Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Caroline Bailey 20/03/2024 01/08/2023 Amy Griffiths 01/11/2022 George Griffiths 01/04/2021 15 July 2024 The principal activity of the Company during the financial period was the holding of investment properties. 13307814 2023-12-31 13307814 bus:Director1 2023-12-31 13307814 bus:Director2 2023-12-31 13307814 bus:Director3 2023-12-31 13307814 2022-12-31 13307814 core:CurrentFinancialInstruments 2023-12-31 13307814 core:CurrentFinancialInstruments 2022-12-31 13307814 core:Non-currentFinancialInstruments 2023-12-31 13307814 core:Non-currentFinancialInstruments 2022-12-31 13307814 core:ShareCapital 2023-12-31 13307814 core:ShareCapital 2022-12-31 13307814 core:RetainedEarningsAccumulatedLosses 2023-12-31 13307814 core:RetainedEarningsAccumulatedLosses 2022-12-31 13307814 bus:OrdinaryShareClass1 2023-12-31 13307814 2023-01-01 2023-12-31 13307814 bus:FilletedAccounts 2023-01-01 2023-12-31 13307814 bus:SmallEntities 2023-01-01 2023-12-31 13307814 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13307814 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13307814 bus:Director1 2023-01-01 2023-12-31 13307814 bus:Director2 2023-01-01 2023-12-31 13307814 bus:Director3 2023-01-01 2023-12-31 13307814 2022-05-01 2022-12-31 13307814 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 13307814 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13307814 bus:OrdinaryShareClass1 2022-05-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13307814 (England and Wales)

GG COMMERCIAL MANAGEMENT LTD

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

GG COMMERCIAL MANAGEMENT LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GG COMMERCIAL MANAGEMENT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
GG COMMERCIAL MANAGEMENT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Investment property 3 1,063,624 436,121
1,063,624 436,121
Current assets
Debtors 4 17,122 1,431
Cash at bank and in hand 1,018,704 20,037
1,035,826 21,468
Creditors: amounts falling due within one year 5 ( 2,150,220) ( 471,894)
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 ( 1,646) 0
Net liabilities ( 52,416) ( 14,305)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 52,516 ) ( 14,405 )
Total shareholder's deficit ( 52,416) ( 14,305)

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.

Directors' responsibilities:

The financial statements of GG Commercial Management Ltd (registered number: 13307814) were approved and authorised for issue by the Board of Directors on 15 July 2024. They were signed on its behalf by:

George Griffiths
Director
GG COMMERCIAL MANAGEMENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GG COMMERCIAL 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 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 £.

Going concern

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.

Reporting period length

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

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

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.

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.

2. Employees

Year ended
31.12.2023
Period from
01.05.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 436,121
Additions 627,503
As at 31 December 2023 1,063,624

The 2023 valuations were made by the directors, on an open market value for existing use basis.

4. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 13,123 0
Prepayments 3,999 0
VAT recoverable 0 1,431
17,122 1,431

5. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 2,107 6,334
Amounts owed to directors 2,120,000 461,660
Accruals and deferred income 27,746 3,900
Other taxation and social security 367 0
2,150,220 471,894

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

31.12.2023 31.12.2022
£ £
Taxation and social security 1,646 0

There are no amounts included above in respect of which any security has been given by the small entity.

7. 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

8. Related party transactions

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%.