Registered number
06742764
Golden Property Investment Limited
Filleted Accounts
31 March 2024
Golden Property Investment Limited
Registered number: 06742764
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,983 894
Investments 4 5,905,833 5,548,000
5,910,816 5,548,894
Current assets
Debtors 5 60,375 63,704
Cash at bank and in hand 44,252 44,487
104,627 108,191
Creditors: amounts falling due within one year 6 (3,407,099) (3,068,462)
Net current liabilities (3,302,472) (2,960,271)
Total assets less current liabilities 2,608,344 2,588,623
Creditors: amounts falling due after more than one year 7 (708,191) (772,199)
Net assets 1,900,153 1,816,424
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 880,399 880,399
Profit and loss account 1,019,654 935,925
Shareholders' funds 1,900,153 1,816,424
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.
C K E Cheng
Director
Approved by the board on 23 August 2024
Golden Property Investment Limited
Notes to the Accounts
for the year ended 31 March 2024
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 represents the rental receivable from the investment properties held by the company.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investment Properties
All investments are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 16,429
Additions 5,434
At 31 March 2024 21,863
Depreciation
At 1 April 2023 15,535
Charge for the year 1,345
At 31 March 2024 16,880
Net book value
At 31 March 2024 4,983
At 31 March 2023 894
4 Investments
Other
investments
£
Fair value
At 1 April 2023 5,548,000
Additions 357,833
At 31 March 2024 5,905,833
Historical cost
At 1 April 2023 4,667,602
At 31 March 2024 5,025,435
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 36,000 36,000
Other debtors 24,375 27,704
60,375 63,704
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 72,078 71,197
Trade creditors 6,284 17,123
Taxation and social security costs 27,000 26,000
Directors loan account 3,297,178 2,950,353
Other creditors 4,559 3,789
3,407,099 3,068,462
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 708,191 772,199
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 779,903 843,395
The bank loans are secured on the investment properties.
9 Revaluation reserve 2024 2023
£ £
At 1 April 2023 880,399 880,399
At 31 March 2024 880,399 880,399
10 The investment properties were valued at an open market valuation on 31 March 2021 by the
director, Mr C K E Cheng, who based the valuation on his knowledge of the market and after
consultation with the local estate agents.
11 Other information
Golden Property Investment Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Wellsfield
Bushey
Herts
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