Company Registration No. 00664388 (England and Wales)
GESCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
GESCO LIMITED
COMPANY INFORMATION
Directors
Mr G Sweeney
Mrs L Sweeney
Secretary
Mrs L Sweeney
Company number
00664388
Registered office
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
England
CH65 9HQ
Accountants
Morris & Co
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
GESCO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
5 - 11
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 2017
- 1 -
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 2017 which comprise, the Balance Sheet, the Statement of Changes in Equity 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 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. 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 loss 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
29 June 2018
Chartered Accountants
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
GESCO LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,345
14,428
Investment properties
4
300,000
328,806
Investments
5
529,555
485,549
864,900
828,783
Current assets
Debtors
6
16,055
8,496
Cash at bank and in hand
143,004
342,738
159,059
351,234
Creditors: amounts falling due within one year
7
(40,410)
(51,616)
Net current assets
118,649
299,618
Total assets less current liabilities
983,549
1,128,401
Provisions for liabilities
-
(10,619)
Net assets
983,549
1,117,782
Capital and reserves
Called up share capital
8
2,750
2,750
Capital redemption reserve
2,250
2,250
Profit and loss reserves
978,549
1,112,782
Total equity
983,549
1,117,782
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
GESCO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2017
30 September 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 June 2018 and are signed on its behalf by:
Mr G Sweeney
Director
Company Registration No. 00664388
GESCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 4 -
Share capital
Fair value reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2015
2,750
487,005
2,250
574,096
1,066,101
Effect of change in accounting policy
-
-
-
(1,285)
(1,285)
As restated
2,750
487,005
2,250
572,811
1,064,816
Year ended 30 September 2016:
Profit and total comprehensive income for the year
-
-
-
71,721
71,721
Dividends
-
-
-
(18,755)
(18,755)
Transfers
-
(487,005)
-
487,005
-
Balance at 30 September 2016
2,750
-
2,250
1,112,782
1,117,782
Year ended 30 September 2017:
Loss and total comprehensive income for the year
-
-
-
(113,394)
(113,394)
Dividends
-
-
-
(20,839)
(20,839)
Balance at 30 September 2017
2,750
-
2,250
978,549
983,549
GESCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 5 -
1
Accounting policies
Company information
Gesco Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Chester House, Lloyd Drive, Cheshire Oaks Business Park, Ellesmere Port, Cheshire, England, CH65 9HQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of Gesco Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover represents income receivable from property lettings.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
GESCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction
costs
.
As all financial assets classified as receivable within one year, they are not amortised but carried forward at face value.
Classification of financial liabilities
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 company after deducting all of its liabilities.
GESCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are
initially recognised at transaction price
.
Financial liabilities classified as payable within one year are carried at face value.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less
,
i
f not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and
continue to be measured at face value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
GESCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 8 -
2
Employees
The average monthly number of persons (excluding directors without service contracts) employed by the company during the year was nil (2016 nil).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2016
42,658
Additions
30,990
Disposals
(20,449)
At 30 September 2017
53,199
Depreciation and impairment
At 1 October 2016
28,230
Depreciation charged in the year
1,446
Eliminated in respect of disposals
(11,822)
At 30 September 2017
17,854
Carrying amount
At 30 September 2017
35,345
At 30 September 2016
14,428
4
Investment property
2017
£
Fair value
At 1 October 2016
328,806
Additions
129,715
Revaluations
(158,521)
At 30 September 2017
300,000
Investment property comprises a single residential property which has historically been let out for rental income purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the 7th November 2017 by Jackson-Stops & Staff Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
GESCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 9 -
5
Fixed asset investments
2017
2016
£
£
Investments
529,555
485,549
Within fixed asset investments there are investments that are determined other than by reference to market value. It is not practical to establish a fair value of certain unlisted fixed asset investments and as a consequence the investments are carried at cost less any impairment provision. The value of assets included within the figures above are £221,400 (2016 £250,000).
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2016
485,549
Additions
144,879
Valuation changes
20,251
Disposals
(121,124)
At 30 September 2017
529,555
Carrying amount
At 30 September 2017
529,555
At 30 September 2016
485,549
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
3,049
8,496
Deferred tax asset
13,006
-
16,055
8,496
GESCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 10 -
7
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
-
9,667
Other creditors
40,410
41,949
40,410
51,616
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued 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
9
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
Reconciliation of equity
1 October
30 September
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1,066,101
1,076,329
Adjustments to prior year
(1,285)
(1,285)
As restated
1,064,816
1,075,044
Adjustments arising from transition to FRS 102:
Investment fair value increase
-
37,768
Deferred tax re listed investments
-
(6,271)
Deferred tax re Investment property disposal
-
11,241
Equity reported under FRS 102
1,064,816
1,117,782
GESCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
9
Reconciliations on adoption of FRS 102
(Continued)
- 11 -
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
28,983
Adjustments arising from transition to FRS 102:
Investment fair value increase
37,768
Deferred tax re listed investments
(6,271)
Deferred tax re Investment property disposal
11,241
Profit reported under FRS 102
71,721
Notes to reconciliations on adoption of FRS 102
The adjustments to the prior year of £1,285 reflects an increase in fixed asset investments to fair value of £11,418 net of deferred tax provisions totalling £12,703.
The adjustments arising from the transition to FRS 102 noted above relate primarily to the increase in fixed asset investments of £37,768 in order to carry those investments at fair value, deferred taxation of £6,271 has then been provided to recognise the taxation consequences of the fair value uplift.
Prior to the adoption of FRS 102 the company was not required to provide for deferred taxation in relation to its investment properties. FRS 102 requires deferred taxation to be reflected on any investment property fair values, the deferred tax release of £11,241 reflects the release of the deferred tax provision that was originally required upon transition.
2017-09-30
2016-10-01
false
CCH Software
CCH Accounts Production 2018.200
No description of principal activity
29 June 2018
Mr G Sweeney
Mrs L Sweeney
Mrs L Sweeney
00664388
2016-10-01
2017-09-30
00664388
bus:Director1
2016-10-01
2017-09-30
00664388
bus:CompanySecretaryDirector1
2016-10-01
2017-09-30
00664388
bus:CompanySecretary1
2016-10-01
2017-09-30
00664388
bus:Director2
2016-10-01
2017-09-30
00664388
bus:RegisteredOffice
2016-10-01
2017-09-30
00664388
2017-09-30
00664388
2016-09-30
00664388
core:OtherPropertyPlantEquipment
2017-09-30
00664388
core:OtherPropertyPlantEquipment
2016-09-30
00664388
core:CurrentFinancialInstruments
2017-09-30
00664388
core:CurrentFinancialInstruments
2016-09-30
00664388
core:Non-currentFinancialInstruments
2017-09-30
00664388
core:ShareCapital
2017-09-30
00664388
core:ShareCapital
2016-09-30
00664388
core:CapitalRedemptionReserve
2017-09-30
00664388
core:CapitalRedemptionReserve
2016-09-30
00664388
core:RetainedEarningsAccumulatedLosses
2017-09-30
00664388
core:RetainedEarningsAccumulatedLosses
2016-09-30
00664388
core:RetainedEarningsAccumulatedLosses
core:AccountingPolicyChangeIncreaseDecrease
2015-09-30
00664388
core:IncreaseDecreaseDueToTransitionFromPreviousStandard
2015-09-30
00664388
core:ShareCapital
core:RestatedAmount
2015-09-30
00664388
core:RevaluationReserve
core:RestatedAmount
2015-09-30
00664388
core:CapitalRedemptionReserve
core:RestatedAmount
2015-09-30
00664388
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2015-09-30
00664388
core:RestatedAmount
2015-09-30
00664388
core:ShareCapitalOrdinaryShares
2017-09-30
00664388
core:ShareCapitalOrdinaryShares
2016-09-30
00664388
2015-10-01
2016-09-30
00664388
core:RetainedEarningsAccumulatedLosses
2015-10-01
2016-09-30
00664388
core:FurnitureFittings
2016-10-01
2017-09-30
00664388
core:MotorVehicles
2016-10-01
2017-09-30
00664388
core:OtherPropertyPlantEquipment
2016-09-30
00664388
core:OtherPropertyPlantEquipment
2016-10-01
2017-09-30
00664388
bus:OrdinaryShareClass2
2016-10-01
2017-09-30
00664388
bus:OrdinaryShareClass3
2016-10-01
2017-09-30
00664388
bus:OrdinaryShareClass2
2017-09-30
00664388
bus:OrdinaryShareClass3
2017-09-30
00664388
bus:PrivateLimitedCompanyLtd
2016-10-01
2017-09-30
00664388
bus:FRS102
2016-10-01
2017-09-30
00664388
bus:AuditExemptWithAccountantsReport
2016-10-01
2017-09-30
00664388
bus:SmallCompaniesRegimeForAccounts
2016-10-01
2017-09-30
00664388
bus:FullAccounts
2016-10-01
2017-09-30
xbrli:pure
xbrli:shares
iso4217:GBP