Registered number
09950647
G & E Housing Limited
Filleted Accounts
31 January 2023
G & E Housing Limited
Registered number: 09950647
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 990,087 990,087
Current assets
Cash at bank and in hand 21,346 8,789
Creditors: amounts falling due within one year 4 (19,492) (17,928)
Net current assets/(liabilities) 1,854 (9,139)
Total assets less current liabilities 991,941 980,948
Creditors: amounts falling due after more than one year 5 (845,807) (860,210)
Provisions for liabilities (31,041) (31,041)
Net assets 115,093 89,697
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 7 132,333 132,333
Profit and loss account (18,240) (43,636)
Shareholders' funds 115,093 89,697
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Hinton
Director
Approved by the board on 26 October 2023
G & E Housing Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2022 990,087
At 31 January 2023 990,087
Depreciation
At 31 January 2023 -
Net book value
At 31 January 2023 990,087
At 31 January 2022 990,087
Freehold land and buildings: 2023 2022
£ £
Historical cost 826,713 826,713
Cumulative depreciation based on historical cost - -
826,713 826,713
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,659 20,829
Trade creditors - (270)
Taxation and social security costs - 3,795
Other creditors 3,833 (6,426)
19,492 17,928
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 844,794 842,793
Obligations under finance lease and hire purchase contracts 1,013 17,417
845,807 860,210
6 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 654,049 654,049
Secured on the freeholds of the property assets
7 Revaluation reserve 2023 2022
£ £
At 1 February 2022 132,333 132,333
At 31 January 2023 132,333 132,333
8 Other information
G & E Housing Limited is a private company limited by shares and incorporated in England. Its registered office is:
17 Micheldever Road
Whitchurch
RG28 7JD
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