Company Registration No. 06007708 (England and Wales)
LONDON GATE BRIGHTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
LONDON GATE BRIGHTON LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LONDON GATE BRIGHTON LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONDON GATE BRIGHTON LIMITED FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of London Gate Brighton Limited for the year ended 31 December 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of London Gate Brighton Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of London Gate Brighton Limited
and state those matters that we have agreed to state to the Board of Directors of London Gate Brighton Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Gate Brighton Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that London Gate Brighton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of London Gate Brighton Limited. You consider that London Gate Brighton Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of London Gate Brighton Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
1 September 2020
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
LONDON GATE BRIGHTON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
438
Investment properties
4
2,152,525
1,700,000
2,152,525
1,700,438
Current assets
Debtors
5
4,374
-
Cash at bank and in hand
75,409
44,270
79,783
44,270
Creditors: amounts falling due within one year
6
(101,049)
(107,365)
Net current liabilities
(21,266)
(63,095)
Total assets less current liabilities
2,131,259
1,637,343
Creditors: amounts falling due after more than one year
7
(526,600)
(526,600)
Provisions for liabilities
(2,100)
-
Net assets
1,602,559
1,110,743
Capital and reserves
Called up share capital
8
1,030,000
1,030,000
Profit and loss reserves
572,559
80,743
Total equity
1,602,559
1,110,743
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 31 December 2019 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.
LONDON GATE BRIGHTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 26 August 2020 and are signed on its behalf by:
Mr H T Burnett
Mr P J Field
Director
Director
Mr R G Maxwell
Mr J E Davey
Director
Director
Company Registration No. 06007708
LONDON GATE BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
1
Accounting policies
Company information
London Gate Brighton Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Wheelhouse, 2nd Floor, 133 High Street, Hurstpierpoint, West Sussex, BN6 9PU.
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
Going concern
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shut down has had a significant impact on the company's operations. The Directors have taken into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This also considers the effectiveness of available measures to assist in mitigating the impact.
true
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue comprises of rental income from operating leases, which is recognised on a straight line basis over the term of the lease agreements.
1.4
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:
Fixtures and fittings
20% straight line per annum
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
.
LONDON GATE BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
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
.
Basic financial liabilities
Basic financial liabilities, including creditors 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
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.
1.9
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2018 - 0
).
LONDON GATE BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2019 and 31 December 2019
4,605
Depreciation and impairment
At 1 January 2019
4,167
Depreciation charged in the year
438
At 31 December 2019
4,605
Carrying amount
At 31 December 2019
-
At 31 December 2018
438
4
Investment property
2019
£
Fair value
At 1 January 2019
1,700,000
Revaluations
452,525
At 31 December 2019
2,152,525
The investment property was valued by the directors on an open market basis as at 31 December 2019.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
4,374
-
LONDON GATE BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
4,114
-
Taxation and social security
26,894
20,418
Other creditors
70,041
86,947
101,049
107,365
C
ash at bank and in hand includes £39,198 (2018: £24,501
)
which is tenant monies and deposits. Other
creditors include an equivalent sum which is due to the tenants
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
526,600
526,600
Included in other creditors are 250,000 cumulative preference shares of £1 (classified as debt) each which carry a preferential right to a cumulative dividend and rank first for return of capital but do not carry any voting rights.
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable other than by instalments
250,000
250,000
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,030,000 Ordinary shares of £1 each
1,030,000
1,030,000
Ordinary shares have attached to them full voting rights.