REGISTERED NUMBER: 03820759 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2023

for

GEORGINA PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

Mr R Willis

Secretary:

Mrs B E Willis

Registered office:

21-23 Algitha Road

Skegness

Lincolnshire

PE25 2AG

Registered number:

03820759 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

23 Algitha Road

Skegness

United Kingdom

PE25 2AG

Fixed assets

Tangible assets

4

2,388

2,085

Investment property

5

2,324,832

2,064,832

2,327,220

2,066,917

Current assets

Debtors

6

34,167

45,196

Cash at bank

8,687

11,842

42,854

57,038

Creditors

Amounts falling due within one year

7

11,315

14,257

Net current assets

31,539

42,781

Total assets less current liabilities

2,358,759

2,109,698

Provisions for liabilities

239,930

132,946

Net assets

2,118,829

1,976,752

Capital and reserves

Called up share capital

8

105

105

Revaluation reserve

9

204,750

204,750

Fair value reserve

9

24,000

24,000

Retained earnings

9

1,889,974

1,747,897

Shareholders' funds

2,118,829

1,976,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 October 2023 and were signed by:

Mr R Willis - Director

1.	Statutory information

Georgina Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

20% on cost

Plant and machinery

-

20% on reducing balance

Investment property

Investment properties are included in the balance sheet at their open market value (valued by the director). Any aggregate surplus or deficit arising from changes in the market value are transferred to the fair value reserve on an annual basis which will not be distributed. The uplift or deficit will also be shown on the other comprehensive income statement. Any movement on the fair value in future will be subject to deferred taxation.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Employees and directors

The average number of employees during the year was 1 (2022 - NIL ) .

4.	Tangible fixed assets

Freehold

Plant and

property

machinery

Totals

£

£

£

Cost

At 1 July 2022

9,000

6,632

15,632

Additions

-

959

959

Disposals

-

(1,058

)

(1,058

)

At 30 June 2023

9,000

6,533

15,533

Depreciation

At 1 July 2022

9,000

4,547

13,547

Charge for year

-

546

546

Eliminated on disposal

-

(948

)

(948

)

At 30 June 2023

9,000

4,145

13,145

Net book value

At 30 June 2023

-

2,388

2,388

At 30 June 2022

-

2,085

2,085

5.	Investment property

Total

£

Fair value

At 1 July 2022

2,064,832

Fair value increase

260,000

At 30 June 2023

2,324,832

Net book value

At 30 June 2023

2,324,832

At 30 June 2022

2,064,832

Fair value at 30 June 2023 is represented by:

£

Valuation in 2015

141,720

Valuation in 2017

93,030

Valuation in 2018

35,970

Valuation in 2021

105,000

Valuation in 2022

324,000

Valuation in 2023

260,000

Cost

1,365,112

2,324,832

The company's investment properties were valued by the director, Mr R Willis by estimating their current fair market value. If the investment properties had not been valued at fair value, they would have been included at the historical cost value of £1,365,112.

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

34,167

45,196

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Corporation tax

8,719

11,721

Directors' loan accounts

596

535

Accrued expenses

2,000

2,001

11,315

14,257

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

8,400

Ordinary

1p

84

84

2,100

B Ordinary

1p

21

21

105

105

9.

Reserves

Retained

Revaluation

Fair value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 July 2022

1,747,897

204,750

24,000

1,976,647

Profit for the year

189,577

189,577

Dividends

(47,500

)

(47,500

)

At 30 June 2023

1,889,974

204,750

24,000

2,118,724