Gryffe Residential Limited - Limited company accounts 11.0.0

REGISTERED NUMBER: SC172876 (Scotland)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2015

for

Gryffe Residential Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTORS:

J Harper

K Duncan

REGISTERED OFFICE:

22 Carden Place

Aberdeen

AB10 1UQ

REGISTERED NUMBER:

SC172876 (Scotland)

ACCOUNTANTS:

MacDonald Accountancy Services

12 Allardice Street

Stonehaven

Aberdeenshire

AB39 2BQ

The directors present their report with the financial statements of the company for the year ended 31 March 2015.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property holding and leasing.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2014 to the date of this report.

J Harper

K Duncan

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

J Harper - Director

19 May 2015

TURNOVER

-

-

Administrative expenses

30,461

18,515

(30,461

)

(18,515

)

Other operating income

71,246

70,639

OPERATING PROFIT

2

40,785

52,124

Interest payable and similar charges

6,403

7,972

PROFIT ON ORDINARY ACTIVITIES

BEFORE TAXATION

34,382

44,152

Tax on profit on ordinary activities

3

8,630

8,385

PROFIT FOR THE FINANCIAL YEAR

25,752

35,767

PROFIT FOR THE FINANCIAL YEAR

25,752

35,767

Unrealised surplus on revaluation of properties

79,604

-

TOTAL RECOGNISED GAINS AND LOSSES

RELATING TO THE YEAR

105,356

35,767

FIXED ASSETS

Tangible assets

4

4,500

6,000

Investment property

5

1,350,000

1,265,911

1,354,500

1,271,911

CURRENT ASSETS

Debtors

6

240,363

223,067

Cash at bank

49,207

9,510

289,570

232,577

CREDITORS

Amounts falling due within one year

7

53,888

15,606

NET CURRENT ASSETS

235,682

216,971

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,590,182

1,488,882

CREDITORS

Amounts falling due after more than one year

8

538,869

542,925

NET ASSETS

1,051,313

945,957

CAPITAL AND RESERVES

Called up share capital

10

6

6

Revaluation reserve

11

786,429

706,825

Profit and loss account

11

264,878

239,126

SHAREHOLDERS' FUNDS

1,051,313

945,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 19 May 2015 and were signed on its behalf by:

J Harper - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.15

31.3.14

£

£

Depreciation - owned assets

1,500

2,190

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.3.15

31.3.14

£

£

Current tax:

UK corporation tax

8,630

8,385

Tax on profit on ordinary activities

8,630

8,385

UK corporation tax has been charged at 20% (2014 - 20%).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2014

and 31 March 2015

40,753

DEPRECIATION

At 1 April 2014

34,753

Charge for year

1,500

At 31 March 2015

36,253

NET BOOK VALUE

At 31 March 2015

4,500

At 31 March 2014

6,000

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2014

1,265,911

Additions

4,485

Revaluations

79,604

At 31 March 2015

1,350,000

NET BOOK VALUE

At 31 March 2015

1,350,000

At 31 March 2014

1,265,911

Cost or valuation at 31 March 2015 is represented by:

£

Valuation in 2015

1,350,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.15

31.3.14

£

£

Amounts owed by group undertakings

-

3,887

Other debtors

240,363

219,180

240,363

223,067

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.15

31.3.14

£

£

Bank loans and overdrafts

4,000

3,950

Trade creditors

1,808

521

Taxation and social security

8,630

8,385

Other creditors

39,450

2,750

53,888

15,606

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.15

31.3.14

£

£

Bank loans

538,869

542,925

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.15

31.3.14

£

£

Bank loans

542,869

546,875

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

£

6

Ordinary

£1

6

6

11.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

£

£

At 1 April 2014

239,126

706,825

945,951

Profit for the year

25,752

25,752

Revaluation in year

-

79,604

79,604

At 31 March 2015

264,878

786,429

1,051,307