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Registration number: 07089073

Georgesand Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Georgesand Enterprises Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Georgesand Enterprises Limited

Company Information

Directors

Mr S P Jolley

Mrs K Griffiths

Registered office

Wigbridge
Woolhope Cockshoot
Putley
Ledbury
HR8 2QS

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Georgesand Enterprises Limited

(Registration number: 07089073)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Tangible assets

4

87,099

116,318

Investments

5

1

-

 

87,100

116,318

Current assets

 

Stocks

6

1,305,849

1,291,042

Debtors

7

11,230

864

Cash at bank and in hand

 

2,435

1,834

 

1,319,514

1,293,740

Creditors: Amounts falling due within one year

8

(1,465,455)

(1,420,842)

Net current liabilities

 

(145,941)

(127,102)

Net liabilities

 

(58,841)

(10,784)

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

(59,041)

(10,984)

Shareholders' deficit

 

(58,841)

(10,784)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Georgesand Enterprises Limited

(Registration number: 07089073)
Balance Sheet as at 31 October 2023
(continued)

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mr S P Jolley
Director

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Wigbridge
Woolhope Cockshoot
Putley
Ledbury
HR8 2QS

These financial statements were authorised for issue by the Board on 30 July 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.

Going concern

The financial statements show a deficit on net assets. This has arisen due to delays in sales of the latest development. Sales have taken place after the year end that will return the company to profitability next year. The shareholders have indicated that they will continue to provide financial support to the company to enable it to continue trading for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the going concern basis being no longer appropriate.

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

2

Accounting policies (continued)

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.

Deferred tax is recognised on all 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. 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 substantially enacted by the end of the reporting period.

Tangible assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:

Asset class

Depreciation method and rate

Motor vehicles

25% of written down value per annum

Plant and machinery

15% of cost per annum

Fixtures and fittings

20% of cost per annum

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

2

Accounting policies (continued)

Computer equipment

33% of cost per annum

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and net realisable value, as follows:

Cost incurred in bringing each product to its present location and condition:-

Materials - Purchase cost on a first in first out basis.

Work in progress - Cost of direct materials, labour plus a proportion to cover attributable overheads.

Net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal.

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

2

Accounting policies (continued)

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.

Leases

Assets obtained under hire purchase agreements and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

7,342

176,238

183,580

At 31 October 2023

7,342

176,238

183,580

Depreciation

At 1 November 2022

7,156

60,106

67,262

Charge for the year

186

29,033

29,219

At 31 October 2023

7,342

89,139

96,481

Carrying amount

At 31 October 2023

-

87,099

87,099

At 31 October 2022

186

116,132

116,318

5

Investments

2023
£

2022
£

Investments in subsidiaries

1

-

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

5

Investments (continued)

Subsidiaries

£

Cost or valuation

Additions

1

Provision

Carrying amount

At 31 October 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Georgesand Investments Limited

Wigbridge, Woolhope Cockshoot, Putley, Ledbury, Herefordshire, HR8 2QS

England

Ordinary

100%

0%

Subsidiary undertakings

Georgesand Investments Limited

The principal activity of Georgesand Investments Limited is property investment.

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

6

Stocks

2023
£

2022
£

Other inventories

1,305,849

1,291,042

7

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

11,208

-

Prepayments

 

-

679

Other debtors

 

22

185

 

11,230

864

 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

911

10,026

Trade creditors

 

2,273

1,809

Taxation and social security

 

1,586

2,652

Accruals and deferred income

 

1,972

5,159

Other creditors

 

1,458,713

1,401,196

 

1,465,455

1,420,842

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

       
 

Georgesand Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)

10

Related party transactions

Loans to related parties

2023

Subsidiary
£

Total
£

Advanced

51,300

51,300

Repaid

(40,092)

(40,092)

At end of period

11,208

11,208

Terms of loans to related parties

The loans are interest free, unsecured and repayable on demand.