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REGISTERED NUMBER: 03160197 (England and Wales)










Unaudited Financial Statements for the Year Ended 28 February 2023

for

G & G Property Services Limited

G & G Property Services Limited (Registered number: 03160197)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G & G Property Services Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: P L Jones
Mrs M L Jones
G Jones
G Jones





SECRETARY: Mrs M L Jones





REGISTERED OFFICE: 75 Springfield Road
Chelmsford
Essex
CM2 6JB





REGISTERED NUMBER: 03160197 (England and Wales)





ACCOUNTANTS: NSO Associates LLP
75 Springfield Road
Chelmsford
Essex
CM2 6JB

G & G Property Services Limited (Registered number: 03160197)

Balance Sheet
28 February 2023

28.2.22 28.2.23
£    £    Notes £    £   
FIXED ASSETS
1,365,000 Investment property 4 1,296,750

CURRENT ASSETS
91,000 Debtors 5 5,066
24,477 Cash at bank 170,994
115,477 176,060
CREDITORS
86,716 Amounts falling due within one year 6 10,745
28,761 NET CURRENT ASSETS 165,315
1,393,761 TOTAL ASSETS LESS CURRENT
LIABILITIES

1,462,065

CREDITORS
(89,996 ) Amounts falling due after more than one
year

7

(241,309

)

(213,638 ) PROVISIONS FOR LIABILITIES (200,671 )
1,090,127 NET ASSETS 1,020,085

CAPITAL AND RESERVES
100 Called up share capital 100
910,773 Revaluation reserve 10 855,491
179,254 Retained earnings 164,494
1,090,127 SHAREHOLDERS' FUNDS 1,020,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

G & G Property Services Limited (Registered number: 03160197)

Balance Sheet - continued
28 February 2023


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 Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





P L Jones - Director


G & G Property Services Limited (Registered number: 03160197)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

G & G Property Services 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Investment properties
Certain of the group's properties are held for long term investment. Investment properties are accounted as follows:- (i) investment properties are revalued annually by the Director.The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year; and (ii) no depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to run.
Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that this policy of not providing depreciation or amortisation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciaton. Depreciation or amortisation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

G & G Property Services Limited (Registered number: 03160197)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 1,365,000
Revaluations (68,250 )
At 28 February 2023 1,296,750
NET BOOK VALUE
At 28 February 2023 1,296,750
At 28 February 2022 1,365,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2010 534,412
Valuation in 2014 95,000
Valuation in 2015 180,000
Valuation in 2016 80,000
Valuation in 2021 105,000
Valuation in 2022 130,000
Valuation in 2023 (68,250 )
Cost 240,588
1,296,750

Investment property was valued on an open market basis on 28 February 2021 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 5,066 91,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Taxation and social security 8,735 8,629
Other creditors 2,010 78,087
10,745 86,716

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans (see note 8) 151,313 -
Other creditors 89,996 89,996
241,309 89,996

G & G Property Services Limited (Registered number: 03160197)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. LOANS

The Mortgage of £45,000 is repayable full in 2054.

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 151,313 -
Mortgage 89,996 89,996
241,309 89,996

The mortgage is secured by a fixed charge over property and is repayable in full in 2054.

10. RESERVES
Revaluation
reserve
£   
At 1 March 2022 910,773
Revaluation Reserve (55,282 )

At 28 February 2023 855,491

11. POST BALANCE SHEET EVENTS

There were no post balance sheet events that require being brought to the attention of the shareholders or creditors.