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Registration number: 09696955

GFC Property (Holdings) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

GFC Property (Holdings) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

GFC Property (Holdings) Limited

Company Information

Directors

Mr G F Coletto

Mr A Coletto

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

GFC Property (Holdings) Limited

(Registration number: 09696955)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

3

10

10

Current assets

 

Cash at bank and in hand

 

1,740,000

2,236,367

Creditors: Amounts falling due within one year

4

(644,778)

(1,154,069)

Net current assets

 

1,095,222

1,082,298

Net assets

 

1,095,232

1,082,308

Capital and reserves

 

Called up share capital

5

100

16

Share premium reserve

599,994

599,994

Retained earnings

495,138

482,298

Shareholders' funds

 

1,095,232

1,082,308

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

GFC Property (Holdings) Limited

(Registration number: 09696955)
Balance Sheet as at 30 November 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Mr G F Coletto
Director

 

GFC Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GFC Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

3

Investments

2023
£

2022
£

Investments in subsidiaries

10

10

Subsidiaries

£

Cost or valuation

At 1 December 2022

10

Provision

Carrying amount

At 30 November 2023

10

At 30 November 2022

10

 

GFC Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

GFC Property Limited

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

England & Wales

Ordinary shares

100%

100%

Subsidiary undertakings

GFC Property Limited

The principal activity of GFC Property Limited is that of a property development company.

4

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6

640,081

1,153,109

Taxation and social security

 

3,697

-

Accruals and deferred income

 

1,000

960

 

644,778

1,154,069

 

GFC Property (Holdings) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

-

-

16

16

Ordinary A shares of £1 (2022 - £0) each

90

90

-

-

Ordinary B shares of £1 (2022 - £0) each

10

10

-

-

 

100

100

16

16

6

Related party transactions

Loans to related parties

2022

Subsidiary
£

Total
£

At start of period

886,626

886,626

Repaid

(886,626)

(886,626)

At end of period

-

-

Loans from related parties

2023

Subsidiary
£

Total
£

At start of period

1,153,109

1,153,109

Advanced

73,861

73,861

Repaid

(586,889)

(586,889)

At end of period

640,081

640,081

2022

Subsidiary
£

Total
£

Advanced

2,499,668

2,499,668

Repaid

(1,346,559)

(1,346,559)

At end of period

1,153,109

1,153,109