Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-092024-01-09The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-01-10falseResidential investments00true 09678412 2023-01-10 2024-01-09 09678412 2022-01-10 2023-01-09 09678412 2024-01-09 09678412 2023-01-09 09678412 c:Director1 2023-01-10 2024-01-09 09678412 d:FreeholdInvestmentProperty 2024-01-09 09678412 d:FreeholdInvestmentProperty 2023-01-09 09678412 d:CurrentFinancialInstruments 2024-01-09 09678412 d:CurrentFinancialInstruments 2023-01-09 09678412 d:Non-currentFinancialInstruments 2024-01-09 09678412 d:Non-currentFinancialInstruments 2023-01-09 09678412 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-09 09678412 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-09 09678412 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-09 09678412 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-09 09678412 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-09 09678412 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-09 09678412 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-09 09678412 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-09 09678412 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-09 09678412 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-09 09678412 d:ShareCapital 2024-01-09 09678412 d:ShareCapital 2023-01-09 09678412 d:OtherMiscellaneousReserve 2023-01-10 2024-01-09 09678412 d:OtherMiscellaneousReserve 2024-01-09 09678412 d:OtherMiscellaneousReserve 2023-01-09 09678412 d:RetainedEarningsAccumulatedLosses 2024-01-09 09678412 d:RetainedEarningsAccumulatedLosses 2023-01-09 09678412 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-01-09 09678412 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-09 09678412 c:FRS102 2023-01-10 2024-01-09 09678412 c:AuditExempt-NoAccountantsReport 2023-01-10 2024-01-09 09678412 c:FullAccounts 2023-01-10 2024-01-09 09678412 c:PrivateLimitedCompanyLtd 2023-01-10 2024-01-09 09678412 e:PoundSterling 2023-01-10 2024-01-09 iso4217:GBP xbrli:pure

Registered number: 09678412









G3 HOUSING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 9 JANUARY 2024

 
G3 HOUSING LIMITED
REGISTERED NUMBER: 09678412

BALANCE SHEET
AS AT 9 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
582,308
582,308

  
582,308
582,308

Current assets
  

Debtors: amounts falling due within one year
 5 
2,080
960

Cash at bank and in hand
 6 
26,708
18,021

  
28,788
18,981

Creditors: amounts falling due within one year
 7 
(295,639)
(295,518)

Net current liabilities
  
 
 
(266,851)
 
 
(276,537)

Total assets less current liabilities
  
315,457
305,771

Creditors: amounts falling due after more than one year
 8 
(276,808)
(276,733)

  

Net assets
  
38,649
29,038


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 11 
12,667
12,667

Profit and loss account
 11 
25,882
16,271

  
38,649
29,038


Page 1

 
G3 HOUSING LIMITED
REGISTERED NUMBER: 09678412
    
BALANCE SHEET (CONTINUED)
AS AT 9 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




................................................
Martin Gaines
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
G3 HOUSING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 JANUARY 2024

1.


General information

The principal activity of the Company is that of buying, letting out and managing residential investment property. The Company was incorporated in England and Wales and is a private company limited by share capital.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
G3 HOUSING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
G3 HOUSING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 5

 
G3 HOUSING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 JANUARY 2024

4.


Investment property


Freehold investment property

£



Valuation


At 10 January 2023
582,308



At 9 January 2024
582,308

The 2024 valuations were made by Martin Gaines, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
569,641
569,641

569,641
569,641


5.


Debtors

2024
2023
£
£


Trade debtors
2,080
960

2,080
960



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
26,708
18,021

26,708
18,021


Page 6

 
G3 HOUSING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 JANUARY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,962
10,037

Corporation tax
2,233
2,570

Other creditors
282,274
281,753

Accruals and deferred income
1,170
1,158

295,639
295,518


The following liabilities were secured:

2024
2023
£
£



Bank loans
9,962
10,037

9,962
10,037

Details of security provided:

The bank loans are secured by fixed charges held by the bank on the relevant investment properties. The bank also holds a floating charge covering all the property and undertaking of the Company. 

Page 7

 
G3 HOUSING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 JANUARY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
276,808
276,733

276,808
276,733


The following liabilities were secured:

2024
2023
£
£



Bank loans
276,808
276,733

276,808
276,733

Details of security provided:

The bank loans are secured by fixed charges held by the bank on the relevant investment properties. The bank also holds a floating charge covering all the property and undertaking of the Company.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
9,962
10,037

Amounts falling due 1-2 years

Bank loans
9,962
10,037

Amounts falling due 2-5 years

Bank loans
29,886
30,111

Amounts falling due after more than 5 years

Bank loans
236,960
236,585

286,770
286,770


Page 8

 
G3 HOUSING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 9 JANUARY 2024

10.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
26,708
18,021




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


11.


Reserves

Other reserves

There is a reserve in relation to one of the investment properties owned by the Company, which was revalued to market value on 9 January 2021.


12.


Controlling party

There is no overall controlling party. 

 
Page 9