Gloucestershire Properties (Uk) Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04212070 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2019

for

Gloucestershire Properties (Uk) Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P D R Yandell

SECRETARY:

Mrs B H Yandell

REGISTERED OFFICE:

Quantum House

3-5 College Street

Nottingham

NG1 5AQ

REGISTERED NUMBER:

04212070 (England and Wales)

ACCOUNTANTS:

Mellor Oxland LLP

Quantum House

3-5 College Street

Nottingham

NG1 5AQ

FIXED ASSETS

Tangible assets

4

7,210

7,389

Investment property

5

6,232,232

6,482,232

6,239,442

6,489,621

CURRENT ASSETS

Debtors

6

3,507

1,172

Cash at bank

535,536

532,467

539,043

533,639

CREDITORS

Amounts falling due within one year

7

39,441

1,007,516

NET CURRENT ASSETS/(LIABILITIES)

499,602

(473,877

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,739,044

6,015,744

CREDITORS

Amounts falling due after more than one year

8

(2,709,399

)

(1,774,399

)

PROVISIONS FOR LIABILITIES

10

(432,555

)

(531,510

)

NET ASSETS

3,597,090

3,709,835

CAPITAL AND RESERVES

Called up share capital

2

2

Property revaluation reserve

11

2,611,228

2,765,255

Retained earnings

11

985,860

944,578

3,597,090

3,709,835

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

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

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 25 February 2020 and were signed by:

Mr P D R Yandell - Director

1.	STATUTORY INFORMATION

Gloucestershire Properties (Uk) 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Artwork (paintings) included in fixtures and fittings are included at cost.

Depreciation is charged on computer equipment at 33% on a reducing balance basis.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or

effort are measured at fair value at each reporting date, with changes in fair value

recognised in the profit and loss. The fair value of the investment properties was determined

by the directors reference to reports from their managing agents who use current market

prices for comparable property, adjusted for any differences in nature, location and

condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2018

and 31 May 2019

6,853

1,809

8,662

DEPRECIATION

At 1 June 2018

-

1,273

1,273

Charge for year

-

179

179

At 31 May 2019

-

1,452

1,452

NET BOOK VALUE

At 31 May 2019

6,853

357

7,210

At 31 May 2018

6,853

536

7,389

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

6,482,232

Additions

2,982

Revaluations

(252,982

)

At 31 May 2019

6,232,232

NET BOOK VALUE

At 31 May 2019

6,232,232

At 31 May 2018

6,482,232

75 Regents Park Road, London has been valued by the director with an open market value

of £4,250,000; (2018: £4,000,000) with an historic cost of £1,206,217.

Flat 38, Burton Court, London has been valued by the director with an open market value at

cost; the company has a 50% interest in the property amounting to £1,982,232; (2018

£1,982,232).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

286

Other debtors

3,507

886

3,507

1,172

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

935,000

Trade creditors

2,584

-

Taxation and social security

9,900

916

Other creditors

26,957

71,600

39,441

1,007,516

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

935,000

-

Other creditors

1,774,399

1,774,399

2,709,399

1,774,399

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

935,000

935,000

Shareholder loan

1,774,399

1,774,399

2,709,399

2,709,399

The bank loan is subject to a legal charge on the property known as 75 Regents Park,

London plus a fixed and floating charge over all the property and assets of the company.

Interest is charged on a quarterly basis with the rate charged being 2.95% above the LIBOR

rate in force at the end of the previous interest period. The loan is on an interest only basis

and has a maturity date of 24 December 2023.

The shareholder loan is secured as an interest bearing debenture over the assets, rights and

property of the company. The shareholder reserves the right to charge interest at 1% above

base rate with no fixed redemption date.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

432,555

531,510

Deferred

tax

£

Balance at 1 June 2018

531,510

Credit to Income Statement during year

(98,955

)

Balance at 31 May 2019

432,555

11.

RESERVES

Property

Retained

revaluation

earnings

reserve

Totals

£

£

£

At 1 June 2018

944,578

2,765,255

3,709,833

Deficit for the year

(112,745

)

(112,745

)

Reserve transfer

154,027

(154,027

)

-

At 31 May 2019

985,860

2,611,228

3,597,088

12.	RELATED PARTY DISCLOSURES

Included within short term creditors is an amount of £23,934 (2018 60,894 ) relating to an

interest free loan from the director, repayable on demand.