Company registration number 11836089 (England and Wales)
GA & MB PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
GA & MB PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GA & MB PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,875
Investment properties
4
242,502
110,000
248,377
110,000
Current assets
Debtors
5
1,350
Cash at bank and in hand
463
6,377
1,813
6,377
Creditors: amounts falling due within one year
6
(121,493)
(27,461)
Net current liabilities
(119,680)
(21,084)
Total assets less current liabilities
128,697
88,916
Creditors: amounts falling due after more than one year
7
(36,270)
(37,380)
Provisions for liabilities
(23,107)
(9,508)
Net assets
69,320
42,028
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
79,697
45,573
Profit and loss reserves
(10,379)
(3,547)
Total equity
69,320
42,028
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 9 February 2024
Mr G W Anscombe
Director
Company Registration No. 11836089
GA & MB PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2021
2
39,447
(5,135)
34,314
Year ended 28 February 2022:
Profit
-
-
7,714
7,714
Other comprehensive income:
Tax relating to other comprehensive income
-
(1,437)
1,437
-
Total comprehensive income
-
(1,437)
9,151
7,714
Transfers
-
7,563
(7,563)
-
Balance at 28 February 2022
2
45,573
(3,547)
42,028
Year ended 28 February 2023:
Profit
-
-
27,292
27,292
Other comprehensive income:
Tax relating to other comprehensive income
-
(15,876)
15,876
-
Total comprehensive income
-
(15,876)
43,168
27,292
Transfers
-
50,000
(50,000)
-
Balance at 28 February 2023
2
79,697
(10,379)
69,320
GA & MB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
GA & MB Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from residential lettings is recognised over the period of rental when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Fixtures and fittings
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other administrative expenses.
GA & MB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
GA & MB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2022
Additions
6,000
At 28 February 2023
6,000
Depreciation and impairment
At 1 March 2022
Depreciation charged in the year
125
At 28 February 2023
125
Carrying amount
At 28 February 2023
5,875
At 28 February 2022
4
Investment property
2023
£
Fair value
At 1 March 2022
110,000
Additions
82,502
Revaluations
50,000
At 28 February 2023
242,502
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 28 February 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,350
GA & MB PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other loans
1,152
1,112
Other creditors
119,561
25,749
Accruals and deferred income
780
600
121,493
27,461
Included in Other loans is a mortgage of £1,152 (2022 : £1,112) secured over the investment property.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other loans
36,270
37,380
Included in Other loans is a mortgage of £36,270 (2022 : £37,380) secured over the investment property.
Amounts included above which fall due after five years are as follows:
Payable by instalments
31,202
32,493
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
9
Related party transactions
The company also has an existing loan with Chicken10 Promotions Limited. At the year end the amount owed to GA & MB Properties Limited was £93,300 this amount is included in creditors: amounts falling due within one year. Mr G Anscombe is a director of both GA & MB Properties Limited and Chicken10 Promotions Limited.
10
Directors' transactions
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors' fees. At the year end the amount outstanding to the director was £26,261 (2022 - £25,749), this amount being included in creditors amounts falling due within one year.