Gladstone Mortgage Services Limited - Period Ending 2016-09-30

Registration number: 09728203

Gladstone Mortgage Services Limited

Unaudited Abbreviated Accounts

for the Period from 11 August 2015 to 30 September 2016

 

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus. Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

Gladstone Mortgage Services Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Gladstone Mortgage Services Limited
for the Period Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gladstone Mortgage Services Limited for the period ended 30 September 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Gladstone Mortgage Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gladstone Mortgage Services Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gladstone Mortgage Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gladstone Mortgage Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Gladstone Mortgage Services Limited. You consider that Gladstone Mortgage Services Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Gladstone Mortgage Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus. Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

4 May 2017

Page 1

Gladstone Mortgage Services Limited
(Registration number: 09728203)
Abbreviated Balance Sheet at 30 September 2016

		Note			30 September 2016 £
Fixed assets
Tangible fixed assets					1,137
Current assets
Debtors					8,185
Cash at bank and in hand					2,364
					10,549
Creditors: Amounts falling due within one year					(2,766)
Net current assets					7,783
Net assets					8,920
Capital and reserves
Called up share capital		3			2,500
Share premium account					28,500
Profit and loss account					(22,080)
Shareholders' funds					8,920

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 4 May 2017

.........................................
Daniel Gladstone
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Gladstone Mortgage Services Limited
Notes to the Abbreviated Accounts for the Period from 11 August 2015 to 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	15% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Gladstone Mortgage Services Limited
Notes to the Abbreviated Accounts for the Period from 11 August 2015 to 30 September 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
Additions		1,338			1,338
At 30 September 2016		1,338			1,338
Depreciation
Charge for the period		201			201
At 30 September 2016		201			201
Net book value
At 30 September 2016		1,137			1,137

3	Share capital

Allotted, called up and fully paid shares
				2016
			No.	£
Ordinary shares of	£0.025	each	100,000	2,500

New shares allotted

During the period 100,000 Ordinary shares having an aggregate nominal value of £2,500 were allotted for an aggregate consideration of £31,000.

4	Related party transactions

Director's advances and credits

	11 August 2015 to 30 September 2016 Advance/ Credit £	11 August 2015 to 30 September 2016 Repaid £
Daniel Gladstone

Page 4

Gladstone Mortgage Services Limited
Notes to the Abbreviated Accounts for the Period from 11 August 2015 to 30 September 2016
......... continued

Total	3,278	972

Page 5