Company Registration No. 09310714 (England and Wales)
GENERAL PROJECTS RE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GENERAL PROJECTS RE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GENERAL PROJECTS RE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
78,552
64,765
Investments
4
2,094,272
300,000
2,172,824
364,765
Current assets
Debtors
5
7,490,928
6,485,236
Cash at bank and in hand
1,549,520
2,212,084
9,040,448
8,697,320
Creditors: amounts falling due within one year
6
(975,613)
(812,676)
Net current assets
8,064,835
7,884,644
Total assets less current liabilities
10,237,659
8,249,409
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
10,237,658
8,249,408
Total equity
10,237,659
8,249,409
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 August 2024
J N Loftus
Director
Company Registration No. 09310714
GENERAL PROJECTS RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
General Projects RE Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Blandford Street, London, W1U 7HW, United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business by way of provision of consultancy, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance method
Motor vehicles
25% reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in unquoted shares are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
GENERAL PROJECTS RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.8
Taxation
The tax expense for the year represents the sum of tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GENERAL PROJECTS RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022
101,938
19,305
121,243
Additions
9,944
30,995
40,939
Disposals
(19,305)
(19,305)
At 30 November 2023
111,882
30,995
142,877
Depreciation and impairment
At 1 December 2022
41,754
14,724
56,478
Depreciation charged in the year
16,113
6,649
22,762
Eliminated in respect of disposals
(14,915)
(14,915)
At 30 November 2023
57,867
6,458
64,325
Carrying amount
At 30 November 2023
54,015
24,537
78,552
At 30 November 2022
60,184
4,581
64,765
GENERAL PROJECTS RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Investments in associates
120,758
Other investments other than loans
1,973,514
300,000
2,094,272
300,000
Movements in fixed asset investments
Investment in associates
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 December 2022
-
300,000
300,000
Additions
120,758
1,673,514
1,794,272
At 30 November 2023
120,758
1,973,514
2,094,272
Carrying amount
At 30 November 2023
120,758
1,973,514
2,094,272
At 30 November 2022
-
300,000
300,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,055,511
2,434,872
Other debtors
6,171,537
3,892,559
Prepayments
263,880
157,805
7,490,928
6,485,236
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
575,401
589,302
Other taxation and social security
223,639
206,305
Other creditors
169,073
9,569
Accruals
7,500
7,500
975,613
812,676
GENERAL PROJECTS RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
7
Related party transactions
During the year the director sold all of his shares in Digby Road Ltd to the company at market value, for £116,193. The director also reassigned a loan due to him from Digby Road Ltd totalling £860,000 to the company.
At the balance sheet date, included in other debtors is a sum of £1,305,184 (2022: £580,012) owed by the director to the company. This has been fully recovered post year end.
At the balance sheet date, included in other debtors is a sum of £4,865,840 (2022: £3,312,547) due from a number of related companies by virtue of common ownership or common directorship.