Registration number:
Prepared for the registrar
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 |
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Intangible assets |
- |
- |
|
Tangible assets |
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|
|
Investments |
- |
|
|
|
|
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Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Deferred tax liabilities |
(29,057) |
(29,057) |
|
Net assets |
|
|
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Capital and reserves |
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Called up share capital |
|
|
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Share premium reserve |
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Profit and loss account |
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Total equity |
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|
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:
• |
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• |
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
Director
Gloucester Property Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost |
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At 1 January 2023 |
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|
At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
- |
Gloucester Property Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost |
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At 1 January 2023 |
|
|
|
Additions |
|
|
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Disposals |
- |
( |
( |
At 31 December 2023 |
|
|
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Depreciation |
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At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 31 December 2023 |
|
|
|
Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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|
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Investments |
2023 |
2022 |
|
Investments in subsidiaries |
- |
|
Subsidiaries |
£ |
Cost |
|
At 1 January 2023 |
|
Disposals |
( |
At 31 December 2023 |
- |
Provision |
|
Carrying amount |
|
At 31 December 2023 |
- |
At 31 December 2022 |
|
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 |
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Subsidiary undertakings |
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6-8 Sabre Close, Quedgeley, Gloucester, GL2 4NZ |
Ordinary A |
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England and Wales |
Dissolved 14 March 2023
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
|
|
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Amounts owed by related parties |
|
|
|
Other debtors |
|
|
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Prepayments |
|
|
|
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Creditors |
Note |
2023 |
2022 |
|
Due within one year |
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Trade creditors |
|
|
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Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
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Other creditors |
|
|
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Accrued expenses |
|
|
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Corporation tax liability |
196,277 |
152,825 |
|
|
|
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 £
Gloucester Property Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.