Registered number
09837780
Global Standard Properties Ltd
Filleted Accounts
31 October 2023
Global Standard Properties Ltd
Registered number: 09837780
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,170,226 1,009,422
Current assets
Debtors 4 38,632 -
Cash at bank and in hand 3,885 3,110
42,517 3,110
Creditors: amounts falling due within one year 5 (844,504) (611,735)
Net current liabilities (801,987) (608,625)
Total assets less current liabilities 1,368,239 400,797
Creditors: amounts falling due after more than one year 6 (1,326,735) (381,332)
Net assets 41,504 19,465
Capital and reserves
Called up share capital 100 100
Profit and loss account 41,404 19,365
Shareholders' funds 41,504 19,465
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.
Kamran Ijaz
Director
Approved by the board on 22 July 2024
Global Standard Properties Ltd
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 November 2022 1,009,422
Additions 1,160,804
At 31 October 2023 2,170,226
Depreciation
At 31 October 2023 -
Net book value
At 31 October 2023 2,170,226
At 31 October 2022 1,009,422
4 Debtors 2023 2022
£ £
Other debtors 38,632 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 6,405 5,086
Other creditors 838,099 606,649
844,504 611,735
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,326,735 381,332
7 Other information
Global Standard Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7 Peterley Business Centre
472 Hackney Road, Hackney
London
E2 9EQ
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