REGISTERED NUMBER: |
G10 Property Developments Limited |
Unaudited Financial Statements for the Year Ended 30 June 2022 |
REGISTERED NUMBER: |
G10 Property Developments Limited |
Unaudited Financial Statements for the Year Ended 30 June 2022 |
G10 Property Developments Limited (Registered number: 09646786) |
Contents of the Financial Statements |
for the Year Ended 30 June 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
G10 Property Developments Limited |
Company Information |
for the Year Ended 30 June 2022 |
Director: |
Registered office: |
Registered number: |
Accountants: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
G10 Property Developments Limited (Registered number: 09646786) |
Statement of Financial Position |
30 June 2022 |
2022 | 2021 |
Notes | £ | £ |
Fixed assets |
Property, plant and equipment | 4 |
Current assets |
Inventories |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
G10 Property Developments Limited (Registered number: 09646786) |
Notes to the Financial Statements |
for the Year Ended 30 June 2022 |
1. | Statutory information |
G10 Property Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Inventories |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
G10 Property Developments Limited (Registered number: 09646786) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Property, plant and equipment |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 July 2021 |
and 30 June 2022 |
Depreciation |
At 1 July 2021 |
Charge for year |
At 30 June 2022 |
Net book value |
At 30 June 2022 |
At 30 June 2021 |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Other debtors |
VAT |
Deferred tax asset |
Deferred tax asset |
2022 | 2021 |
£ | £ |
Accelerated capital allowances | ( |
) | ( |
) |
Unrelieved trading losses |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Social security and other taxes |
Directors' current accounts | 135,448 | 128,309 |
Deferred income |
Accrued expenses |
7. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Other loans - 1-2 years | 10,000 | 10,000 |
Other loans - 2-5 years | 30,000 | 30,000 |
Other loans more 5yrs instal | 1,667 | 1,667 |
G10 Property Developments Limited (Registered number: 09646786) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
7. | Creditors: amounts falling due after more than one year - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 1,667 | 1,667 |
8. | Secured debts |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Other loan | 100,000 | 100,000 |
The loan is secured on the land at Alandale Road and associated buildings. |
9. | Deferred tax asset |
Accelerated Capital Allowances | Unrelieved Tax Losses | Total Deferred Tax |
Bal at 1 July 2021 | (778 | ) | 5,021 | 4,243 |
(Accelerated capital allowances) / Unrelieved Tax Losses | 194 | 1,775 | 1,969 |
Balance at 30 June 2022 | (584 | ) | 6,796 | 6,212 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
11. | Ultimate controlling party |
The controlling party is Mr J L Parsons. |