GetStarted Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Marketing Suite, Regents Court, Carlisle, Cumbria, CA6 4SJ.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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.
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, 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.
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.
Investment property comprises the title of freehold land and buildings a Bridgewater Business Park .Leigh, Greater Manchester. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors.
The company is related to Highconsult Limited through common shareholders.Both companies act as nominees for and on behalf of and as agents for and on behalf of the Michael J Field SIPP's of BK Scowcroft, K Edmondson, AK Scowcroft, AW Goddard and MA Wheawell.
The Michael J Field SIPP's are the beneficial co owners of the freehold land and buildings at Bridgewater Business Park, Leigh, Wigan, Greater Manchester, the title to which is held in the names of both Highconsult Limited and Getstarted Limited in their capacity as Nominees.All revenues and expenses incurred by both companies are received and paid on behalf of the SIPP's and are reported in the various individual SIPP accounts.
At the balance sheet date the following amounts were included in creditors:-
201 8 201 7
BK Scowcroft SIPP £ 1,165,918 £1, 291,472
K Edmondson SIPP £ 1,166,468 £1, 292,022
AK Scowcroft SIPP £ 202,143 £ 224,170
A W Goddard SIPP £125,929 £140,613
MA Wheawell SIPP £ 54,571 £ 60,444
It has been indicated that the above creditors will continue to support the company.
By virtue of common directors and members Kingmoor Park Properties Limited is a related part y.
At the year end, a balance of £ 32,010 ( 2017 : £ (510,055) ) was due from Kingmoor Park Properties Limited.