Company Registration No. 02217421 (England and Wales)
G.N.Burgess Properties Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
G.N.Burgess Properties Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
G.N.Burgess Properties Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
10,240,000
9,465,000
Current assets
Debtors
5
264,521
168,659
Cash at bank and in hand
824,046
821,521
1,088,567
990,180
Creditors: amounts falling due within one year
6
(378,970)
(339,238)
Net current assets
709,597
650,942
Total assets less current liabilities
10,949,597
10,115,942
Provisions for liabilities
(110,908)
-
0
Net assets
10,838,689
10,115,942
Capital and reserves
Called up share capital
8
2,000,000
2,000,000
Revaluation reserve
3,661,112
2,997,020
Profit and loss reserves
5,177,577
5,118,922
Total equity
10,838,689
10,115,942

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 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 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.

G.N.Burgess Properties Limited
Statement of financial position (continued)
As at 31 March 2024
2
The financial statements were approved and signed by the director and authorised for issue on 2 September 2024.
Jeremy Burgess
Director
Company Registration No. 02217421
G.N.Burgess Properties Limited
Statement of changes in equity
For the year ended 31 March 2024
3
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
2,000,000
2,997,020
5,077,577
10,074,597
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
509,789
509,789
Dividends
-
-
(468,444)
(468,444)
Balance at 31 March 2023
2,000,000
2,997,020
5,118,922
10,115,942
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,191,191
1,191,191
Dividends
-
-
(468,444)
(468,444)
Transfers
-
664,092
(664,092)
-
Balance at 31 March 2024
2,000,000
3,661,112
5,177,577
10,838,689
Fair value reserve represents unrealised gain and is not distributable.
G.N.Burgess Properties Limited
Notes to the financial statements
For the year ended 31 March 2024
4
1
Accounting policies
Company information

G.N.Burgess Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, United Kingdom, London, EC4V 4BE.

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, 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
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover consists of rental income wholly derived in the United Kingdom net of VAT. Rent receivable under operating leases is recognised within income on a straight line basis over the lease term after accounting for any rental incentives.

 

1.4
Investment properties

Investment property, which is property held to earn rentals and 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. The surplus or deficit on revaluation is recognised in the income statement and through the fair value reserve.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 statement of financial position 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.

G.N.Burgess Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

G.N.Burgess Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
2
Critical accounting judgements and key sources of estimation uncertainty (continued)
6
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment property

The value of investment property is based on underlying assumptions concerning the receipt of contractual rentals, expected future rentals and comparison with actual market transactions.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 April 2023
9,465,000
Revaluations
775,000
At 31 March 2024
10,240,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 15 July 2024 by Fifield Glyn Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transactions prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
254,080
165,970
Other debtors
10,441
2,689
264,521
168,659
G.N.Burgess Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
637
6,137
Corporation tax
175,678
119,789
Other taxation and social security
36,636
38,891
Other creditors
166,019
174,421
378,970
339,238
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
110,908
-
2024
Movements in the year:
£
Liability at 1 April 2023
-
Charge to profit or loss
110,908
Liability at 31 March 2024
110,908
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,800,000 Ordinary shares of £1 each
1,800,000
1,800,000
Preference share capital
Issued and fully paid
200,000 12% Cumulative Preference shares of £1 each
200,000
200,000
Total equity share capital
2,000,000
2,000,000
G.N.Burgess Properties Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
9
Related party transactions

During the year, dividends were paid to M Burgess (wife of J N Burgess) amounting to £44,444 (2023: £44,444), Jessica Burgess (daughter of J N Burgess) was paid dividends amounting to £44,444 (2023: £44,444), Jaine Davies (sister of J N Burgess) was paid dividends amounting to £9,000 (2023: £9,000) and Gillian P Course (sister of J N Burgess) was paid dividends amounting to £9,000 (2023: £9,000).

 

During the year, rental income was recognised from Burgess Furniture Limited, a company in which J N Burgess is a director, amounting to £482,800 (2023: £417,374). At the year end, in relation to Burgess Furniture Limited is accrued rental income amounting to £nil (2023: £nil), rent receivable amounting to £204,101 (2023: £155,538) and rents received in advance, presented within deferred income, amounting to £111,415 (2023: £111,415).

10
Parent company

The parent company of G.N.Burgess Properties Limited is JMB Investments Limited, a company registered in the British Virgin Islands. The parent company's registered office is Tropic Isle Building, Road Town, Tortola, British Virgin Islands.

The company has been controlled throughout the year by its ultimate controlling party, The Trustees of the Mrs J M Burgess 2000 Settlement.

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