Company registration number 10984258 (England and Wales)
GAINSBOROUGH PARK HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GAINSBOROUGH PARK HOMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GAINSBOROUGH PARK HOMES LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
19,200
23,200
Tangible assets
4
1,113,516
1,138,189
Investment properties
5
2,686,760
2,686,760
3,819,476
3,848,149
Current assets
Stocks
4,860
4,653
Debtors
6
3,427
7,608
Cash at bank and in hand
104,716
80,807
113,003
93,068
Creditors: amounts falling due within one year
7
(124,938)
(115,340)
Net current liabilities
(11,935)
(22,272)
Total assets less current liabilities
3,807,541
3,825,877
Creditors: amounts falling due after more than one year
8
(254,637)
(345,203)
Provisions for liabilities
(44,501)
(44,451)
Net assets
3,508,403
3,436,223
Capital and reserves
Called up share capital
3,062,752
3,062,752
Revaluation reserve
9
176,106
176,106
Distributable profit and loss reserves
269,545
197,365
Total equity
3,508,403
3,436,223
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 March 2023 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.
The 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.
GAINSBOROUGH PARK HOMES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 July 2023 and are signed on its behalf by:
Mr M P Lee
Mrs P Lee
Director
Director
Mrs J Allen
Mr S Allen
Director
Director
Company Registration No. 10984258
GAINSBOROUGH PARK HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Gainsborough Park Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Gainsborough Park, Foxhole, St Austell, Cornwall, PL26 7RB.
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 amounts 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
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
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:
Freehold land and buildings
No depreciation on freehold land. Depreciation on buildings, roads and infrastructure at 2% per annum on a straight line basis
Plant and equipment
at 15% / 25% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method
Mobile homes (Villager Units)
at 2% per annum on the straight line method
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.
GAINSBOROUGH PARK HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Investment properties
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
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.
1.10
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 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 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.
Classification of financial liabilities
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.
GAINSBOROUGH PARK HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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 payments 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. Amounts 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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GAINSBOROUGH PARK HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
40,000
Amortisation and impairment
At 1 April 2022
16,800
Amortisation charged for the year
4,000
At 31 March 2023
20,800
Carrying amount
At 31 March 2023
19,200
At 31 March 2022
23,200
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Mobile homes (Villager Units)
Total
£
£
£
£
Cost
At 1 April 2022
539,000
16,140
691,549
1,246,689
Additions
1,595
1,595
At 31 March 2023
539,000
17,735
691,549
1,248,284
Depreciation and impairment
At 1 April 2022
43,560
6,850
58,090
108,500
Depreciation charged in the year
10,780
1,657
13,831
26,268
At 31 March 2023
54,340
8,507
71,921
134,768
Carrying amount
At 31 March 2023
484,660
9,228
619,628
1,113,516
At 31 March 2022
495,440
9,290
633,459
1,138,189
GAINSBOROUGH PARK HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
2,686,760
Investment property comprises land at Gainsborough Park. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2021 by the Directors of the company. This valuation is considered to remain reasonable as at 31 March 2023.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,972
7,608
Other debtors
455
3,427
7,608
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,615
8,576
Corporation tax
38,646
34,794
Other taxation and social security
591
3,599
Other creditors
70,086
68,371
124,938
115,340
Included within other creditors are amounts owed to the directors totaling £70,086 (2022: £68,371). This balance has no fixed terms of repayment and interest has not been charged.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
254,637
345,203
The long-term loan is secured by fixed charges over the property together with a fixed and floating charge over all the assets of the company.
GAINSBOROUGH PARK HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
176,106
176,106