GFI (Properties) Limited Company Accounts

GFI (PROPERTIES) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02345243

GFI (Properties) Limited

Unaudited Financial Statements

for the year ended

31 December 2016

GFI (Properties) Limited

Financial Statements

for the year ended 31st December 2016

Contents	Pages

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

GFI (Properties) Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of GFI (Properties) Limited

for the year ended 31st December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GFI (Properties) Limited for the year ended 31st December 2016, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of GFI (Properties) Limited, as a body, in accordance with the terms of our engagement letter dated 24th June 2016. Our work has been undertaken solely to prepare for your approval the financial statements of GFI (Properties) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GFI (Properties) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GFI (Properties) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GFI (Properties) Limited. You consider that GFI (Properties) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of GFI (Properties) 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 financial statements.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 20 September 2017

GFI (Properties) Limited

Statement of Financial Position

as at 31 December 2016

	2016		2015
Note	£	£	£	£

Fixed assets

Tangible assets	6		4,289,966		3,599,437

Current assets

Cash at bank and in hand	2,205,119		2,687,273

Creditors: amounts falling due within one year	7	79,215		67,910
		------------		------------
Net current assets			2,125,904		2,619,363
			------------		------------
Total assets less current liabilities			6,415,870		6,218,800

Provisions

Taxation including deferred tax	( 3,282)	( 8,135)
	------------	------------
Net assets	6,419,152	6,226,935
	------------	------------

Capital and reserves

Called up share capital	9	1,000	1,000
Profit and loss account		6,418,152	6,225,935
		------------	------------
Members funds		6,419,152	6,226,935
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GFI (Properties) Limited

Statement of Financial Position (continued)

as at 31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 20 September 2017 , and are signed on behalf of the board by:

TN Studholme	JW Studholme
Director	Director

Company registration number: 02345243

GFI (Properties) Limited

Notes to the Financial Statements

for the year ended 31st December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Marsh Lane, Boston, PE21 7TX, Lincs.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Investment properties

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment properties, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be be reliably measurable on an on-going basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	Not depreciated
Plant and machinery	-	25% straight line
Investment properties and assets	-	Not depreciated

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year, including directors, amounted to 2 (2015 : 2).

5. Tax on profit

Major components of tax expense

	2016	2015
	£	£

Current tax:

UK current tax expense	43,200	46,506

Deferred tax:

Origination and reversal of timing differences	4,853	7,707
	-----------	-----------
Tax on profit	48,053	54,213
	-----------	-----------

6. Tangible assets

Freehold property	Plant and machinery	Investment assets	Investment properties	Total
£	£	£	£	£

Cost
At 1 January 2016	3,273,598	519,638	–	300,866	4,094,102
Additions	–	–	268,409	430,444	698,853
	------------	-----------	-----------	-----------	------------
At 31 December 2016	3,273,598	519,638	268,409	731,310	4,792,955
	------------	-----------	-----------	-----------	------------
Depreciation
At 1 January 2016	–	494,665	–	–	494,665
Charge for the year	–	8,324	–	–	8,324
	------------	-----------	-----------	-----------	------------
At 31 December 2016	–	502,989	–	–	502,989
	------------	-----------	-----------	-----------	------------
Carrying amount
At 31 December 2016	3,273,598	16,649	268,409	731,310	4,289,966
	------------	-----------	-----------	-----------	------------
At 31 December 2015	3,273,598	24,973	–	300,866	3,599,437
	------------	-----------	-----------	-----------	------------

Investment properties are included at cost. The cost figures have been reviewed by the directors at 31 December 2016 and are considered reasonable and a fair market value. Freehold property is valued at cost and this is considered to be fair value by the directors. It is also considered unfeasible to obtain a valuation on the property. Investment assets are included at cost however this is considered to be the market value.

7. Creditors: amounts falling due within one year

	2016	2015
	£	£

Trade creditors	18,230	–
Corporation tax	43,200	45,761
Social security and other taxes	15,000	14,967
Other creditors	2,785	7,182
	-----------	-----------
	79,215	67,910
	-----------	-----------

8. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2016	2015
	£	£

Included in provisions	( 3,282)	( 8,135)
	-----------	-----------

9. Called up share capital

Issued, called up and fully paid

2016		2015
No.	£	No.	£

Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-----------	-----------	-----------	-----------

10. Related party transactions

During the year the company rented property to Dynamic Cassette International Limited, a company that the director has a material interest in. No rent was charged during the year.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.

No transitional adjustments were required in equity or profit or loss for the year.