Gloucester Stadium Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04432267 (England and Wales)

Financial Statements

For The Year Ended 31 August 2019

for

Gloucester Stadium Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E F McGurk

B A McGurk

SECRETARY:

E F McGurk

REGISTERED OFFICE:

Gloucester House

29 Brunswick Square

Gloucester

Gloucestershire

GL1 1UN

REGISTERED NUMBER:

04432267 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

National Westminster Bank Plc

21 Eastgate Street

Gloucester

GL1 1NH

FIXED ASSETS

Investment property

4

-

462,898

CURRENT ASSETS

Debtors

5

14,043

48,563

Cash at bank

433

1,498

14,476

50,061

CREDITORS

Amounts falling due within one year

6

11,201

287,199

NET CURRENT ASSETS/(LIABILITIES)

3,275

(237,138

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,275

225,760

CREDITORS

Amounts falling due after more than one year

7

-

14,895

NET ASSETS

3,275

210,865

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

3,175

210,765

3,275

210,865

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 Board of Directors and authorised for issue on 22 May 2020 and were signed on its behalf by:

E F McGurk - Director

1.	STATUTORY INFORMATION

Gloucester Stadium Limited 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.

Going concern basis

In this financial year the legal title of the company's land and buildings together with the associated trade

were transferred to a fellow subsidiary undertaking and all the company's activities ceased. As at 31

August 2019, Gloucester Stadium Ltd is no longer a going concern.

Turnover and rental income

Turnover represents rental income from the Company's portfolio of investment properties, recharged utility

and related costs, arising from operating leases, excluding VAT. The Company recognises such revenue

on a straight line accruals basis.

Income 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

Investment properties

Investment properties are properties owned by the Company, that are held either to earn rental income or

for capital appreciation, or both. Investment properties are measured initially at cost including related

transaction costs, and subsequently at fair value. Fair value is based on market value, as determined by

the directors at each reporting date. The difference between the fair value of an investment property at the

reporting date and its carrying amount prior to re-measurement is included in the income statement as a

valuation surplus or deficit. Investment properties are presented on the balance sheet within non-current

assets.

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 trade and other debtors and cash and bank balances, are

initially measured at transaction price including transaction costs.

Cash and cash equivalents

Cash and cash equivalents 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more

events that occurred after the initial recognition of the financial asset, the estimated future cash

flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the

asset expire, or when it transfers the financial asset and substantially all the risks and rewards of

ownership to another entity.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies

are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Trade creditors are classified as current liabilities if

payment is due within one year. Trade creditors are recognised initially at transaction price and

subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are

discharged, cancelled, or they expire.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2018

509,164

Disposals

(509,164

)

At 31 August 2019

-

DEPRECIATION

At 1 September 2018

46,266

Eliminated on disposal

(46,266

)

At 31 August 2019

-

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

462,898

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Amounts owed by group undertakings

14,043

27,024

Amounts due from related party

-

16,632

Prepayments and accrued income

-

4,907

14,043

48,563

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade creditors

2,820

1,800

Amounts owed to group undertakings

-

228,687

Tax

3,864

4,134

VAT

2,167

3,067

Accrued expenses

2,350

40,732

Deferred income

-

8,779

11,201

287,199

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Amounts owed to group undertakings

-

14,895

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Nominal

31.8.18

31.5.17

Number:

Class:

value:

£

£

960

Ordinary

10p

96

96

10

Ordinary A

10p

1

1

10

Ordinary B

10p

1

1

10

Ordinary C

10p

1

1

10

Ordinary D

10p

1

1

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Morgan (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited

10.	GUARANTEES

The company has given a composite cross guarantee in respect of loans and overdrafts for all companies

in the McGurk Group Limited group. As at 31 August 2019 this amounted to £5,625,857 (2018 -

£7,743,225). All companies are under the control of E F McGurk.

11.	CONSOLIDATED GROUP ACCOUNTS

The company's ultimate parent company McGurk Group Limited produces consolidated accounts.

Information regarding the consolidated accounts of McGurk Group Limited can be obtained from its

registered office, Gloucester House, 29 Brunswick Square, Gloucester, GL1 1UN.