Geordian Limited Small abridged accounts

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Geordian Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 00515801

GEORDIAN LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

31 March 2017

GEORDIAN LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

GEORDIAN LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr S A R H Al Rais

Registered office	168 Church Road
	Hove
	East Sussex
	BN3 2DL

Accountants	UHY Hacker Young
	Chartered accountant
	168 Church Road
	Hove
	BN3 2DL

GEORDIAN LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		29,550,000	30,000,000

Current assets

Debtors	251,191	22,166
Cash at bank and in hand	332,919	79,309
	----------	----------
	584,110	101,475

Creditors: amounts falling due within one year	18,978,443		19,064,523
	---------------		---------------
Net current liabilities		18,394,333	18,963,048
		---------------	---------------
Total assets less current liabilities		11,155,667	11,036,952

Provisions

Taxation including deferred tax	1,221,923	1,474,702
	---------------	---------------
Net assets	9,933,744	9,562,250
	---------------	---------------

Capital and reserves

Called up share capital		100	100
Profit and loss account	5	9,933,644	9,562,150
		-------------	-------------
Shareholder funds		9,933,744	9,562,250
		-------------	-------------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

GEORDIAN LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 5 December 2017 , and are signed on behalf of the board by:

Mr S A R H Al Rais
Director

Company registration number: 00515801

GEORDIAN LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, '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. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the director.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

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. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - investment property valuations

Revenue recognition

Turnover represents amounts invoiced, net of value added tax, derived from the company's principal activity. Rental income is recognised over the term of the lease on a straight-line basis. The aggregate cost of incentives is deducted from the rental income and allocated to the profit and loss account over the lease term or to the next review date, whichever is shorter. Sales income and asset management fees are recognised when the financial risks and rewards are transferred.

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.

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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its 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 property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 abridged 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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	£
Cost or valuation
At 1 April 2016	30,000,000
Additions	115,500
Revaluations	( 565,500)
	---------------
At 31 March 2017	29,550,000
	---------------
Depreciation
At 1 April 2016 and 31 March 2017	–
	---------------
Carrying amount
At 31 March 2017	29,550,000
	---------------
At 31 March 2016	30,000,000
	---------------

On 31 March 2017 the director valued the investment property on an open market value basis.

5. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses (distributable), together with investment property revaluations and associated deferred tax (non-distributable). At 31 March 2017 the profit and loss account balance of £9,933,644 represents distributable reserves of £1,146,907 and non-distributable reserves of £8,786,737.

6. Controlling party

The parent company is Cowdray Investments Limited, a company registered in Alderney.

7. Transition to FRS 102

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

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	25,734,893	–	25,734,893	30,000,000	–	30,000,000
Current assets	161,048	–	161,048	101,475	–	101,475
Creditors: amounts falling due within one year	( 17,356,623)	–	( 17,356,623)	( 19,064,523)	–	( 19,064,523)
	--------------	----	--------------	--------------	----	--------------
Net current liabilities	( 17,195,575)	–	( 17,195,575)	( 18,963,048)	–	( 18,963,048)
	--------------	----	--------------	--------------	----	--------------
Total assets less current liabilities	8,539,318	–	8,539,318	11,036,952	–	11,036,952

Creditors: amounts falling due after more than one year	( 1,950,000)	–	( 1,950,000)	–	–	–
Provisions	–	( 819,768)	( 819,768)	–	( 1,474,702)	( 1,474,702)
	--------------	----------	--------------	--------------	-------------	--------------
Net assets	6,589,318	( 819,768)	5,769,550	11,036,952	( 1,474,702)	9,562,250
	--------------	----------	--------------	--------------	-------------	--------------

	--------------	----------	--------------	--------------	-------------	--------------
Capital and reserves	6,589,318	( 819,768)	5,769,550	11,036,952	( 1,474,702)	9,562,250
	--------------	----------	--------------	--------------	-------------	--------------

The accounting changes result from the requirement under FRS 102 to show changes in fair values of investment properties in profit and loss and not directly as a reserve movement. A resulting deferred tax provision is also required on the changes in fair values of the investment properties whereas under the previous UK GAAP no deferred tax provision was recognised on the revaluation of investment properties.