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REGISTERED NUMBER: 08663649 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 August 2023

for

GAC Sussex Limited

GAC Sussex Limited (Registered number: 08663649)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GAC Sussex Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: P M Green





REGISTERED OFFICE: Lynnem House
1 Victoria Way
Burgess Hill
West Sussex
RH15 9NF





REGISTERED NUMBER: 08663649 (England and Wales)





ACCOUNTANTS: Price Green & Co
Lynnem House
1 Victoria Way
Burgess Hill
West Sussex
RH15 9NF

GAC Sussex Limited (Registered number: 08663649)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 4 1,150,000 1,150,000

CURRENT ASSETS
Debtors 5 3,000 -
Cash at bank 1,641 3,150
4,641 3,150
1,154,641 1,153,150

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 6 474,518 512,478
Retained earnings 152,701 115,933
SHAREHOLDER FUNDS 627,319 628,511

PROVISIONS FOR LIABILITIES 158,171 120,211

CREDITORS 7 369,151 404,428
1,154,641 1,153,150

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

GAC Sussex Limited (Registered number: 08663649)

Balance Sheet - continued
31 August 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 director and authorised for issue on 9 February 2024 and were signed by:





P M Green - Director


GAC Sussex Limited (Registered number: 08663649)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

GAC Sussex 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property

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.

3. EMPLOYEES AND DIRECTORS

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

GAC Sussex Limited (Registered number: 08663649)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 September 2022
and 31 August 2023 1,150,000
NET BOOK VALUE
At 31 August 2023 1,150,000
At 31 August 2022 1,150,000

Included in cost or valuation of land and buildings is freehold land of £ 1,150,000 (2022 - £ 1,150,000 ) which is not depreciated.

Cost or valuation at 31 August 2023 is represented by:

Land and
buildings
£   
Valuation in 2014 182,689
Valuation in 2017 75,000
Valuation in 2018 75,000
Valuation in 2020 125,000
Valuation in 2022 175,000
Cost 517,311
1,150,000

If freehold land and building had not been revalued they would have been included at the following historical cost:

31.8.23 31.8.22
£    £   
Cost 517,311 517,311
Aggregate depreciation 103,460 93,114

Value of land in freehold land and buildings 1,150,000 1,150,000

Freehold land and building were valued on an open market basis on 31 August 2023 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 3,000 -

GAC Sussex Limited (Registered number: 08663649)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. RESERVES
Revaluation
reserve
£   
At 1 September 2022 512,478
Revaluation (37,960 )

At 31 August 2023 474,518

7. CREDITORS
31.8.23 31.8.22
£    £   
Amounts falling due within one year:
Bank loans and overdrafts 41,000 38,999
Taxation and social security 7,346 6,666
Other creditors 255,500 152,000
303,846 197,665

Amounts falling due after more than one year:
Bank loans 65,305 206,763

Aggregate amounts 369,151 404,428

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 39,013

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
P M Green
Balance outstanding at start of year - 497
Amounts repaid - (497 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The company is controlled by the director through his ownership of the share capital of the company.

9. RELATED PARTY DISCLOSURES

During the year the Company received rent of £24,000 (2022 - £24,000) from Green & Co Accountants Limited, a company owned by Mr P Green. This has been charged at market rates.

Included in other creditors is a loan from Green & Co Accountants Limited of £253,000. (2022 - £153,000)