GCSR Properties Limited |
Registered number: |
13708963 |
Balance Sheet |
as at 31 October 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Investment property |
3 |
|
|
343,448 |
|
|
343,448 |
|
Current assets |
Debtors |
4 |
|
2,922 |
|
|
1,520 |
Cash at bank and in hand |
|
|
764 |
|
|
761 |
|
|
|
3,686 |
|
|
2,281 |
|
Creditors: amounts falling due within one year |
5 |
|
(109,567) |
|
|
(112,180) |
|
Net current liabilities |
|
|
|
(105,881) |
|
|
(109,899) |
|
Total assets less current liabilities |
|
|
|
237,567 |
|
|
233,549 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(240,408) |
|
|
(236,880) |
|
|
|
Net liabilities |
|
|
|
(2,841) |
|
|
(3,331) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(2,941) |
|
|
(3,431) |
|
Shareholders' funds |
|
|
|
(2,841) |
|
|
(3,331) |
|
|
|
|
|
|
|
|
The director is 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 director acknowledges his 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. |
|
|
|
|
Mr Paul Smith |
Director |
Approved by the board on 31 July 2024 |
|
GCSR Properties 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. |
|
|
Investment property |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, is initally recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measued at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
|
|
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. |
|
|
Employee benefits |
|
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
|
|
Leases |
|
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases assets are consumed. Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount os the leased asset and recognised on a straight line basis over the lease term. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Investment property |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 November 2022 |
343,448 |
|
|
At 31 October 2023 |
343,448 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
2,922 |
|
1,520 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
7,665 |
|
11,193 |
|
Accruals and deferred income |
|
1,000 |
|
1,000 |
|
Other creditors |
100,902 |
|
99,987 |
|
|
|
|
|
|
109,567 |
|
112,180 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
240,408 |
|
236,880 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
GCSR Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 4 Darwin House, Dudley Innovation Centre |
|
The Pensnett Trading Estate |
|
Kingswinford |
|
West Midlands |
|
DY6 7YB |