Company Registration No. 06007708 (England and Wales)
LONDON GATE BRIGHTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
- 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 2021 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.
Carpenter Box
19 April 2022
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
LONDON GATE BRIGHTON LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,152,525
2,152,525
Current assets
Debtors
5
2,871
48,426
Cash at bank and in hand
95,765
68,123
98,636
116,549
Creditors: amounts falling due within one year
6
(90,520)
(96,471)
Net current assets
8,116
20,078
Total assets less current liabilities
2,160,641
2,172,603
Creditors: amounts falling due after more than one year
7
(526,600)
(526,600)
Provisions for liabilities
(3,800)
(3,000)
Net assets
1,630,241
1,643,003
Capital and reserves
Called up share capital
8
1,030,000
1,030,000
Profit and loss reserves
600,241
613,003
Total equity
1,630,241
1,643,003
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 2021 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 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 April 2022 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 2021
- 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
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
.
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.
LONDON GATE BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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 (2020 - 0
).
LONDON GATE BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2021 and 31 December 2021
4,605
Depreciation and impairment
At 1 January 2021 and 31 December 2021
4,605
Carrying amount
At 31 December 2021
At 31 December 2020
4
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
2,152,525
The investment property was valued by the directors on an open market basis as at 31 December 2021.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
48,335
Other debtors
2,871
91
2,871
48,426
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,087
2,457
Taxation and social security
14,028
35,254
Other creditors
73,405
58,760
90,520
96,471
C
ash at bank and in hand includes £3
0
,305 (2020
-
£3
0
,
230)
which is tenant monies and deposits. Other
creditors include an equivalent sum which is due to the tenants.
LONDON GATE BRIGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
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:
2021
2020
£
£
Payable other than by instalments
250,000
250,000
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,030,000
1,030,000
1,030,000
1,030,000
Ordinary shares have attached to them full voting rights.
9
Non-distributable reserves
The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the
revaluation
of investment properties. Included within the profit and loss reserve are non-distributable reserves totalling
£436,959
(20
20
- £
436,959
).