G.G.K. Smith Associates Limited 31/03/2023 iXBRL

Company registration number: 01275902

G.G.K. Smith Associates Limited

Unaudited filleted financial statements

31 March 2023

G.G.K. Smith Associates Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

G.G.K. Smith Associates Limited

Directors and other information


	Director	Mr George Gerald Kingsland Smith


	Company number	01275902


	Registered office	75 High Street
		Boston
		Lincolnshire
		PE21 8SX


	Business address	75 High Street
		Boston
		Lincolnshire
		PE21 8SX


	Accountants	Lister & Co
		75 High Street
		Boston
		Lincolnshire
		PE21 8SX

G.G.K. Smith Associates Limited

Report to the director on the preparation of the

unaudited statutory financial statements of G.G.K. Smith Associates Limited

Year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.G.K. Smith Associates Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the director of G.G.K. Smith Associates 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 G.G.K. Smith Associates Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.G.K. Smith Associates Limited and its director as a body for our work or for this report.

It is your duty to ensure that G.G.K. Smith Associates 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 G.G.K. Smith Associates Limited. You consider that G.G.K. Smith Associates 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 G.G.K. Smith Associates 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.

Lister & Co

ACCA

75 High Street

Boston

Lincolnshire

PE21 8SX

19 September 2023

G.G.K. Smith Associates Limited

Statement of financial position

31 March 2023

		2023		2022
	Note	£	£	£	£

Fixed assets
Tangible assets	5	18		23
Investments	6	4,948,261		4,498,702
		_______		_______
			4,948,279		4,498,725

Current assets
Debtors	7	18,911		12,448
Cash at bank and in hand		1,474,884		1,725,017
		_______		_______
		1,493,795		1,737,465
Creditors: amounts falling due
within one year	8	( 82,773)		( 51,706)
		_______		_______
Net current assets			1,411,022		1,685,759
			_______		_______
Total assets less current liabilities			6,359,301		6,184,484

			_______		_______
Net assets			6,359,301		6,184,484
			_______		_______

Capital and reserves
Called up share capital	9		1,000		1,000
Fair value reserve			( 1,232,411)		( 1,025,224)
Profit and loss account			7,590,712		7,208,708
			_______		_______
Shareholders funds			6,359,301		6,184,484
			_______		_______

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These 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 Section 1A of 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 statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 19 September 2023 , and are signed on behalf of the board by:

Mr George Gerald Kingsland Smith

Director

Company registration number: 01275902

G.G.K. Smith Associates Limited

Statement of changes in equity

Year ended 31 March 2023

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 April 2021	1,000	( 1,830,955)	7,092,241	5,262,286

Profit for the year			116,467	116,467
Other comprehensive income for the year:
Fair value movement on investments	-	805,731	-	805,731
	_______	_______	_______	_______
Total comprehensive income for the year	-	805,731	116,467	922,198

	_______	_______	_______	_______
At 31 March 2022 and 1 April 2022	1,000	( 1,025,224)	7,208,708	6,184,484

Profit for the year			382,004	382,004
Other comprehensive income for the year:
Fair value movement on investments	-	( 207,187)	-	( 207,187)
	_______	_______	_______	_______
Total comprehensive income for the year	-	( 207,187)	382,004	174,817

	_______	_______	_______	_______
At 31 March 2023	1,000	( 1,232,411)	7,590,712	6,359,301
	_______	_______	_______	_______

G.G.K. Smith Associates Limited

Notes to the financial statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 75 High Street, Boston, Lincolnshire, PE21 8SX.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.

Turnover

Turnover represents the amount receivable by the company in respect of dividends and property distributions. Revenue is recognised when it is probable that associated economic benefits will flow to the company and to the extent that revenue can be measured reliably. Revenue is measured as the fair value of the consideration receivable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

5. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 April 2022 and 31 March 2023	33,834	33,834
	_______	_______
Depreciation
At 1 April 2022	33,811	33,811
Charge for the year	5	5
	_______	_______
At 31 March 2023	33,816	33,816
	_______	_______
Carrying amount
At 31 March 2023	18	18
	_______	_______
At 31 March 2022	23	23
	_______	_______

6. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 April 2022	4,498,702	4,498,702
Additions	1,015,767	1,015,767
Disposals	( 359,021)	( 359,021)
Fair value adjustment	(207,187)	(207,187)
	_______	_______
At 31 March 2023	4,948,261	4,948,261
	_______	_______
Impairment
At 1 April 2022 and 31 March 2023	-	-
	_______	_______
Carrying amount
At 31 March 2023	4,948,261	4,948,261
	_______	_______
At 31 March 2022	4,498,702	4,498,702
	_______	_______

Investments held at valuation

In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Other investments other than loans	Total
	£	£
At 31 March 2023
Aggregate cost	6,180,672	6,180,672
Aggregate depreciation	-	-
	_______	_______
Carrying amount	6,180,672	6,180,672
	_______	_______

At 31 March 2022
Aggregate cost	5,523,926	5,523,926
Aggregate depreciation	-	-
	_______	_______
Carrying amount	5,523,926	5,523,926
	_______	_______

7. Debtors

	2023	2022
	£	£
Other debtors	18,911	12,448
	_______	_______

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Accruals and deferred income	1,950	3,450
Social security and other taxes	30,708	-
Director loan accounts	50,115	48,256
	_______	_______
	82,773	51,706
	_______	_______

9. Called up share capital

Issued, called up and fully paid

	2023		2022
	No	£	No	£
Ordinary shares of £ 1.00 each	1,000	1,000	1,000	1,000
	_______	_______	_______	_______