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Registration number: 13469159

GGTM Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

GGTM Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

GGTM Properties Limited

Company Information

Director

Mr Guy Groves

Registered office

14 Ruston Park
Rustington
West Sussex
BN16 2AD

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

GGTM Properties Limited

(Registration number: 13469159)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

454,824

213,118

Current assets

 

Debtors

125

-

Cash at bank and in hand

 

5,890

6,528

 

6,015

6,528

Creditors: Amounts falling due within one year

5

(4,114)

(2,587)

Net current assets

 

1,901

3,941

Total assets less current liabilities

 

456,725

217,059

Creditors: Amounts falling due after more than one year

5

(455,836)

(220,323)

Net assets/(liabilities)

 

889

(3,264)

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

789

(3,364)

Shareholders' funds/(deficit)

 

889

(3,264)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

GGTM Properties Limited

(Registration number: 13469159)
Balance Sheet as at 30 June 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 February 2024
 

.........................................
Mr Guy Groves
Director

 

GGTM Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
14 Ruston Park
Rustington
West Sussex
BN16 2AD

These financial statements were authorised for issue by the director on 29 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts receivable for rental income and associated charges and is stated net of discounts and VAT.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

GGTM Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

GGTM Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 July

213,118

Additions

241,706

At 30 June

454,824

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

2,143

1,867

Taxation and social security

 

185

-

Accruals and deferred income

 

1,785

720

Other creditors

 

1

-

 

4,114

2,587

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

327,835

155,345

Other non-current financial liabilities

 

128,001

64,978

 

455,836

220,323

 

GGTM Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

327,835

155,345

327,835

155,345

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,143

1,867

2,143

1,867