Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Caroline Bailey 01/08/2023 01/08/2023 Amy Griffiths 16/01/2023 01/11/2022 George Griffiths 07/10/2020 15 July 2024 The principal activity of the Company during the financial year was the holding of investment properties. 12934099 2023-12-31 12934099 bus:Director1 2023-12-31 12934099 bus:Director2 2023-12-31 12934099 bus:Director3 2023-12-31 12934099 2022-12-31 12934099 core:CurrentFinancialInstruments 2023-12-31 12934099 core:CurrentFinancialInstruments 2022-12-31 12934099 core:Non-currentFinancialInstruments 2023-12-31 12934099 core:Non-currentFinancialInstruments 2022-12-31 12934099 core:ShareCapital 2023-12-31 12934099 core:ShareCapital 2022-12-31 12934099 core:RetainedEarningsAccumulatedLosses 2023-12-31 12934099 core:RetainedEarningsAccumulatedLosses 2022-12-31 12934099 core:ComputerEquipment 2022-12-31 12934099 core:ComputerEquipment 2023-12-31 12934099 bus:OrdinaryShareClass1 2023-12-31 12934099 2023-01-01 2023-12-31 12934099 bus:FilletedAccounts 2023-01-01 2023-12-31 12934099 bus:SmallEntities 2023-01-01 2023-12-31 12934099 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12934099 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12934099 bus:Director1 2023-01-01 2023-12-31 12934099 bus:Director2 2023-01-01 2023-12-31 12934099 bus:Director3 2023-01-01 2023-12-31 12934099 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 12934099 2022-04-01 2022-12-31 12934099 core:ComputerEquipment 2023-01-01 2023-12-31 12934099 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 12934099 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 12934099 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 12934099 bus:OrdinaryShareClass1 2022-04-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12934099 (England and Wales)

GG RESIDENTIAL MANAGEMENT LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GG RESIDENTIAL MANAGEMENT LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GG RESIDENTIAL MANAGEMENT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
GG RESIDENTIAL MANAGEMENT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Tangible assets 3 1,512 2,488
Investment property 4 2,622,000 2,546,157
2,623,512 2,548,645
Current assets
Debtors 5 4,837 3,286
Cash at bank and in hand 27,737 108,606
32,574 111,892
Creditors: amounts falling due within one year 6 ( 910,333) ( 942,666)
Net current liabilities (877,759) (830,774)
Total assets less current liabilities 1,745,753 1,717,871
Creditors: amounts falling due after more than one year 7 ( 1,659,998) ( 1,709,598)
Provision for liabilities ( 19,339) 0
Net assets 66,416 8,273
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 10 66,316 8,173
Total shareholder's funds 66,416 8,273

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

Director's responsibilities:

The financial statements of GG Residential Management Ltd (registered number: 12934099) were approved and authorised for issue by the Director on 15 July 2024. They were signed on its behalf by:

George Griffiths
Director
GG RESIDENTIAL MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GG RESIDENTIAL MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

GG Residential Management Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 120 Watermoor Point Watermoor Road, Cirencester, GL7 1LF, England, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company year end was changed last year to 31 December to bring it in line with companies under common control. The current year accounts cover a 12 month period whereas comparatives cover 9 months.

As a result of the above, current period figures are not fully comparable to the prior year figures.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.12.2023
Period from
01.04.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 1

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2023 2,926 2,926
At 31 December 2023 2,926 2,926
Accumulated depreciation
At 01 January 2023 438 438
Charge for the financial year 976 976
At 31 December 2023 1,414 1,414
Net book value
At 31 December 2023 1,512 1,512
At 31 December 2022 2,488 2,488

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 2,546,157
Fair value movement 75,843
As at 31 December 2023 2,622,000

Investment properties were revalued to fair value at 31 December 2023, based on a valuation undertaken by Desktop Valuations Ltd.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

31.12.2023 31.12.2022
£ £
Historic cost 2,546,157 2,546,157

5. Debtors

31.12.2023 31.12.2022
£ £
Amounts owed by Group undertakings 275 147
Prepayments and accrued income 2,295 1,139
Other debtors 2,267 2,000
4,837 3,286

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Bank loans 49,601 49,628
Trade creditors 0 1
Amounts owed to director 850,000 884,559
Accruals and deferred income 3,927 6,530
Taxation and social security 6,805 1,948
910,333 942,666

The bank loans are secured by way of a charge on the properties themselves.

7. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Bank loans 1,659,998 1,709,598

The bank loans are secured by way of a charge on the properties themselves.

8. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

During the period the director maintained a loan account with the company. At period end, the company owed the director
£850,000 (Prior period: £884,559). No interest has been charged and there are no fixed dates for repayment

10. Non-distributable reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non distributable reserves totalled £56,882 (2022: £Nil)