Company registration number 11803129 (England and Wales)
GOTPROP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GOTPROP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GOTPROP LTD (REGISTERED NUMBER: 11803129)
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,285
20,923
Investment property
4
1,750,000
1,500,000
1,775,285
1,520,923
Current assets
Debtors
5
625
519
Cash at bank and in hand
13,045
106,055
13,670
106,574
Creditors: amounts falling due within one year
6
(517,644)
(533,523)
Net current liabilities
(503,974)
(426,949)
Total assets less current liabilities
1,271,311
1,093,974
Creditors: amounts falling due after more than one year
7
(1,097,920)
(955,739)
Provisions for liabilities
(53,239)
(36,605)
Net assets
120,152
101,630
Capital and reserves
Called up share capital
8
2
2
Non-distributable profits reserve
9
271,268
228,391
Distributable profit and loss reserves
(151,118)
(126,763)
Total equity
120,152
101,630
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
GOTPROP LTD (REGISTERED NUMBER: 11803129)
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Ms Y M F Nobbs
Mr Z Z Shah
Director
Director
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Gotprop Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, United Kingdom, ME19 6JU.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the rental income provided in the normal course of business.
Rental income from Investment property leases is credited to the profit and loss on a straight line basis over the lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Reducing balance
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
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment property is not subject to depreciation.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2023
25,899
Additions
10,461
At 28 February 2024
36,360
Depreciation and impairment
At 1 March 2023
4,976
Depreciation charged in the year
6,099
At 28 February 2024
11,075
Carrying amount
At 28 February 2024
25,285
At 28 February 2023
20,923
4
Investment property
2024
£
Fair value
At 1 March 2023
1,500,000
Additions
190,488
Revaluations
59,512
At 28 February 2024
1,750,000
Investment property comprises properties at fair value £1,750,000. The fair value of the investment property has been arrived at by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
625
519
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
517,644
533,523
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,097,920
955,739
The bank loans are secured by way of fixed charge and also contain a negative pledge.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
2
2
2
2
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
228,391
89,366
Non distributable profits in the year
42,877
139,025
At the end of the year
271,268
228,391
10
Related party transactions
Within other creditors are balances of £448,000 (2023: £448,000) owed to connected companies.