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REGISTERED NUMBER: 11993910 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

GWG PROPERTY LIMITED

GWG PROPERTY LIMITED (REGISTERED NUMBER: 11993910)






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


GWG PROPERTY LIMITED

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTOR: R L N Glassberg





REGISTERED OFFICE: The Coach House
7 Sun Street
Sawbridgeworth
Hertfordshire
CM21 9PU





REGISTERED NUMBER: 11993910 (England and Wales)





ACCOUNTANTS: Green & Co
The Coach House
7 Sun Street
Sawbridgeworth
Hertfordshire
CM21 9PU

GWG PROPERTY LIMITED (REGISTERED NUMBER: 11993910)

BALANCE SHEET
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 640,000 584,625

CURRENT ASSETS
Debtors 5 2,388 2,388
Cash at bank 7,554 482
9,942 2,870
CREDITORS
Amounts falling due within one year 6 119,304 119,404
NET CURRENT LIABILITIES (109,362 ) (116,534 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,638

468,091

CREDITORS
Amounts falling due after more than one year 7 (446,910 ) (446,910 )

PROVISIONS FOR LIABILITIES (16,150 ) (5,629 )
NET ASSETS 67,578 15,552

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 85,001 29,626
Retained earnings 9 (17,523 ) (14,174 )
SHAREHOLDERS' FUNDS 67,578 15,552

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 director acknowledges his 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.

GWG PROPERTY LIMITED (REGISTERED NUMBER: 11993910)

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 director and authorised for issue on 8 November 2023 and were signed by:





R L N Glassberg - Director


GWG PROPERTY LIMITED (REGISTERED NUMBER: 11993910)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023

1. STATUTORY INFORMATION

GWG Property 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.

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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

GWG PROPERTY LIMITED (REGISTERED NUMBER: 11993910)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 584,625
Revaluations 55,375
At 31 May 2023 640,000
NET BOOK VALUE
At 31 May 2023 640,000
At 31 May 2022 584,625

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2023 640,000

If the investment properties had not been revalued it would have been included at the following historical cost:

31.5.23 31.5.22
£    £   
Cost 554,999 554,999

The investment properties was valued on an open market value basis on 31 May 2023 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 2,388 2,388

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other creditors 119,304 119,404

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 446,910 446,910

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 446,910 446,910

GWG PROPERTY LIMITED (REGISTERED NUMBER: 11993910)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank loans 446,910 446,910

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2022 (14,174 ) 29,626 15,452
Deficit for the year (3,349 ) (3,349 )
Revaluation - 55,375 55,375
At 31 May 2023 (17,523 ) 85,001 67,478

10. RELATED PARTY DISCLOSURES

The company is under the control of the director R Glassberg as he owns the entire issued share capital.