Gore Developments Limited - Accounts to registrar (filleted) - small 22.3
Gore Developments Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
| FOR |
| GORE DEVELOPMENTS LIMITED |
| GORE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09422939) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Balance sheet | 1 |
| Notes to the financial statements | 3 |
| GORE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09422939) |
| BALANCE SHEET |
| 31 MARCH 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investment property | 5 |
| Current assets |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| Provisions for liabilities | 10 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Fair value reserve | 12 |
| Retained earnings |
| Shareholders' funds |
| 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. |
| GORE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09422939) |
| BALANCE SHEET - continued |
| 31 MARCH 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GORE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09422939) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | Statutory information |
| Gore Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09422939. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is 1 Apple Grove, Bournemouth, Dorset, BH6 3DG. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents income receivable from property rentals. |
| Tangible fixed assets |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the fair value reserve. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
| Financial instruments |
| Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
| At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| GORE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09422939) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 4. | Tangible fixed assets |
| Computer |
| equipment |
| £ |
| Cost |
| At 1 April 2021 |
| and 31 March 2022 |
| Depreciation |
| At 1 April 2021 |
| Charge for year |
| At 31 March 2022 |
| Net book value |
| At 31 March 2022 |
| At 31 March 2021 |
| 5. | Investment property |
| Total |
| £ |
| Fair value |
| At 1 April 2021 |
| and 31 March 2022 |
| Net book value |
| At 31 March 2022 |
| At 31 March 2021 |
| Fair value at 31 March 2022 is represented by: |
| £ |
| Valuation in 2017 | 339,930 |
| Valuation in 2018 | (19,978 | ) |
| Valuation in 2021 | 140,000 |
| Cost | 1,155,048 |
| 1,615,000 |
| Investment property was valued by the directors after taking advice from a local Estate Agent. |
| 6. | Debtors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Other debtors |
| GORE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09422939) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 7. | Creditors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Tax |
| VAT | 9,647 | 9,647 |
| Other creditors |
| Directors' current accounts | 771,363 | 793,943 |
| Accruals and deferred income |
| 8. | Creditors: amounts falling due after more than one year |
| 2022 | 2021 |
| £ | £ |
| Bank loans more 5 years | 356,384 | 356,397 |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 years |
| 9. | Secured debts |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Charter Court Financial Services Limited registered a charge as at 21 July 2017 on 2 Apple Grove, Bournemouth, BH6 3DG. The charge gives full title guarantee by way of legal mortgage as continuing security for the amount owed. |
| Lloyds Bank PLC registered charges dated 26 September 2015 on all the property and undertakings of the company and 12 November 2015 on the land adjacent to 19 Tuckton Road, Bournemouth, Dorset, BH6 3HP. |
| 10. | Provisions for liabilities |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 75,395 | 75,447 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2021 |
| Provided during year | ( |
) |
| Balance at 31 March 2022 |
| GORE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09422939) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary A | £1 | 50 | 50 |
| Ordinary B | £1 | 50 | 50 |
| 100 | 100 |
| 12. | Reserves |
| Fair |
| value |
| reserve |
| £ |
| At 1 April 2021 |
| and 31 March 2022 |
| 13. | Ultimate controlling party |
| The Directors, Mr D McGuire and Ms N Leyshon, have ultimate control of the company. |