Registered number: 02456358
G SECURITIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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G SECURITIES LIMITED
REGISTERED NUMBER: 02456358
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Fair value non-distributable reserves
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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
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The notes on pages 3 to 11 form part of these financial statements.
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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
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Basis of preparation of financial statements
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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:
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Critical accounting judgements and key sources of estimation uncertainty
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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.
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.
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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Recoverability of debtors
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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.
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Provision and contingencies
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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.
Stocks have been valued at the lower of cost and estimated selling price, less costs to sell (net realisable value).
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Current and deferred taxation
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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.
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.
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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.
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
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Shares in group undertakings
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Interest in joint venture
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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:
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Mewslade (Eastern) Limited
Registered office: United Kingdom
Nature of business: Property Trading
Class of shares: Ordinary
% Holding: 100.00
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Aggregate capital and reserves
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MC 295 Limited
Registered office: United Kingdom
Nature of business: Property Investment
Class of shares: Ordinary
% Holding: 100.00
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Aggregate capital and reserves
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Balmcrest Homes Limited
Registered office: United Kingdom
Nature of business: Non-trading
Class of shares: Ordinary
% Holding: 80.00
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Aggregate capital and reserves
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(Loss)/profit for the year
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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.
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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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
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Aggregate capital and reserves
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Westgate Park Cardiff Limited
Registered office: United Kingdom
Nature of business: Property Trading
Class of shares: Ordinary
% Holding: 50.00
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Aggregate capital and reserves
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The Castle House Partnership
Nature of business: Property Investment
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Aggregate capital and reserves
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(Loss)/profit for the year
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Amounts owed by group undertakings
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Amounts owed by related parties
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Creditors: Amounts falling due within one year
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Accruals & deferred Income
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Amounts owed to related parties
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The provision for deferred taxation is made up as follows:
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G SECURITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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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.
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Revaluation surplus on fixed asset investments
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Less : Deferred tax on unrealised gains
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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."
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Ultimate controlling party
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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.
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.
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