Groundstone Developments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04486750 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Groundstone Developments Ltd

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr J H Cutmore

Mr A M Speed

SECRETARY:

Mr A M Speed

REGISTERED OFFICE:

Eldo House

Kempson Way

Suffolk Business Park

Bury St. Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

04486750 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Investment property

4

140,000

340,000

CURRENT ASSETS

Debtors

5

9,844

-

Cash at bank

27,830

872

37,674

872

CREDITORS

Amounts falling due within one year

6

869

70,205

NET CURRENT ASSETS/(LIABILITIES)

36,805

(69,333

)

TOTAL ASSETS LESS CURRENT LIABILITIES

176,805

270,667

CREDITORS

Amounts falling due after more than one year

7

102,634

195,968

NET ASSETS

74,171

74,699

CAPITAL AND RESERVES

Called up share capital

9

2

2

Fair value reserve

17,352

56,334

Retained earnings

56,817

18,363

SHAREHOLDERS' FUNDS

74,171

74,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 June 2019 and were signed on its behalf by:

Mr A M Speed - Director

1.	STATUTORY INFORMATION

Groundstone Developments Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the Company's accounting policies, which are described below, the directors are required

to make judgements about the carrying amount of certain assets that are not readily apparent from other

sources. Actual results may differ from the estimates employed. The material judgement is as below.

Revaluation of investment properties

The Company have investment properties measured at fair value, with changes in fair value being recognised in

the profit or loss. The financial statements include valuations of the properties made by the Directors. These

valuations are based upon the estimated open market value using assumptions of residential rental yield given

the location and nature of the properties.

Turnover

Turnover represents the total value of rents due for the year, excluding value added tax.

Investment property

Tangible fixed assets wholly comprise investment property. In accordance with the requirements of the

Financial Reporting Standard 102 such assets are not depreciated and are stated at fair value at the balance

sheet date.

Financial instruments

Financial assets and financial liabilities are recognised in accordance with FRS 102 when the company becomes

a party to the contractual provisions of the instrument.

Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are

recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

340,000

Additions

28,919

Disposals

(228,919

)

At 31 March 2019

140,000

NET BOOK VALUE

At 31 March 2019

140,000

At 31 March 2018

340,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

17,352

Cost

122,648

140,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

9,844

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other creditors

869

70,205

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

102,634

195,968

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans due after 5 years

102,634

195,968

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

102,634

195,968

Borrowing is secured by way of bank mortgages on investment properties.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2