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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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PROJECT GOAT LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 |
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FOR |
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PROJECT GOAT LIMITED |
PROJECT GOAT LIMITED (REGISTERED NUMBER: 09806108) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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PROJECT GOAT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
35 Wilkinson Street |
Sheffield |
South Yorkshire |
S10 2GB |
PROJECT GOAT LIMITED (REGISTERED NUMBER: 09806108) |
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BALANCE SHEET |
30 JUNE 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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PROJECT GOAT LIMITED (REGISTERED NUMBER: 09806108) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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1. | STATUTORY INFORMATION |
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Project Goat Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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These financial statements cover the entity as an individual company. |
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The figures in the financial statements are rounded to the nearest £. |
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2. | STATEMENT OF COMPLIANCE |
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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. |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company's balance sheet is reporting net overall liabilities, but as the company's funders have indicated that |
they will continue to provide ongoing facilities to the company, the directors have prepared the accounts on the |
basis that the company is a going concern. |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 June 2017 are the first that are prepared in accordance with |
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date |
of transition to FRS 102 Section 1A is 2 October 2015. |
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Turnover |
Turnover represents rents received and other property related income. Turnover is recognised when the company |
has the right to the income received. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises |
direct materials and, where applicable, direct labour costs and those overheads that have been incurred in |
bringing the stocks to their present location and condition |
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At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over |
its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. |
Reversals of impairment losses are also recognised in profit or loss. |
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Financial instruments |
Financial Assets and Liabilities |
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The company's loans payable meet the definition of a basic financial instrument, so they are originally |
recognised at the transaction price, with subsequent measurement being at amortised costs, using the effective |
interest rate method. |
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Debt instruments which are financing transactions at a rate of interest that is not a market rate. |
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Where debt instruments are classified as long term liabilities, then the company measures these at the present |
value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Where debt instruments are classified as current liabilities, then there is no present value adjustment to the initial |
measurement based on amortised cost. |
PROJECT GOAT LIMITED (REGISTERED NUMBER: 09806108) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other loans |
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Trade creditors |
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Other creditors |
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Directors' current accounts | 571 | 571 |
Accrued expenses |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Other loans |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Other loan | 20,563,110 | 8,575,046 |
Accruals | 683,745 | 340,665 |
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The loan above is secured by a legal mortgage over certain properties owned by the company. |
PROJECT GOAT LIMITED (REGISTERED NUMBER: 09806108) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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8. | RELATED PARTY DISCLOSURES |
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Sparrowhawk Properties 606 Limited (incorporated in Jersey) |
Holds a participating interest in the company. |
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During the year, Sparrowhawk Properties 606 Limited has continued to provide the company with a loan to |
assist with the purchase of company's trading stock on which it charges interest at the rate of 18% pa. |
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Interest of £2,166,255 has been charged to the profit and loss account, of which £1,564,510 has been capitalised |
with the remaining £601,745 being shown in accruals. At the year end, the company owes £20,563,111 to |
Sparrowhawk Properties 606 Limited. |
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Additionally, Sparrowhawk Properties 606 Limited has provided the company with an interest free loan of |
£999,900. This amount remains outstanding at the period end. |
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Project Goat Holdco Limited |
Holds a participating interest in the company. |
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During the period, Project Goat Holdco Limited has provided the company with an interest free loan of |
£999,900. This amount remains outstanding at the period end. |
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9. | FIRST YEAR ADOPTION |
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Following the adoption of FRS102 1A, there are no differences in Equity and Profit or Loss that need to be |
reconciled between old UK GAAP and FRS102 . |