Gower Way Limited
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Notes to the Accounts |
for the year ended 31 July 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Investment property |
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Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Investments |
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Investment |
Properties |
£ |
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Cost |
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At 1 August 2019 |
879,000 |
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At 31 July 2020 |
879,000 |
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The fair value adjustment of the investment properties has been carried out by the director on a periodic basis. |
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The director having suitable knowledge and qualification considered the above valution to be a fair reflection of the value of the investment properties as at 31 July 2020. |
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4 |
Debtors |
2020 |
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2019 |
£ |
£ |
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Other debtors |
9,920 |
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24,670 |
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5 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Other creditors |
14,381 |
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28,770 |
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6 |
Other information |
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Gower Way Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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23 Crawford Street |
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London |
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W1H 1BY |