Company registration number 13941214 (England and Wales)
GCR CAMPROP FOURTEEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
GCR CAMPROP FOURTEEN LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
GCR CAMPROP FOURTEEN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
Notes
£
£
Non-current assets
Investment property
3
3,986,520
Current assets
Trade and other receivables
4
242,352
Cash and cash equivalents
1,252,148
1,494,500
Current liabilities
5
(86,326)
Net current assets
1,408,174
Total assets less current liabilities
5,394,694
Non-current liabilities
6
(3,829,211)
Net assets
1,565,483
Equity
Called up share capital
7
659
Equity reserve
1,749,806
Retained earnings
(184,982)
Total equity
1,565,483

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
A J Edwards
Director
Company Registration No. 13941214
GCR CAMPROP FOURTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

GCR Camprop Fourteen Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 High Street, Chesterton, Cambridge, England, CB4 1NQ.

1.1
Reporting period

The information included in the financial statements covers the period from incorporation on 25 February 2022 to 28 February 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GCR CAMPROP FOURTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GCR CAMPROP FOURTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
5
3
Investment property
2023
£
Fair value
Additions
3,986,520
At 28 February 2023
3,986,520

The investment property was valued by the directors at the reporting date on an open market basis by reference to market evidence of transaction prices of similar properties. At the reporting date the directors considered the fair value of the investment property to be equal to its cost on acquisition plus subsequent expenditure.

4
Trade and other receivables
2023
Amounts falling due within one year:
£
Other receivables
242,352
5
Current liabilities
2023
£
Trade payables
81,245
Other payables
5,081
86,326

 

GCR CAMPROP FOURTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 5 -
6
Non-current liabilities
2023
£
Amounts due to directors
270,793
Amounts due to shareholder
3,558,418
3,829,211

The company has loans from directors and shareholders totalling £5,579,017. The loans are unsecured, bear no interest and become repayable after certain project milestones are reached. The company has presented these loans at the present value of future payments discounted at a market rate of interest for a similar debt instrument in accordance with FRS 102 Section 11.13. The effective interest rate is considered to be 12% per annum and the repayment term is considered to be four years from inception. At the reporting date, the carrying value of the loans is £3,829,211, included within non-current liabilities. As a result of the adjustment of the loans to their present value, a capital contribution of £1,749,806 has been recognised.

 

GCR CAMPROP FOURTEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 6 -
7
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 10p each
816
82
2023
2023
Preference share capital
Number
£
Issued and fully paid
Preferred shares of 1p each
57,650
577
Total equity share capital
659

On incorporation the company issued 1 Ordinary share of 10p at par. On the 14 July 2022 the company issued a further 815 Ordinary shares of 10p each at par.

 

On the 14 July 2022 the company also issued 57,650 Preferred shares of 1p each at par. The Preferred shares carry full voting rights on key company operational matters including any changes to the Articles and any changes to the rights attaching to shares in the company. On sale of the investment property the company's profits will be applied in the following order: First, to make payment to Preferred shareholders of a 10% per annum preferred distribution; secondly, to make payment to Ordinary shareholders of an amount equal to 66.666% of that paid to the Preferred shareholders; and finally, to make a payment of the balance, 60% to Preferred shareholders and 40% to Ordinary shareholders. Shareholders of each class are entitled to receive payment pro-rata within that class.

8
Related party disclosures

During the period fees amounting to £6,608 were charged in the normal course of business by Camprop Construction Limited, a company in which M A Gunn, K Lais, S T G Gusterson and A J Edwards are directors. At the reporting date £7,941 was due to Camprop Construction Limited.

 

During the period fees amounting to £218,056 were charged in the normal course of business by GCR Private Equity Limited, a company in which M A Gunn, C Williams and K Lais are directors. At the reporting date £100,000 was due from GCR Private Equity Limited.

 

During the period fees amounting to £80,651 were charged in the normal course of business by Guster Investments Limited, a company controlled by S T G Gusterson.

 

2023-02-282022-02-25false22 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityM A GunnS T G GustersonK LaisC WilliamsA J Edwardsfalse139412142022-02-252023-02-28139412142023-02-2813941214core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2813941214core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2813941214core:CurrentFinancialInstruments2023-02-2813941214core:Non-currentFinancialInstruments2023-02-2813941214core:ShareCapital2023-02-2813941214core:OtherReservesSubtotal2023-02-2813941214core:RetainedEarningsAccumulatedLosses2023-02-2813941214bus:Director52022-02-252023-02-2813941214core:WithinOneYear2023-02-2813941214bus:PrivateLimitedCompanyLtd2022-02-252023-02-2813941214bus:SmallCompaniesRegimeForAccounts2022-02-252023-02-2813941214bus:FRS1022022-02-252023-02-2813941214bus:AuditExemptWithAccountantsReport2022-02-252023-02-2813941214bus:Director12022-02-252023-02-2813941214bus:Director22022-02-252023-02-2813941214bus:Director32022-02-252023-02-2813941214bus:Director42022-02-252023-02-2813941214bus:FullAccounts2022-02-252023-02-28xbrli:purexbrli:sharesiso4217:GBP