Registered number
06675763
Georgetown Carr Limited
Filleted Accounts
31 October 2023
Georgetown Carr Limited
Registered number: 06675763
Balance Sheet
as at 31 October 2023
Notes 2023 2022
Fixed assets
Investments 3 71,500 71,500
Current assets
Stocks 12,529,500 11,984,500
Debtors 4 152,477 189,949
Cash at bank and in hand 702,730 1,155,989
13,384,707 13,330,438
Creditors: amounts falling due within one year 5 (12,635,358) (12,567,649)
Net current assets 749,349 762,789
Net assets 820,849 834,289
Capital and reserves
Called up share capital 204,401 204,401
Share premium 28,526 28,526
Profit and loss account 587,922 601,362
Shareholders' funds 820,849 834,289
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R M Walker
Director
Approved by the board on 14 March 2024
Georgetown Carr Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary
undertakings
Cost
At 1 November 2022 71,500
At 31 October 2023 71,500
4 Debtors 2023 2022
Trade debtors 51,865 82,155
Amounts owed by group undertakings and undertakings in which the company has a participating interest 100,571 100,571
Other debtors 41 7,223
152,477 189,949
5 Creditors: amounts falling due within one year 2023 2022
Bank loans and overdrafts 5,724,823 6,458,613
A Property loans 134,160 134,160
C Property loans 490,000 490,000
E Property loans 662,596 662,596
F Property loans 162,546 162,546
G Property loans 585,400 585,400
H Property loans 1,400,000 -
Trade creditors 44,648 42,561
Amounts owed to group undertakings and undertakings in which the company has a participating interest 2,675,649 3,277,932
Taxation and social security costs 6,600 31,658
Other creditors 748,936 722,183
12,635,358 12,567,649
6 Loans 2023 2022
Creditors include:
Secured bank loans 5,724,823 6,458,613
The bank loans are secured on various properties owned by the company.
7 Controlling party
The company is a subsidiary of Georgetown Developments Limited whose registered office is the same as that of the company.
8 Other information
Georgetown Carr Limited is a private company limited by shares and incorporated in England. Its registered office is:
Britannic House
Regent Street
Barnsley
South Yorkshire
S70 2EQ
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