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Registered number: 12728059
GCACS Properties Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 12728059
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 931,997 640,898
931,997 640,898
CURRENT ASSETS
Debtors 4 10,888 21,160
Cash at bank and in hand 233,046 63,372
243,934 84,532
Creditors: Amounts Falling Due Within One Year 5 (365,832 ) (15,428 )
NET CURRENT ASSETS (LIABILITIES) (121,898 ) 69,104
TOTAL ASSETS LESS CURRENT LIABILITIES 810,099 710,002
Creditors: Amounts Falling Due After More Than One Year 6 (753,592 ) (677,178 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (3,000 ) (2,400 )
NET ASSETS 53,507 30,424
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Income Statement 52,507 29,424
SHAREHOLDERS' FUNDS 53,507 30,424
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Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr George Mouktaris
Director
22 March 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Investment properties are not depreciated
1.4. Investment Properties
Investment properties comprise non-owner occupied residential flats held to earn rentals and for capital appreciation.
All investment properties are carried at fair value. The fair value of the company's investment properties is determined annually at the reporting date by the director. In determining the valuations, the director refers to current market conditions and recent sales transactions of similar properties. In estimating the fair value of the properties, the highest and best use of the property is their current use. Investment property is not depreciated. Changes in fair value are recognised in the income statement.
2023 fair value of investment properties: £931,997 (2022: £640,898)
Investment properties are derecognised when disposed of, or when no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the properties recognised in profit or loss in the period in which the properties are derecognised.
1.5. Taxation
The tax expense represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
3. Tangible Assets
Land & Property
Leasehold
£
Cost
As at 1 August 2022 640,898
Additions 291,099
As at 31 July 2023 931,997
Net Book Value
As at 31 July 2023 931,997
As at 1 August 2022 640,898
4. Debtors
2023 2022
£ £
Due within one year
Amounts owed by group undertakings 10,888 21,160
10,888 21,160
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 5,414 5,428
Accruals and deferred income 4,483 2,205
Director's loan account 355,935 7,795
365,832 15,428
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Mortgage loan 535,000 535,000
Amounts owed to parent undertaking 218,592 142,178
753,592 677,178
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
8. Post Balance Sheet Events
The Company acquired an additional investment property following the reporting period.
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9. Related Party Transactions
Included in Amounts owed to parent undertaking at 31.07.2023 are the following balances:
  • £218,592 (2022: £142,178) owed to Craven Court Ltd
This balance is unsecured, interest-free, and has no fixed terms of repayment. The balance will be settled in cash.
10. Ultimate Controlling Party
The company's ultimate controlling party is Craven Court Ltd by virtue of its ownership of 100% of the issued share capital in the company.
11. General Information
GCACS Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12728059 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
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