Company No:
Contents
Note | 31.12.2023 | 31.12.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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1,063,624 | 436,121 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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1,035,826 | 21,468 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (1,114,394) | (450,426) | ||
Total assets less current liabilities | (50,770) | (14,305) | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of GG Commercial Management Ltd (registered number:
George Griffiths
Director |
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.
GG Commercial 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 £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £52,416. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.
The comparatives, commencing from 1 May 2022 cover a 8 month period.
As a result of the above, current period figures are not fully comparable to the prior year figures.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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.
Year ended 31.12.2023 |
Period from 01.05.2022 to 31.12.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
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Additions | 627,503 |
As at 31 December 2023 |
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The 2023 valuations were made by the directors, on an open market value for existing use basis.
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Other taxation and social security |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Taxation and social security |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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During the period the directors maintained a current account with the company. At the period end the company owed the directors £2,120,000 (Prior period: £461,660 owed to one director). Interest has been charged at 5%.