Company Registration No. 00664388 (England and Wales)
GESCO LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
GESCO LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
GESCO LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GESCO LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gesco Limited for the year ended 30 September 2016 set out on pages 3 to 14 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, 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 Gesco 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 financial statements of Gesco Limited and state those matters that we have agreed to state to the Board of Directors of Gesco Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gesco Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Gesco 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 Gesco Limited. You consider that Gesco 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 Gesco 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.
Morris & Co
27 June 2017
Chartered Accountants
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
England
CH65 9HQ
GESCO LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
343,234
896,292
Investments
2
436,363
116,396
779,597
1,012,688
Current assets
Debtors
8,496
12,585
Cash at bank and in hand
342,738
79,574
351,234
92,159
Creditors: amounts falling due within one year
(51,616)
(38,746)
Net current assets
299,618
53,413
Total assets less current liabilities
1,079,215
1,066,101
Provisions for liabilities
(2,886)
-
1,076,329
1,066,101
Capital and reserves
Called up share capital
4
2,750
2,750
Revaluation reserve
-
487,005
Other reserves
2,250
2,250
Profit and loss account
1,071,329
574,096
Shareholders' funds
1,076,329
1,066,101
GESCO LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
30 September 2016
- 3 -
For the financial year ended 30 September 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 June 2017
Mr G E Sweeney
Director
Company Registration No. 00664388
GESCO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents income receivable from property lettings .
income receivable from property lettings
.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Investments
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
GESCO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 October 2015
927,345
116,396
1,043,741
Additions
1,769
330,803
332,572
Disposals
(557,650)
(10,836)
(568,486)
At 30 September 2016
371,464
436,363
807,827
Depreciation
At 1 October 2015
31,053
-
31,053
On disposals
(7,627)
-
(7,627)
Charge for the year
4,804
-
4,804
At 30 September 2016
28,230
-
28,230
Net book value
At 30 September 2016
343,234
436,363
779,597
At 30 September 2015
896,292
116,396
1,012,688
GESCO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 6 -
4
Statement of movements on reserves
Revaluation reserve
Other reserves
(see below)
Profit
and loss
account
£
£
£
Balance at 1 October 2015
487,005
2,250
574,096
Profit for the year
-
-
28,983
Transfer from revaluation reserve to profit and loss account
(487,005)
-
487,005
Dividends paid
-
-
(18,755)
Balance at 30 September 2016
-
2,250
1,071,329
Other reserves
Capital redemption reserve
Balance at 1 October 2015 & at 30 September 2016
2,250
Prior year adjustment
The prior year adjustment, made within the accounts for the year ended 30th September 2015, represented an increase in reserves of £42,453 following a revision to the accounting policy valuation basis of the company's fixed asset investment properties and a reduction in reserves of £7,012 following a revision to the accounting policy valuation basis of the company's listed fixed asset investments.
The company's accounting policy in realtion to fixed asset investment properties was amended in order to disclose the company's fixed asset investment properties at their market value and not at their original cost less accumulated depreciation. The prior year adjustment of £42,453 represented the revesal of depreciation provisions made in prior years.
The company's accounting policy in relation to the listed fixed asset investments was amended in order to disclose the company's listed fixed assets at their original cost. The prior year adjustment of £7,012 represented the net amendment required to the profit and loss account reserve in order to restate the fixed asset investments at original cost of acquisition.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2,475 A Ordinary of £1 each
2,475
2,475
275 B Ordinary of £1 each
275
275
2,750
2,750