Registered number
03742845
Georgetown Victoria Limited
Filleted Accounts
31 October 2023
Georgetown Victoria Limited
Registered number: 03742845
Balance Sheet
as at 31 October 2023
Notes 2023 2022
Current assets
Stocks 3,019,500 3,019,500
Debtors 3 1,055,976 1,049,588
Cash at bank and in hand 558,723 495,939
4,634,199 4,565,027
Creditors: amounts falling due within one year 4 (4,195,669) (4,187,073)
Net current assets 438,530 377,954
Net assets 438,530 377,954
Capital and reserves
Called up share capital 1 1
Profit and loss account 438,529 377,953
Shareholders' funds 438,530 377,954
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 Victoria 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2023 2022
Trade debtors 20,631 41,668
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,010,201 983,689
Other debtors 25,144 24,231
1,055,976 1,049,588
4 Creditors: amounts falling due within one year 2023 2022
Trade creditors 21,278 22,338
Amounts owed to group undertakings and undertakings in which the company has a participating interest 3,927,688 3,841,527
Taxation and social security costs 20,276 9,836
Other creditors 226,427 313,372
4,195,669 4,187,073
5 Contingent liabilities
The trading stock of the company has been granted by way of collateral security for a loan provided to a fellow subsidiary. No loss is anticipated and no provision is considered necessary.
6 Controlling party
The company is a subsidiary of Georgetown Developments Limited whose registered office is the same as that of the company.
7 Other information
Georgetown Victoria 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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