2023-01-012023-12-312023-12-31false11743296GC PROPERTY HOLDINGS 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GC PROPERTY HOLDINGS LIMITED

Registered Number
11743296
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

GC PROPERTY HOLDINGS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CORRIGAN, Clair Louise
GIBLIN, Aaron Joseph

Registered Address

Office One
1 Coldbath Square
London
EC1R 5HL

Registered Number

11743296 (England and Wales)
GC PROPERTY HOLDINGS LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets39,23914,485
9,23914,485
Current assets
Debtors4,515,91428,147
Cash at bank and on hand7,0691,776
22,98329,923
Creditors amounts falling due within one year6(173,767)(125,131)
Net current assets (liabilities)(150,784)(95,208)
Total assets less current liabilities(141,545)(80,723)
Creditors amounts falling due after one year7(46,047)(64,369)
Net assets(187,592)(145,092)
Capital and reserves
Called up share capital22
Profit and loss account(187,594)(145,094)
Shareholders' funds(187,592)(145,092)
The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2024, and are signed on its behalf by:
GIBLIN, Aaron Joseph
Director
Registered Company No. 11743296
GC PROPERTY HOLDINGS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
At the year-end, the company owed £[Amount] to group undertakings. These balances arise from payments made between group companies to settle shared expenses, such as rent and administrative costs. The amounts are unsecured, interest-free, and repayable on demand. Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 January 2329,91929,919
Additions922922
At 31 December 2330,84130,841
Depreciation and impairment
At 01 January 2315,43415,434
Charge for year6,1686,168
At 31 December 2321,60221,602
Net book value
At 31 December 239,2399,239
At 31 December 2214,48514,485
4.Debtors: amounts due within one year

2023

2022

££
Prepayments and accrued income-8,935
Total-8,935
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans, accrued income and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Debtors: amounts due after one year

2023

2022

££
Other debtors15,91419,212
Total15,91419,212
Long-term debtors are initially measured at the transaction price, typically the invoiced amount, less any impairment for bad or doubtful debts. This category includes tenant deposits held by the company and those placed with the Deposit Protection Scheme (DPS). Loans and other financial assets are initially recognized at their transaction price, inclusive of any associated transaction costs, and subsequently measured at amortized cost using the effective interest method, net of any impairment for bad or doubtful debts.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,6863,281
Bank borrowings and overdrafts6,35324,804
Amounts owed to related parties153,13677,029
Taxation and social security4,5806,379
Other creditors5,3127,078
Accrued liabilities and deferred income2,7006,560
Total173,767125,131
Short term creditors are initially recognized at the transaction price, typically the invoiced amount, and subsequently measured at amortized cost, using the effective interest method where applicable. This includes amounts owed to suppliers, accruals, deferred income and other financial liabilities. It also includes tenant deposits held by the company and those placed with the Deposit Protection Scheme (DPS). Financial liabilities and deferred income are reviewed periodically for impairment and adjusted according
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts17,15732,551
Other creditors28,89031,818
Total46,04764,369
Creditors are initially recognized at the transaction price, typically the invoiced amount, and subsequently measured at amortized cost, using the effective interest method where applicable. This includes amounts owed to other financial liabilities. It also includes tenant deposits held by the company and those placed with the Deposit Protection Scheme (DPS). Financial liabilities are reviewed periodically for impairment and adjusted accordingly.