Registered number: 02973351
G CAPITAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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G CAPITAL LIMITED
REGISTERED NUMBER: 02973351
BALANCE SHEET
AS AT 31 DECEMBER 2023
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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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Retained earnings - investment properties
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Retained earnings - fixed asset investments
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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
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The notes on pages 3 to 13 form part of these financial statements.
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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
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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:
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.
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Significant judgements and estimates
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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 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.
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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.
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.
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.
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.
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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:
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation (continued)
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∙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.
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:
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.
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
2.Accounting policies (continued)
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.
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Investments - fixed asset investments
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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.
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The average monthly number of employees, including the director, during the year was as follows:
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Charge for the year on owned assets
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Freehold investment property
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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:
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Shares in subsidiary undertakings
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Other fixed asset investments
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Interest in joint venture
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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
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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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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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G Property Holdings Limited
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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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G Property Asset Management Limited
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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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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.
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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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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Joint ventures
G & G Land Limited
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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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Profit/(Loss) for the year
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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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Crockherbtown Estates Limited
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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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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Amounts owed by related parties - secured
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Amounts owed by joint ventures
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Prepayments and accrued income
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Cash and cash equivalents
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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.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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G CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Revaluation of investment properties
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Revaluations of fixed asset investments
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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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The company is controlled by the director, Mr NJC Griffith.
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.
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