Groundstone Developments Ltd - Accounts to registrar - small 17.2
Groundstone Developments Ltd - Accounts to registrar - small 17.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2017 |
for |
Groundstone Developments Ltd |
Groundstone Developments Ltd (Registered number: 04486750) |
Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
Groundstone Developments Ltd |
Company Information |
for the Year Ended 31 March 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Eldo House, Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Groundstone Developments Ltd (Registered number: 04486750) |
Balance Sheet |
31 March 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Groundstone Developments Ltd (Registered number: 04486750) |
Balance Sheet - continued |
31 March 2017 |
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. |
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 on |
Groundstone Developments Ltd (Registered number: 04486750) |
Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
1. | STATUTORY INFORMATION |
Groundstone Developments Ltd is a |
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 are the first financial statements that comply with FRS 102 Section 1A small entities. |
The date of transition is 1April 2015. The transition has resulted in an alignment of accounting policies to those |
required in the adoption of FRS 102 and FRS 102 1A. Any impact is explained in the notes to these financial |
statements. |
Significant judgements and estimates |
In the application of the Company's accounting policies, which are described below, the directors are required |
to make judgements about the carrying amount of certain assets that are not readily apparent from other |
sources. Actual results may differ from the estimates employed. The material judgement is as below. |
Revaluation of investment properties |
The Company have investment properties measured at fair value, with changes in fair value being recognised in |
the profit or loss. The Directors commission periodic informal independent professional valuations of the |
property to determine the estimated fair value at open market value based on assumptions of residential |
rental yield given the location and nature of the properties. |
Turnover |
Turnover represents the total value of rents due for the year, excluding value added tax. |
Investment property |
Tangible fixed assets wholly comprise investment property. In accordance with the requirements of the |
Financial Reporting Standard 102 such assets are not depreciated and are stated at fair value at the balance |
sheet date. This represents a departure from the requirements of the Companies Act 2006; however the |
directors consider the treatment adopted produces a true and fair view of the Company's balance sheet. |
Going concern |
At the balance sheet date, the company had net current liabilities. These financial statements are prepared on |
the going concern basis in that the rental business continues due to the financial support of the directors and |
the company's bankers. It is the directors assessment that this support will continue for the foreseeable future |
and as such they remain confident the company is a going concern. |
Financial instruments |
Financial assets and financial liabilities are recognised in accordance with FRS 102 when the company becomes |
a party to the contractual provisions of the instrument. |
Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are |
recognised at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Groundstone Developments Ltd (Registered number: 04486750) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2016 |
Additions |
Revaluations | 11,498 |
At 31 March 2017 |
NET BOOK VALUE |
At 31 March 2017 |
At 31 March 2016 |
Cost or valuation at 31 March 2017 is represented by: |
£ |
Valuation in 2017 | 26,234 |
Cost | 243,766 |
270,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2017 | 2016 |
£ | £ |
Cost | 243,766 | 241,159 |
Investment property was valued on an informal open market basis on 31 March 2017 by the directors . |
The directors consider there would be no tax implication if the properties were to be realised at the revalued |
amounts. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
Groundstone Developments Ltd (Registered number: 04486750) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2017 | 2016 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans due after 5 years |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank loans |
Borrowing is secured by way of bank mortgages on investment properties. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
9. | FIRST YEAR ADOPTION |
The company has adopted Financial Reporting Standard 102 Section 1A as the basis to prepare its financial |
statements for the first time. The last financial statements prepared under previous UK GAAP were those for |
the year ended 31 March 2016 therefore the date of transition to FRS 102 Section 1A is 1 April 2015. |