Company Registration No. 08061427 (England and Wales)
GD PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
GD PROPERTY MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GD PROPERTY MANAGEMENT LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
691
Investment properties
4
1,049,379
904,519
1,050,070
904,519
Current assets
Debtors
5
94
94
Cash at bank and in hand
3,495
4,358
3,589
4,452
Creditors: amounts falling due within one year
6
(685,206)
(541,213)
Net current liabilities
(681,617)
(536,761)
Total assets less current liabilities
368,453
367,758
Creditors: amounts falling due after more than one year
7
(346,231)
(346,231)
Net assets
22,222
21,527
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
22,122
21,427
Total equity
22,222
21,527
GD PROPERTY MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
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 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
G Dmytrenko
Director
Company Registration No. 08061427
GD PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover represents rents receivable.
1.4
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:
Computer equipment
25% on cost
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.
1.5
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
GD PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
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
Company information
GD Property Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Capital House, 272 Manchester Road, Droylsden, Manchester, M43 6PW.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
GD PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
Additions
922
At 31 May 2023
922
Depreciation and impairment
At 1 June 2022
Depreciation charged in the year
231
At 31 May 2023
231
Carrying amount
At 31 May 2023
691
At 31 May 2022
4
Investment property
2023
£
Fair value
At 1 June 2022
904,519
Additions
144,860
At 31 May 2023
1,049,379
The fair value of the investment property has been arrived at on the basis of its open market value.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
94
94
GD PROPERTY MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,350
10,350
Other creditors
674,856
530,863
685,206
541,213
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
346,231
346,231
8
Financial commitments, guarantees and contingent liabilities
The director is not aware of any contingent liabilities.
9
Events after the reporting date
There have been no significant post balance sheet events.