Gloucester Property Centre Limited 04164045 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of estate agents, letting agents, mortgage advisors and the provision of surveying services Digita Accounts Production Advanced 6.30.9574.0 true false true 04164045 2023-01-01 2023-12-31 04164045 2023-12-31 04164045 core:RetainedEarningsAccumulatedLosses 2023-12-31 04164045 core:ShareCapital 2023-12-31 04164045 core:SharePremium 2023-12-31 04164045 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04164045 core:Goodwill 2023-12-31 04164045 core:CostValuation 2023-12-31 04164045 core:DisposalsDecreaseInInvestments 2023-12-31 04164045 core:FurnitureFittingsToolsEquipment 2023-12-31 04164045 core:LandBuildings 2023-12-31 04164045 bus:SmallEntities 2023-01-01 2023-12-31 04164045 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04164045 bus:FullAccounts 2023-01-01 2023-12-31 04164045 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04164045 bus:RegisteredOffice 2023-01-01 2023-12-31 04164045 bus:Director5 2023-01-01 2023-12-31 04164045 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04164045 core:Goodwill 2023-01-01 2023-12-31 04164045 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04164045 core:LandBuildings 2023-01-01 2023-12-31 04164045 core:LeaseholdImprovements 2023-01-01 2023-12-31 04164045 core:OtherRelatedParties 2023-01-01 2023-12-31 04164045 core:Subsidiary1 2023-01-01 2023-12-31 04164045 core:Subsidiary1 countries:AllCountries 2023-01-01 2023-12-31 04164045 countries:EnglandWales 2023-01-01 2023-12-31 04164045 2022-12-31 04164045 core:Goodwill 2022-12-31 04164045 core:CostValuation 2022-12-31 04164045 core:FurnitureFittingsToolsEquipment 2022-12-31 04164045 core:LandBuildings 2022-12-31 04164045 2022-01-01 2022-12-31 04164045 2022-12-31 04164045 core:RetainedEarningsAccumulatedLosses 2022-12-31 04164045 core:ShareCapital 2022-12-31 04164045 core:SharePremium 2022-12-31 04164045 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04164045 core:FurnitureFittingsToolsEquipment 2022-12-31 04164045 core:LandBuildings 2022-12-31 04164045 core:Subsidiary1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 04164045

Prepared for the registrar

Gloucester Property Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Gloucester Property Centre Limited

(Registration number: 04164045)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

168,704

204,757

Investments

6

-

89

 

168,704

204,846

Current assets

 

Debtors

7

892,381

735,029

Cash at bank and in hand

 

1,405,168

1,244,385

 

2,297,549

1,979,414

Creditors: Amounts falling due within one year

8

(866,403)

(800,880)

Net current assets

 

1,431,146

1,178,534

Total assets less current liabilities

 

1,599,850

1,383,380

Deferred tax liabilities

 

(29,057)

(29,057)

Net assets

 

1,570,793

1,354,323

Capital and reserves

 

Called up share capital

119

119

Share premium reserve

117,482

117,482

Profit and loss account

1,453,192

1,236,722

Total equity

 

1,570,793

1,354,323

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 


L J Broady
Director

 

Gloucester Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 - 8 Sabre Close
Quedgeley
Gloucester
GL2 4NZ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Fixtures, fittings and equipment

25% or 33% straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

 

Gloucester Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Gloucester Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 114 (2022 - 114).

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 January 2023

22,435

22,435

At 31 December 2023

22,435

22,435

Amortisation

At 1 January 2023

22,435

22,435

At 31 December 2023

22,435

22,435

Carrying amount

At 31 December 2023

-

-

 

Gloucester Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

416,067

348,750

764,817

Additions

11,750

7,233

18,983

Disposals

-

(3,981)

(3,981)

At 31 December 2023

427,817

352,002

779,819

Depreciation

At 1 January 2023

241,624

318,436

560,060

Charge for the year

37,107

17,929

55,036

Eliminated on disposal

-

(3,981)

(3,981)

At 31 December 2023

278,731

332,384

611,115

Carrying amount

At 31 December 2023

149,086

19,618

168,704

At 31 December 2022

174,443

30,314

204,757

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

-

89

Subsidiaries

£

Cost

At 1 January 2023

89

Disposals

(89)

At 31 December 2023

-

Provision

Carrying amount

At 31 December 2023

-

At 31 December 2022

89

 

Gloucester Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

MPower Surveyors Limited

6-8 Sabre Close, Quedgeley, Gloucester, GL2 4NZ

Ordinary A

0%

83%

 

England and Wales

     

Dissolved 14 March 2023

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

159,361

247,826

Amounts owed by related parties

10

223,437

28,215

Other debtors

 

448,477

394,957

Prepayments

 

61,106

64,031

   

892,381

735,029

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

115,363

115,381

Social security and other taxes

 

226,319

215,425

Outstanding defined contribution pension costs

 

13,009

12,723

Other creditors

 

138,787

110,600

Accrued expenses

 

176,648

193,926

Corporation tax liability

196,277

152,825

 

866,403

800,880

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of operating leases not required to be included in the balance sheet is £1,073,334 (2022 - £1,232,335).

 

Gloucester Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

10

Related party transactions

Summary of transactions with other related parties


As at 31 December 2023, the company was owed £223,437 (2022: £28,215) by the directors' in the form of director's loan accounts. Interest was paid on these balances at 2% and there are no fixed terms for repayment.

During the period, rent of £71,500 (2022: £70,625) was paid to three of the directors' for the use of business premises.