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Company No: SC269751 (Scotland)

G & SR PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

G & SR PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

G & SR PROPERTIES LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023
G & SR PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 354,136 354,136
354,136 354,136
Current assets
Cash at bank and in hand 6,991 811
6,991 811
Creditors: amounts falling due within one year 4 ( 112,109) ( 86,751)
Net current liabilities (105,118) (85,940)
Total assets less current liabilities 249,018 268,196
Creditors: amounts falling due after more than one year 5 ( 28,333) ( 38,333)
Net assets 220,685 229,863
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 220,585 229,763
Total shareholders' funds 220,685 229,863

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of G & SR Properties Limited (registered number: SC269751) were approved and authorised for issue by the Director on 04 October 2023. They were signed on its behalf by:

Ghulam Rasul
Director
Sharifan Rasul
Director
G & SR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
G & SR PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

G & Sr Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Commerce House, South Street, Elgin, IV30 1JE, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received for property rental provided in the normal course of business, and is shown net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Basic financial assets
Basic financial assets, which include bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2022 354,136
As at 30 June 2023 354,136

Valuation

The directors consider the current carrying value of the property to accurately reflect the open market value as at 30 June 2023.

4. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Amounts owed to related parties 93,777 68,580
Taxation and social security 379 421
Other creditors 7,953 7,750
112,109 86,751

The above bank loan is a Bounce Back Loan and is 100 % guaranteed by the UK Government. It remains unsecured over the assets of the company.

5. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 28,333 38,333

The above bank loan is a Bounce Back Loan and is 100 % guaranteed by the UK Government. It remains unsecured over the assets of the company.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
26 Ordinary shares of £ 1.00 each 26 26
25 A Ordinary shares of £ 1.00 each 25 25
10 B Ordinary shares of £ 1.00 each 10 10
10 C Ordinary shares of £ 1.00 each 10 10
10 D Ordinary shares of £ 1.00 each 10 10
19 E Ordinary shares of £ 1.00 each 19 19
100 100

7. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 6,432 5,698

This balance is interest free and has no fixed terms of repayment.

Other related party transactions

2023 2022
£ £
Other related party 93,777 68,580

This balance is interest free and has no fixed terms of repayment.