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Registered number: 00622970










G.A. SHEPHERD INVESTMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 5 APRIL 2024

 
G.A. SHEPHERD INVESTMENTS LIMITED
REGISTERED NUMBER: 00622970

BALANCE SHEET
AS AT 5 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
5,264,997
5,264,997

  
5,264,997
5,264,997

Current assets
  

Debtors: amounts falling due within one year
 5 
5,784
7,738

Cash at bank and in hand
 6 
99,507
125,925

  
105,291
133,663

Creditors: amounts falling due within one year
 7 
(100,780)
(95,135)

Net current assets
  
 
 
4,511
 
 
38,528

Total assets less current liabilities
  
5,269,508
5,303,525

Creditors: amounts falling due after more than one year
 8 
(23,608)
(52,700)

Provisions for liabilities
  

Deferred tax
 10 
(955,896)
(955,896)

  
 
 
(955,896)
 
 
(955,896)

Net assets
  
4,290,004
4,294,929


Capital and reserves
  

Called up share capital 
 11 
9,375
9,375

Capital redemption reserve
  
3,125
3,125

Investment property reserve
  
3,520,167
3,520,167

Profit and loss account
  
757,337
762,262

  
4,290,004
4,294,929


Page 1

 
G.A. SHEPHERD INVESTMENTS LIMITED
REGISTERED NUMBER: 00622970
    
BALANCE SHEET (CONTINUED)
AS AT 5 APRIL 2024

The director considers 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 director acknowledges her 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 comprehensive income 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 by: 




Mrs S E Mulvee
Director
 
Date: 
5 July 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
G.A. SHEPHERD INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 5 APRIL 2024


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 6 April 2022
9,375
3,125
3,192,968
733,176
3,938,644


Comprehensive income for the year

Profit for the year

-
-
-
458,285
458,285

Investment property revaluation transfer
-
-
-
(422,143)
(422,143)

Deferred tax on investment property revaluation
-
-
-
94,944
94,944


Other comprehensive income for the year
-
-
-
(327,199)
(327,199)


Total comprehensive income for the year
-
-
-
131,086
131,086


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(102,000)
(102,000)

Transfer between other reserves
-
-
327,199
-
327,199


Total transactions with owners
-
-
327,199
(102,000)
225,199



At 6 April 2023
9,375
3,125
3,520,167
762,262
4,294,929


Comprehensive income for the year

Profit for the year
-
-
-
114,075
114,075
Total comprehensive income for the year
-
-
-
114,075
114,075


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(119,000)
(119,000)


Total transactions with owners
-
-
-
(119,000)
(119,000)


At 5 April 2024
9,375
3,125
3,520,167
757,337
4,290,004


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

G.A. Shepherd Investments Limited is a private company limited by shares incorporated in the United Kingdom. The principal place of business and the registered office is 23 Warwick Avenue, Cuffley, Potters Bar, Hertfordshire, EN6 4RS. 

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The following principal accounting policies have been applied:

  
1.2

Revenue

Revenue comprises of rents receivable in the year, net of insurance and management charges in respect of property management. Amounts of rent received in advance for the next financial year are shown as deferred income in creditors.

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

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.

 
1.5

Borrowing costs

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

Page 4

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.Accounting policies (continued)

 
1.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
1.8

Investment Property

Investment property is valued by the directors, on an open market value for existing use basis. Changes in value are recognised in the Statement of profit and loss.

Page 5

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.Accounting policies (continued)

 
1.9

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.

 
1.10

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.

 
1.11

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.

 
1.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
1.13

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.

Page 6

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.Accounting policies (continued)


1.13
Financial instruments (continued)

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
 

Page 7

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1.Accounting policies (continued)


1.13
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
1.14

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.


2.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
1
1


3.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 6 April 2023
4,824



At 5 April 2024

4,824



Depreciation


At 6 April 2023
4,824



At 5 April 2024

4,824



Net book value



At 5 April 2024
-



At 5 April 2023
-

Page 8

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

4.


Investment property


Freehold investment property

£



Valuation


At 6 April 2023
5,264,997



At 5 April 2024
5,264,997

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

2024
2023
£
£

Revaluation reserves


At 6 April 2023
3,520,167
3,192,968

Fair value increase/(decrease) properties
-
327,199

At 5 April 2024
3,520,167
3,520,167



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
788,937
788,937


5.


Debtors

2024
2023
£
£


Trade debtors
412
2,500

Other debtors
350
300

Prepayments and accrued income
5,022
4,938

5,784
7,738


Page 9

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
99,507
125,925



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
2,147
4,391

Trade creditors
950
-

Corporation tax
36,447
30,935

Other creditors
61,236
59,809

100,780
95,135



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
23,608
52,700


The loan relates to a mortgage on an investment property. The loan is secured and subject to interest and is repayable by 2035. Creditors over 1 year are secured on the properties to which they relate and incur variable rates of interest. 

Page 10

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,147
4,391

Amounts falling due 1-2 years

Other loans
2,147
4,392

Amounts falling due 2-5 years

Other loans
6,439
13,175

Amounts falling due after more than 5 years

Other loans
15,022
35,133

25,755
57,091



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(955,896)
(860,952)


Charged to profit or loss
-
(94,944)



At end of year
(955,896)
(955,896)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On revalued investment property
(955,896)
(955,896)

Page 11

 
G.A. SHEPHERD INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



8,102 (2023 - 8,102) Ordinary A shares of £1.00 each
8,102
8,102
358 (2023 - 358) Ordinary B shares of £1.00 each
358
358
358 (2023 - 358) Ordinary C shares of £1.00 each
358
358
557 (2023 - 557) Ordinary D shares of £1.00 each
557
557

9,375

9,375


 
Page 12