Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseBuying and selling of own real estate1010truefalse 02973351 2023-01-01 2023-12-31 02973351 2022-01-01 2022-12-31 02973351 2023-12-31 02973351 2022-12-31 02973351 c:Director1 2023-01-01 2023-12-31 02973351 d:PlantMachinery 2023-01-01 2023-12-31 02973351 d:PlantMachinery 2023-12-31 02973351 d:PlantMachinery 2022-12-31 02973351 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02973351 d:FurnitureFittings 2023-01-01 2023-12-31 02973351 d:ComputerEquipment 2023-01-01 2023-12-31 02973351 d:FreeholdInvestmentProperty 2023-12-31 02973351 d:FreeholdInvestmentProperty 2022-12-31 02973351 d:CurrentFinancialInstruments 2023-12-31 02973351 d:CurrentFinancialInstruments 2022-12-31 02973351 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02973351 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02973351 d:ShareCapital 2023-12-31 02973351 d:ShareCapital 2022-12-31 02973351 d:SharePremium 2023-12-31 02973351 d:SharePremium 2022-12-31 02973351 d:RevaluationReserve 2023-12-31 02973351 d:RevaluationReserve 2022-12-31 02973351 d:InvestmentPropertiesRevaluationReserve 2023-12-31 02973351 d:InvestmentPropertiesRevaluationReserve 2022-12-31 02973351 d:RetainedEarningsAccumulatedLosses 2023-12-31 02973351 d:RetainedEarningsAccumulatedLosses 2022-12-31 02973351 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02973351 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02973351 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02973351 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02973351 d:RetirementBenefitObligationsDeferredTax 2023-12-31 02973351 d:RetirementBenefitObligationsDeferredTax 2022-12-31 02973351 c:FRS102 2023-01-01 2023-12-31 02973351 c:Audited 2023-01-01 2023-12-31 02973351 c:FullAccounts 2023-01-01 2023-12-31 02973351 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02973351 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02973351 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02973351










G CAPITAL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
G CAPITAL LIMITED
REGISTERED NUMBER: 02973351

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,000
3,736

Investments
 5 
34,487,846
30,748,915

Investment property
 4 
9,204,031
9,204,032

  
43,701,877
39,956,683

Current assets
  

Debtors
 6 
10,030,861
10,325,828

Cash at bank and in hand
 7 
22,006,110
19,626,479

  
32,036,971
29,952,307

Creditors: amounts falling due within one year
 8 
(974,132)
(643,684)

Net current assets
  
 
 
31,062,839
 
 
29,308,623

Total assets less current liabilities
  
74,764,716
69,265,306

Provisions for liabilities
  

Deferred tax
 9 
(9,354,679)
(8,415,914)

  
 
 
(9,354,679)
 
 
(8,415,914)

Net assets
  
65,410,037
60,849,392


Capital and reserves
  

Called up share capital 
  
1,110
1,110

Share premium account
  
5,021,203
5,021,203

Retained earnings - investment properties
  
868,631
868,631

Retained earnings - fixed asset investments
  
24,294,078
21,489,879

Profit and loss account
  
35,225,015
33,468,569

  
65,410,037
60,849,392


Page 1

 
G CAPITAL LIMITED
REGISTERED NUMBER: 02973351
    
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 profit and loss account 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 16 August 2024.




Nicholas John Clwyd Griffith
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

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

1.


General information

G Capital Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02973351 registered office 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

Going concern

In preparing the financial statements, the director has considered the current financial position of the company and the likely future cash flows. At the date of signing the audit report, the director has concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the director has considered that the company has reported a profit in the current financial year and is confident the company will remain in a profit making position in the forthcoming financial year and generate sufficient cash flows in order to meet its financial obligations as they fall due.
The director has assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

  
2.3

Significant judgements and estimates

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 significant 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.

Page 3

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

2.Accounting policies (continued)

  
2.4

Bad debt provision

A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not recoverable.

  
2.5

Accruals

The accounting for accruals requires the use of estimates in certain areas. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant.

  
2.6

Revenue Recognition

Turnover represents net invoiced rental income, service charge income and insurance recharge income, and management fees, excluding value added tax.
Rental income, service charge income and insurance recharge income is recognised evenly over the period to which it relates.
Management fees receivable are recognised in the period to which they relate. 
Other operating income represents the recharge of utility costs to tenants and is recognised in the period to which it relates.

 
2.7

Pensions



Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.



 
2.8

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:
Page 4

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

2.Accounting policies (continued)


2.8
Current and deferred taxation (continued)

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.

 
2.9

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
-
33%
Computer equipment
-
33%

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.

Page 5

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

2.Accounting policies (continued)

 
2.10

Financial instruments

Basic financial assets, which include trade and other debtors 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 trade and other creditors and bank loans, 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 payments discounted at a market rate of interest.

  
2.11

Investments - fixed asset investments

Fixed asset investments are recognised at the fair value by the directors at the statement of financial position date based on the net assets of the entities to which the investments relate. Surpluses or deficits on individual investments are recognised in the income statement in the period to which they relate and transferred to a separate non-distributable fair value reserve.


3.


Employees

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


        2023
        2022
            No.
            No.







Employees
10
10

Page 6

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

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
265,642


Additions
9,804



At 31st December 2023

275,446



Depreciation


At 1 January 2023
261,906


Charge for the year on owned assets
3,540



At 31st December 2023

265,446



Net book value



At 31st December 2023
10,000



At 31st December 2022
3,736

Page 7

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

Investment property


Freehold investment property

£



Valuation


At 1 January 2023
9,204,032



At 31st December 2023
9,204,032

The 2023 valuations were made by the director N J C Griffith, on an open market value for existing use basis.

The historical cost of the investment properties is £8,161,110 (2022 - £8,161,110).
Cost or valuation of investment properties at the statement of financial position date is represented by:

2023
2022
£
£



Cost
8,161,110
8,161,110

Valuation
1,042,922
1,042,922

9,204,032
9,204,032




Page 8

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

5.


Fixed asset investments





Shares in subsidiary undertakings
Other fixed asset investments
Interest in joint venture
Total

£
£
£
£



Cost or valuation


At 1 January 2023
27,671,642
7,900
3,069,373
30,748,915


Revaluations
3,564,791
-
174,140
3,738,931



At 31st December 2023
31,236,433
7,900
3,243,513
34,487,846




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 seperate non-distributable fair value reserve.
Other investments represent Welsh Rugby debentures.
The company's investments at the Statement of Financial Position date in the share capital of companies include the following:
Subsidiaries

G Real Estate Limited

Registered office: United Kingdom
Nature of business: Property investment
Class of shares: Ordinary
% Holding: 100.00

2023
2022
        £
        £
Aggregate capital and reserves

6,966,795

6,260,539
 
Profit for the year

706,256

751,080
 

Page 9

 
G CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
 
G Property Holdings Limited

Registered office: United Kingdom
Nature of business: Property investment
Class of shares: Ordinary
% Holding: 100.00

2023
2022
        £
        £
Aggregate capital and reserves

12,326,160

11,288,667
 
Profit for the year

1,037,493

935,837
 

 
G Property Asset Management Limited

Registered office: United Kingdom
Nature of business: Property investment
Class of shares: Ordinary
% Holding: 100.00

2023
2022
        £
        £
Aggregate capital and reserves

1,794,042

1,523,765
 
Profit for the year

270,277

133,029
 

G Property Asset Management Limited has a 10% shareholding in Balmcrest Homes Limited.                                                         
For the year ended 31 December 2023, Balmcrest Homes Limited made a profit of £27,116 (2022 - loss of £1,115) and had net liabilities of £877 (2022 - £27,994) at the statement of financial position date.
For the year ended 31 December 2023, Balmcrest Estates Management Limited (dissolved 30 April 2024) made no profit (2022 - loss of  £6,712) and had net liabilities of £Nil (2022- £289,632) at the statement of financial position date.

G Securities Limited

Registered office: United Kingdom
Nature of business: Property investment
Class of shares: Ordinary
% Holding: 100.00

2023
2022
        £
        £
Aggregate capital and reserves

10,149,436

8,598,671
 
Profit for the year

1,202,239

1,550,635
 

Page 10

 
G CAPITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
 
Joint ventures
 
G & G Land Limited

Registered office: United Kingdom
Nature of business: Property investment
Class of shares: Ordinary
% Holding: 50.00

2023
2022
        £
        £
Aggregate capital and reserves

(13,006)

(14,367)
 
Profit/(Loss) for the year

1,362

(6,577)
 

MC 493 Limited

Registered office: United Kingdom
Nature of business: Property investment
Class of shares: Ordinary
% Holding: 50.00

2023
2022
        £
        £
Aggregate capital and reserves

1,597,395

1,508,823
 
Profit for the year

88,571

126,695
 

Crockherbtown Estates Limited

Registered office: United Kingdom
Nature of business: Property investment
Class of shares: Ordinary
% Holding: 50.00

2023
2022
        £
        £
Aggregate capital and reserves

4,889,630

4,629,920
 
Profit for the year

259,708

281,644
 

Page 11

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

6.


Debtors


2023
2022
£
£



Trade debtors
139,367
134,219

Amounts owed by related parties - secured
8,256,310
8,456,310

Amounts owed by joint ventures
1,534,546
1,509,546

Other debtors
488
6,262

Prepayments and accrued income
100,150
219,491

10,030,861
10,325,828



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
22,006,110
19,626,479

22,006,110
19,626,479


Cash at bank and in hand includes £35,681 (2022 - £32,148) in respect of service charge monies collected from tenants which are held in separate accounts.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
30,893
83,940

Corporation tax
445,365
109,040

Other taxation and social security
84,075
46,348

Other creditors
94,000
72,000

Accruals and deferred income
319,799
332,356

974,132
643,684


Page 12

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

9.


Deferred taxation




2023


£






At beginning of year
(8,415,915)


Charged to profit or loss
(938,767)



At end of year
(9,354,682)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(619,764)
(615,732)

Revaluation of investment properties
(174,291)
(174,291)

Revaluations of fixed asset investments
(8,560,627)
(7,625,891)

(9,354,682)
(8,415,914)


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

The company is controlled by the director, Mr NJC Griffith.


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 25 September 2024 by James Dobson BSc FCA (Senior Statutory Auditor) on behalf of MHA Chartered accountants and statutory auditor.

 
Page 13