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REGISTERED NUMBER: 01087683 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

G.T. LACY LIMITED

G.T. LACY LIMITED (REGISTERED NUMBER: 01087683)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G.T. LACY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs A L Sanders
M A Sanders
Miss A K Sanders
Mrs T N Roscoe





REGISTERED OFFICE: Frith Farm
Rodden
Frome
Somerset
BA11 5LD





REGISTERED NUMBER: 01087683 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

G.T. LACY LIMITED (REGISTERED NUMBER: 01087683)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 801 839
Investment property 5 1,947,580 1,947,580
1,948,381 1,948,419

CURRENT ASSETS
Debtors 6 18,594 10,601
Cash at bank 25,536 31,904
44,130 42,505
CREDITORS
Amounts falling due within one year 7 301,306 334,314
NET CURRENT LIABILITIES (257,176 ) (291,809 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,691,205

1,656,610

PROVISIONS FOR LIABILITIES 213,276 161,938
NET ASSETS 1,477,929 1,494,672

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 1,444,437 1,444,437
Retained earnings 32,492 49,235
SHAREHOLDERS' FUNDS 1,477,929 1,494,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.T. LACY LIMITED (REGISTERED NUMBER: 01087683)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:




Mrs A L Sanders - Director Miss A K Sanders - Director




Mrs T N Roscoe - Director M A Sanders - Director


G.T. LACY LIMITED (REGISTERED NUMBER: 01087683)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

G.T. Lacy 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 the provision of section 1A "Small entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 represents property rental income receivable and is allocated to the relevant accounting period covered by the rental agreement or invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Computer equipment - 15% on cost

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.

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

G.T. LACY LIMITED (REGISTERED NUMBER: 01087683)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The directors have considered the risks and issues concerning the company and it's activities and no material uncertainties that may cast significant doubt about the company's ability of the company to continue as a going concern have been identified by the directors.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 June 2022 6,772 1,471 8,243
Additions 220 - 220
At 31 May 2023 6,992 1,471 8,463
DEPRECIATION
At 1 June 2022 6,772 632 7,404
Charge for year 37 221 258
At 31 May 2023 6,809 853 7,662
NET BOOK VALUE
At 31 May 2023 183 618 801
At 31 May 2022 - 839 839

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 1,947,580
NET BOOK VALUE
At 31 May 2023 1,947,580
At 31 May 2022 1,947,580

G.T. LACY LIMITED (REGISTERED NUMBER: 01087683)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2022 3,200
Cost 1,944,380
1,947,580

The carrying value of the investment property is based on the directors' best estimate and no professional external valuer was used.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,516 4,570
Directors' loan accounts - 1
Prepayments 16,078 6,030
18,594 10,601

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,986 3,825
Corporation Tax 20,238 13,769
Social security and other taxes - 268
VAT 8,198 7,825
Other creditors 20,475 21,843
Directors' loan accounts 227,619 263,695
Accrued expenses 22,790 23,089
301,306 334,314

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mrs A L Sanders
Balance outstanding at start of year - -
Amounts advanced 44,890 41,222
Amounts repaid (48,405 ) (41,222 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,515 ) -

G.T. LACY LIMITED (REGISTERED NUMBER: 01087683)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Miss A K Sanders
Balance outstanding at start of year (90,185 ) (90,185 )
Amounts advanced 39,356 26,459
Amounts repaid (26,539 ) (26,459 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (77,368 ) (90,185 )

Mrs T N Roscoe
Balance outstanding at start of year (96,932 ) (96,932 )
Amounts advanced 19,365 12,860
Amounts repaid (14,580 ) (12,860 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (92,147 ) (96,932 )

M A Sanders
Balance outstanding at start of year (76,578 ) (77,084 )
Amounts advanced 58,748 36,665
Amounts repaid (36,759 ) (36,159 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (54,589 ) (76,578 )

No interest is being charged on the director's loans and there are no set repayment terms.