ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2016.0.181 2016.0.1812017-09-302017-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The company's principal activities continue to be those of retail fish and chip shops, farming, property development and management.truefalsefalse2016-10-01010224132016-10-012017-09-30010224132015-10-012016-09-30010224132017-09-30010224132016-09-30010224132015-10-0101022413 c:CompanySecretary1 2016-10-012017-09-3001022413 c:Director1 2016-10-012017-09-3001022413 c:Director2 2016-10-012017-09-3001022413 c:RegisteredOffice 2016-10-012017-09-3001022413 d:Buildings 2016-10-012017-09-3001022413 d:Buildings 2017-09-3001022413 d:Buildings 2016-09-3001022413 d:Buildings d:OwnedOrFreeholdAssets 2016-10-012017-09-3001022413 d:PlantMachinery 2016-10-012017-09-3001022413 d:PlantMachinery 2017-09-3001022413 d:PlantMachinery 2016-09-3001022413 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-10-012017-09-3001022413 d:MotorVehicles 2016-10-012017-09-3001022413 d:MotorVehicles 2017-09-3001022413 d:MotorVehicles 2016-09-3001022413 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-10-012017-09-3001022413 d:OwnedOrFreeholdAssets 2016-10-012017-09-3001022413 d:PatentsTrademarksLicencesConcessionsSimilar 2016-10-012017-09-3001022413 d:PatentsTrademarksLicencesConcessionsSimilar 2017-09-3001022413 d:PatentsTrademarksLicencesConcessionsSimilar 2016-09-3001022413 d:FreeholdInvestmentProperty 2017-09-3001022413 d:FreeholdInvestmentProperty 2016-09-3001022413 d:FreeholdInvestmentProperty 2 2016-10-012017-09-3001022413 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2017-09-3001022413 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2016-09-3001022413 d:CurrentFinancialInstruments 2017-09-3001022413 d:CurrentFinancialInstruments 2016-09-3001022413 d:Non-currentFinancialInstruments 2017-09-3001022413 d:Non-currentFinancialInstruments 2016-09-3001022413 d:CurrentFinancialInstruments d:WithinOneYear 2017-09-3001022413 d:CurrentFinancialInstruments d:WithinOneYear 2016-09-3001022413 d:Non-currentFinancialInstruments d:AfterOneYear 2017-09-3001022413 d:Non-currentFinancialInstruments d:AfterOneYear 2016-09-3001022413 d:ShareCapital 2017-09-3001022413 d:ShareCapital 2016-09-3001022413 d:InvestmentPropertiesRevaluationReserve 2017-09-3001022413 d:InvestmentPropertiesRevaluationReserve 2016-09-3001022413 d:OtherMiscellaneousReserve 2017-09-3001022413 d:OtherMiscellaneousReserve 2016-09-3001022413 d:RetainedEarningsAccumulatedLosses 2017-09-3001022413 d:RetainedEarningsAccumulatedLosses 2016-09-3001022413 d:AcceleratedTaxDepreciationDeferredTax 2017-09-3001022413 d:AcceleratedTaxDepreciationDeferredTax 2016-09-3001022413 d:OtherDeferredTax 2017-09-3001022413 d:OtherDeferredTax 2016-09-3001022413 c:FRS102 2016-10-012017-09-3001022413 c:AuditExemptWithAccountantsReport 2016-10-012017-09-3001022413 c:FullAccounts 2016-10-012017-09-3001022413 c:PrivateLimitedCompanyLtd 2016-10-012017-09-3001022413 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-10-012017-09-3001022413 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-09-3001022413 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2016-09-30iso4217:GBPxbrli:pure

Registered number: 01022413









GORGATE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2017

 
GORGATE LIMITED
 
 
COMPANY INFORMATION


Directors
S R Cross 
Mrs S L Cross 




Company secretary
Mrs S L Cross



Registered number
01022413



Registered office
Winnington House
2 Woodberry Grove

North Finchley

London

N12 0DR




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
GORGATE LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 14


 
GORGATE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GORGATE LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gorgate Limited for the year ended 30 September 2017 which comprise  the Balance Sheet and the related notes from the Company 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Gorgate Limited, as a body, in accordance with the terms of our engagement letter dated 18 August 2016Our work has been undertaken solely to prepare for your approval the financial statements of Gorgate Limited and state those matters that we have agreed to state to the Board of Directors of Gorgate Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gorgate Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Gorgate 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 or loss of Gorgate Limited. You consider that Gorgate Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Gorgate 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
2 May 2018
Page 1

 
GORGATE LIMITED
REGISTERED NUMBER: 01022413

BALANCE SHEET
AS AT 30 SEPTEMBER 2017

2017
2016
Note
£
£

Fixed assets
  

Intangible assets
 4 
8,000
10,000

Tangible Fixed Assets
 5 
7,783,497
7,801,083

Fixed Asset Investments
 6 
20
20

Investment Property
 7 
7,760,000
6,453,998

  
15,551,517
14,265,101

Current assets
  

Stocks
  
197,738
279,438

Debtors
 8 
897,820
338,911

Cash at bank and in hand
  
287,412
640,133

  
1,382,970
1,258,482

Creditors: amounts falling due within one year
 9 
(232,076)
(344,470)

Net current assets
  
 
 
1,150,894
 
 
914,012

Total assets less current liabilities
  
16,702,411
15,179,113

Creditors: amounts falling due after more than one year
 10 
(393,485)
(433,835)

Provisions for liabilities
  

Deferred tax
  
(1,345,070)
(1,140,981)

  
 
 
(1,345,070)
 
 
(1,140,981)

Net assets
  
14,963,856
13,604,297


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
 12 
3,835,496
3,811,701

Fair value reserve
 12 
4,579,870
3,501,752

Profit and loss account
 12 
6,547,490
6,289,844

  
14,963,856
13,604,297


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 2

 
GORGATE LIMITED
REGISTERED NUMBER: 01022413
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 May 2018.




Mrs S L Cross
S R Cross
Director
Director
The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is Winnington House, 2 Woodberry Grove, North Finchley, London.
The company's principal activities continue to be those of retail fish and chip shops, farming, property development and management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements for the year ended 30 September 2017 are the company’s first financial statements that comply with FRS 102.  The company’s date of transition to FRS 102 is 1 October 2015. The company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 30 September 2016.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
1. Shop revenue is recognised at the point of sale.
2. Property management rental income is recognised on an accruals basis.
3. Farm revenue is recognised when crops are supplied.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Basic payment scheme entitlements
-
5
years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings
-
2%-10% straight line
Plant and equipment
-
10%-20% straight line
Motor vehicles
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.5

Revaluation of tangible fixed assets

The company has elected not to adopt a policy of revaluation of tangible fixed assets. The company will retain the book value of land and buildings previously revalued at 30 September 2015 and will not updated that valuation. 

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out
basis. Net realisable value represents estimated selling price less costs to sell. Provision is made for
slow moving, obsolete or damaged stock where the net realisable value is less than cost.
Work in progress is valued at cost, based on expenses incurred to date including the purchase of
land, legal and professional fees and disbursemens.

Page 5

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 6

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 7

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.18

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2016 - 34).

Page 8

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

4.


Intangible assets




Entitlements

£



Cost


At 1 October 2016
10,000



At 30 September 2017

10,000



Amortisation


Charge for the year
2,000



At 30 September 2017

2,000



Net book value



At 30 September 2017
8,000



At 30 September 2016
10,000

Page 9

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2016
7,752,073
654,943
165,652
8,572,668


Additions
5,754
-
15,750
21,504


Disposals
-
(35,293)
-
(35,293)



At 30 September 2017

7,757,827
619,650
181,402
8,558,879



Depreciation


At 1 October 2016
34,545
633,090
103,949
771,584


Charge for the year on owned assets
923
13,663
24,506
39,092


Disposals
-
(35,293)
-
(35,293)



At 30 September 2017

35,468
611,460
128,455
775,383



Net book value



At 30 September 2017
7,722,359
8,190
52,947
7,783,496



At 30 September 2016
7,717,527
21,853
61,703
7,801,083

Page 10

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2016
20



At 30 September 2017

20






Net book value



At 30 September 2017
20



At 30 September 2016
20


7.


Investment property


Freehold investment property

£



Valuation


At 1 October 2016
6,453,998


Surplus on revaluation
1,306,002



At 30 September 2017
7,760,000

The 2017 valuations were made by S R Cross, a director, on an open market value for existing use basis.




Page 11

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

8.


Debtors


2017
2016
£
£

Due after more than one year

Deferred tax asset
7,622
6,203

7,622
6,203

Due within one year

Trade debtors
130,126
123,917

Amounts owed by group undertakings
547,885
-

Other debtors
183,401
130,517

Prepayments and accrued income
28,786
78,274

897,820
338,911




9.


Creditors: Amounts falling due within one year

2017
2016
£
£

Bank overdrafts
-
455

Bank loans
39,848
39,848

Obligations under finance lease and hire purchase contracts
-
7,016

Trade creditors
67,146
122,367

Corporation tax
67,197
105,788

Other taxation and social security
24,770
29,781

Other creditors
14,395
19,841

Accruals and deferred income
18,720
19,374

232,076
344,470


Page 12

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

10.


Creditors: Amounts falling due after more than one year

2017
2016
£
£

Bank loans
393,485
426,819

Net obligations under finance leases and hire purchase contracts
-
7,016

393,485
433,835


Bank loans are secured by legal charges over freehold investment properties.


11.


Deferred taxation




2017
2016


£

£






At beginning of year
(1,134,778)
(982,630)


Charged to profit or loss
(202,670)
(152,148)



At end of year
(1,337,448)
(1,134,778)

The provision for deferred taxation is made up as follows:

2017
2016
£
£


Accelerated capital allowances
7,622
6,203

Revaluation of investment properties
(562,509)
(334,625)

Revaluation of freehold land & buildings
(782,561)
(806,356)

(1,337,448)
(1,134,778)

Comprising:

Asset - due after one year
7,622
6,203

Liability
(1,345,070)
(1,140,981)

(1,337,448)
(1,134,778)


Page 13

 
GORGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

12.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulative value of reavaluations of the company's freehold property to fair value. Deferred tax has been provided for on the difference between the cost and the fair value of the freehold property, adjusted for indexation. 

Other reserves

The fair value reserve represents the cumulative value of revaluations of the company's investment properties to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.

Profit & loss account

The profit and loss account includes all current and prior period retained profits and losses.


13.


Transactions with directors

As at 1 October 2016 the company owed a director £5,000. During the year, advances were paid to a director of £77,932 and repayments were received of £1,084.
As at 30 September 2017 the company was owed
 £71,848 by a director.

Page 14