Gopher Properties Limited
Gopher Properties Limited
Registered number: 09818243
Unaudited Financial Statements
For The Year Ended
31 March 2023
Gopher Properties Limited
Unaudited Financial Statements
For The Year Ended
31 March 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Gopher Properties Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
09818243
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 31 March 2023 | 31 March 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investment Properties | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Fair Value Reserve (non-distributable) | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 383,670 | 338,679 | |||
Gopher Properties Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Gopher Properties Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
General Information
Gopher Properties Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
09818243
. The registered office is Eagle House, Sudbury Road, Great Whelnetham, Bury St Edmunds, Suffolk, IP30 0UN.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2.
Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is the amount derived from ordinary activities and is comprised of rental income on the investment property. Turnover is measured at the fair value of the consideration received or receivable and is stated net of VAT.
Revenue from rentals is recognised in the period to which the rentals received relates to.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6.
Taxation
2.6.
Taxation - continued
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
Gopher Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 1)
4.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Total | |
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| Cost or Valuation | |||
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| Additions |
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| Depreciation | |||
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| Net Book Value | |||
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Gopher Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
5.
Investment Property
| 31 March 2023 | |
|---|---|
| £ | |
| Fair Value | |
| As at
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| Revaluations | 45,000 |
| As at
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If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 31 March 2023 | 31 March 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 851,278 | - | |
Investment properties are stated at the director's expected open market value which is based upon current selling prices in the area and the professional valuation obtained in 2022. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
6.
Debtors
| 31 March 2023 | 31 March 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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7.
Creditors: Amounts Falling Due Within One Year
| 31 March 2023 | 31 March 2022 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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Gopher Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
8.
Creditors: Amounts Falling Due After More Than One Year
| 31 March 2023 | 31 March 2022 | ||
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| £ | £ | ||
| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 31 March 2023 | 31 March 2022 | ||
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| £ | £ | ||
| Bank loans |
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9.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by a fixed and floating charge over the company's investment properties.
| 31 March 2023 | 31 March 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 433,884 | 467,269 |
11.
Reserves
| Fair Value Reserve | |
|---|---|
| £ | |
| As at
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| Movements in fair value reserve | 45,000 |
| As at
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