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REGISTERED NUMBER: 08176282 (England and Wales)















Financial Statements for the Year Ended 31 August 2023

for

Garden State Property Management Ltd

Garden State Property Management Ltd (Registered number: 08176282)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Garden State Property Management Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTOR: S M Lynch





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 08176282 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Garden State Property Management Ltd (Registered number: 08176282)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 4 4,928 5,218
Investments 5 7,000,000 7,000,000
Investment property 6 3,324,999 5,359,103
10,329,927 12,364,321

CURRENT ASSETS
Debtors 7 737,250 43,775
Cash at bank 1,220,303 1,314,988
1,957,553 1,358,763
12,287,480 13,723,084

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 250 250
Share premium 432,525 432,525
Retained earnings 8,109,676 8,541,907
SHAREHOLDERS' FUNDS 8,542,451 8,974,682

PROVISIONS FOR LIABILITIES 197,058 536,299

CREDITORS
Amounts falling due within one year 8 332,049 808,898
Amounts falling due after more than
one year

9

3,215,922

3,403,205
3,547,971 4,212,103
12,287,480 13,723,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Garden State Property Management Ltd (Registered number: 08176282)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





S M Lynch - Director


Garden State Property Management Ltd (Registered number: 08176282)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Garden State Property Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable on rental income, excluding discounts, rebates, value added tax and other sales. Income is recognised as the rents are paid.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investments in subsidiaries
Investments in subsidiaries are held at their revalued amount.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.


Garden State Property Management Ltd (Registered number: 08176282)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 7,880
DEPRECIATION
At 1 September 2022 2,662
Charge for year 290
At 31 August 2023 2,952
NET BOOK VALUE
At 31 August 2023 4,928
At 31 August 2022 5,218

Garden State Property Management Ltd (Registered number: 08176282)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 September 2022
and 31 August 2023 7,000,000
NET BOOK VALUE
At 31 August 2023 7,000,000
At 31 August 2022 7,000,000

Cost or valuation at 31 August 2023 is represented by:

Shares in
group
undertakings
£   
Valuation in 2016 1,950,000
Valuation in 2017 867,375
Valuation in 2018 432,625
Valuation in 2020 750,000
Cost 3,000,000
7,000,000

Shares in group undertakings were valued on an open market basis on 31 August 2019 by the director, S M Lynch .

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 5,359,103
Disposals (1,053,137 )
Revaluations (980,967 )
At 31 August 2023 3,324,999
NET BOOK VALUE
At 31 August 2023 3,324,999
At 31 August 2022 5,359,103

Garden State Property Management Ltd (Registered number: 08176282)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2018 2,723,821
Valuation in 2019 327,213
Valuation in 2020 (233,628 )
Valuation in 2023 (980,967 )
Cost 1,488,560
3,324,999

During this accounting period the director has reviewed the valuations and amended the valuation of several properties accordingly on the basis of his knowledge of the property sector.

7. DEBTORS
31.8.23 31.8.22
£    £   
Amounts falling due within one year:
Amounts owed by associates 496,453 -
Other debtors 81,028 43,775
577,481 43,775

Amounts falling due after more than one year:
Other debtors 159,769 -

Aggregate amounts 737,250 43,775

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 251,914 245,068
Amounts owed to associates - 556,685
Taxation and social security 75,415 -
Other creditors 4,720 7,145
332,049 808,898

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans 267,596 519,510
Amounts owed to group undertakings 2,948,326 2,537,764
Other creditors - 345,931
3,215,922 3,403,205

Garden State Property Management Ltd (Registered number: 08176282)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Barclays Bank 491,862 726,930

A fixed and floating charge, dated 24 July 2020, is held over the assets of the company by Barclays Security Trustee Limited.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other debtors is a balance of £159,769, (2022 £345,931, creditor), owing from the director Mr S M Lynch.

Interest has been charged at 2.25%.

12. RELATED PARTY DISCLOSURES

Included within other debtors is an amount of £496,453, (2022 £4,400, creditor), owing from GSPM Limited, a company which is controlled by Mr S Lynch.

The loan is interest free and repayable on demand.

Included within other creditors is an amount of £nil, (2022 £552,285), owing to GSPM1 Limited, a company which is controlled by Mr S Lynch.

The loan is interest free and repayable on demand.

Included within long term creditors is £2,948,326, (2022 £2,537,944), due to Training Strategies Limited, company under the control of Garden State Property Management Ltd.

The loan is interest free and repayable on demand.

Other related parties include a balance of £17,372,, (2022, £13,775), in other debtors, owing from Mrs A Lynch.

Interest has been charged at 2.25%.