
CGT Developments XXXXVIII Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Manchester House, 86 Princess Street, Manchester, M1 6NG.
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 31 March 2017
are the
first
financial statements of CGT Developments XXXXVIII 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 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
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 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.
CGT DEVELOPMENTS XXXXVIII LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was - (2016 - 0).
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
375,665
463,809
4
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
1,080
1,080
5
Related party transactions
Included in other debtors as at 31 March 2017 is a balance of £192,000 (2016: £192,000) due from a trust of which a Director is a trustee.