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GL CONSULTANTS LIMITED

Unaudited Financial Statements for the Year Ended 31 May 2023






GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

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


GL CONSULTANTS LIMITED

Company Information
for the Year Ended 31 May 2023







DIRECTORS: M R Hayes
Mrs K E Hayes





REGISTERED OFFICE: 88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE





REGISTERED NUMBER: 08847782 (England and Wales)





ACCOUNTANTS: Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE

GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

Balance Sheet
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 - -
Investments 6 500 350,500
Investment property 7 4,444,605 5,895,309
4,445,105 6,245,809

CURRENT ASSETS
Debtors 8 2,560,726 2,977,330
Cash at bank 1,003,901 137,231
3,564,627 3,114,561
CREDITORS
Amounts falling due within one year 9 (5,108,958 ) (5,580,961 )
NET CURRENT LIABILITIES (1,544,331 ) (2,466,400 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,900,774

3,779,409

CREDITORS
Amounts falling due after more than one
year

10

(1,604,933

)

(3,213,159

)

PROVISIONS FOR LIABILITIES 13 (200,521 ) -
NET ASSETS 1,095,320 566,250

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 1,095,220 566,150
SHAREHOLDERS' FUNDS 1,095,320 566,250

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.

GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by:





M R Hayes - Director


GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

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


1. STATUTORY INFORMATION

GL Consultants 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about GL Consultants Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 etc - 33% on cost

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at 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.

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.


GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

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


3. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 June 2022
and 31 May 2023 528
DEPRECIATION
At 1 June 2022
and 31 May 2023 528
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

6. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 June 2022 300 350,200 350,500
Impairments - (350,000 ) (350,000 )
At 31 May 2023 300 200 500
NET BOOK VALUE
At 31 May 2023 300 200 500
At 31 May 2022 300 350,200 350,500

GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

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


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 5,895,309
Disposals (2,252,786 )
Revaluations 802,082
At 31 May 2023 4,444,605
NET BOOK VALUE
At 31 May 2023 4,444,605
At 31 May 2022 5,895,309

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2023 802,082
Cost 3,642,523
4,444,605

The directors consider that the investment properties are stated at their fair value at the balance sheet date.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by associates 1,046,093 976,093
Other debtors 1,514,633 2,000,814
VAT - 423
2,560,726 2,977,330

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 11) 115,624 237,953
Amounts owed to group undertakings 91,476 76,476
Corporation tax 2,622 1,282
VAT 11,395 -
Other creditors 64,100 44,098
Directors' loan accounts 4,822,541 5,220,102
Accrued expenses 1,200 1,050
5,108,958 5,580,961

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 11) 1,604,933 3,213,159

GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

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


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans - > 5 years 1,160,823 2,229,507

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 115,624 237,953

Amounts falling due between two and five years:
Bank loans - 2-5 years 444,110 983,652

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - > 5 years 1,160,823 2,229,507

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,720,557 3,451,112

The bank loans are secured against the investment properties.

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences 200,521 -

Deferred
tax
£   
Provided during year 200,521
Balance at 31 May 2023 200,521

GL CONSULTANTS LIMITED (REGISTERED NUMBER: 08847782)

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


14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

15. RESERVES
Retained
earnings
£   

At 1 June 2022 566,150
Profit for the year 533,070
Dividends (4,000 )
At 31 May 2023 1,095,220

Reserves include £601,562 relating to the revaluation of investment properties, net of deferred tax. This amount is non-distributable as it relates to unrealised gains.

16. RELATED PARTY DISCLOSURES

Debtors include unsecured interest-free loans of £1,046,093 (2022: £976,093) to companies in which the company holds a participating interest. Creditors include unsecured interest-free loans of £91,476 (2022: £76,476) from the company's wholly-owned subsidiary and £4,822,541 (2022: £5,220,102) from the company's directors. None of these loans carry any fixed repayment terms.