Company registration number 05862880 (England and Wales)
GYC HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
GYC HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GYC HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,860,206
1,439,444
Current assets
Debtors
4
378,914
677,126
Cash at bank and in hand
87,073
3,499
465,987
680,625
Creditors: amounts falling due within one year
5
(67,994)
(200,762)
Net current assets
397,993
479,863
Total assets less current liabilities
2,258,199
1,919,307
Provisions for liabilities
(73,515)
(78,815)
Net assets
2,184,684
1,840,492
Capital and reserves
Called up share capital
4,005
4,005
Revaluation reserve
6
378,797
406,695
Profit and loss reserves
1,801,882
1,429,792
Total equity
2,184,684
1,840,492
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 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 year 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 5 March 2024 and are signed on its behalf by:
Mr K Adams
Director
Company registration number 05862880 (England and Wales)
GYC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
GYC Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Monument Estate, Fenner Road, Great Yarmouth, Norfolk, England, NR30 3PS.
1.1
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Investment properties
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.
1.3
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 profit and loss account 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.4
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
11
GYC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
3
Investment property
2023
£
Fair value
At 1 June 2022
1,888,105
Revaluations
(27,899)
At 31 May 2023
1,860,206
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
378,914
677,126
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
738
12,172
Corporation tax
20,151
Other taxation and social security
51,070
142,480
Other creditors
16,186
25,959
67,994
200,762
6
Revaluation reserve
2023
2022
£
£
At the beginning of the year
406,695
321,959
Fair value adjustment to investments
84,736
Other movements
(27,898)
-
At the end of the year
378,797
406,695