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Registered number: 02456358










G SECURITIES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
G SECURITIES LIMITED
REGISTERED NUMBER: 02456358

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
5,326,510
4,977,353

  
5,326,510
4,977,353

Current assets
  

Stocks
 5 
13,300
13,300

Debtors: amounts falling due within one year
 6 
385,631
377,850

Cash at bank and in hand
  
6,219,846
4,888,340

  
6,618,777
5,279,490

Creditors: amounts falling due within one year
 7 
(518,380)
(468,049)

Net current assets
  
 
 
6,100,397
 
 
4,811,441

Total assets less current liabilities
  
11,426,907
9,788,794

Provisions for liabilities
  

Deferred tax
 8 
(1,277,471)
(1,190,124)

  
 
 
(1,277,471)
 
 
(1,190,124)

Net assets
  
10,149,436
8,598,670


Capital and reserves
  

Called up share capital 
  
15,310
15,310

Share premium account
 9 
900
900

Fair value non-distributable reserves
 9 
4,041,039
3,779,227

Retained Earnings
 9 
6,092,187
4,803,233

  
10,149,436
8,598,670


Page 1

 
G SECURITIES LIMITED
REGISTERED NUMBER: 02456358
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 on 9 August 2024.




Nicholas John Clwyd Griffith
Secretary

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1.


General information

G Securities Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02456358 and registered office address is The Warehouse Wyndham Arcade, St Mary Street, Cardiff, Wales, CF10 1FH. 
The presentation currency of the financial statements is Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 following principal accounting policies have been applied:

  
2.2

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

 
2.3

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and likely future cash flows. The company has made a profit in the year and both net current assets and net assets at the statement of financial position date. The company is reliant on the support of its related parties and the directors expect this support to continue for the foreseeable future. Therefore the directors believe that the company is well placed to manage its business risks
successfully, despite the uncertain economic outlook.
The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Recoverability of debtors

The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt.

  
2.5

Provision and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

  
2.6

Stocks

Stocks have been valued at the lower of cost and estimated selling price, less costs to sell (net realisable value).

 
2.7

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.

 
2.8

Financial instruments

Basic financial assets, which include other debtors and and cash and bank balances, are initially measured at transaction price 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.
Basic financial liabilities, including other creditors 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 receipts discounted at a market rate of interest.
Page 4

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Page 5

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2.Accounting policies (continued)

  
2.9

Investments

Fixed asset investments have been valued by the director at the statement of financial position date based on the net assets of the entities. Where investments have a net liability position, the investment is recognised at nil value. The surpluses or deficits on the evaluation of individual investments have been recognised in the income statement and transferred to a separate non-distributable fair value reserve.
Other investments represent Welsh Rugby debentures.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


4.


Fixed asset investments





Shares in group undertakings
Other investments
Interest in joint venture
Total

£
£
£
£



Cost or valuation


At 1 January 2023
4,463,893
7,900
505,560
4,977,353


Revaluations
239,598
-
109,559
349,157



At 31st December 2023
4,703,491
7,900
615,119
5,326,510




Fixed asset investments have been valued by the directors at the statement of financial position date based on the net assets of the entities. Where investments have a net liability position, the investment is recognised at nil value. The surpluses or deficits on the evaluation of individual investments have been recognised in the income statement and transferred to a separate non-distributable fair value reserve.
The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Page 6

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
Subsidiaries

Mewslade (Eastern) Limited
Registered office: United Kingdom
Nature of business: Property Trading
Class of shares: Ordinary
% Holding: 100.00

2023
2022
        £
        £
Aggregate capital and reserves

98,213

97,688
 
Profit for the year

525

105,487
 

MC 295 Limited
Registered office: United Kingdom
Nature of business: Property Investment
Class of shares: Ordinary
% Holding: 100.00

2023
2022
        £
        £
Aggregate capital and reserves

4,605,278

4,366,205
 
Profit for the year

239,073

233,795
 

Balmcrest Homes Limited
Registered office: United Kingdom
Nature of business: Non-trading
Class of shares: Ordinary
% Holding: 80.00

2023
2022
        £
        £
Aggregate capital and reserves

(877)

(27,994)
 
(Loss)/profit for the year

27,116

(1,116)
 

The results above are for the company only.
Balmcrest Homes Limited owns 100% of the ordinary shares in Balmcrest Estates Management Limited, a property investment and management company.

Page 7

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

Balmcrest Estates Management Limited
The net liabilities as at 31 December 2023 were £0 (2022 - £289,632) and the profit for the year ended 31 December 2023 was £0 (2022 - £6,712).
Joint ventures
MC199 Limited
Registered office: United Kingdom
Nature of business: Property Investment
Class of shares: Ordinary
% Holding: 50.00

2023
2022
        £
        £
Aggregate capital and reserves

577,347

549,975
 
Profit for the year

27,372

38,148
 

Westgate Park Cardiff Limited
Registered office: United Kingdom
Nature of business: Property Trading
Class of shares: Ordinary
% Holding: 50.00

2023
2022
        £
        £
Aggregate capital and reserves

247,548

51,923
 
Profit for the year

2,395,625

2,467,857
 

The Castle House Partnership
Nature of business: Property Investment

2023
2022
        £
        £
Aggregate capital and reserves

405,343

409,222
 
(Loss)/profit for the year

(549)

35,363
 

Page 8

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

5.


Stocks

2023
2022
£
£

Stocks of land
13,300
13,300

13,300
13,300





6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
98,210
90,522

Amounts owed by related parties
287,421
282,328

Other debtors
-
5,000

385,631
377,850


Page 9

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Accruals & deferred Income
3,410
3,250

Amounts owed to related parties
455,935
455,933

Corporation tax
59,035
8,866

518,380
468,049



8.


Deferred taxation




2023


£






At beginning of year
(1,277,472)



At end of year
(1,277,472)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax
(1,190,124)
(1,190,124)

Movement in the year
(87,348)
-

(1,277,472)
(1,190,124)

Page 10

 
G SECURITIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

9.


Reserves

Fair value reserve
        £
At 1 January 2023

3,779,227

Reserve transfer

261,812

At 31 December 2023

4,041,039


Retained earnings - fixed asset investments relate to revaluation gains/losses on the company's fixed asset investments, net of deferred tax on these unrealised gains.

2023
2022
        £
        £
Revaluation surplus on fixed asset investments

5,318,486

4,969,351
 
Less : Deferred tax on unrealised gains

(1,277,447)

(1,190,124)
 

4,041,039

3,779,227
 


10.


Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 '"The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group."


11.


Ultimate controlling party

G Securities Limited is a wholly owned subsidiary of G Capital Limited.
The ultimate controlling party is director Mr N J C Griffith, as the controlling party of G Capital Limited.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31st December 2023 was unqualified.

The audit report was signed on 16 September 2024 by James Dobson BSc FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 11