Registered number
01310133
Great Eastern Properties Limited
Filleted Accounts
31 March 2024
Great Eastern Properties Limited
Registered number: 01310133
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,525,000 2,925,000
Current assets
Debtors 4 124,083 109,571
Cash at bank and in hand 99,717 80,381
223,800 189,952
Creditors: amounts falling due within one year 5 (583,896) (641,439)
Net current liabilities (360,096) (451,487)
Net assets 2,164,904 2,473,513
Capital and reserves
Called up share capital 500 500
Revaluation reserve 6 889,665 1,289,665
Profit and loss account 1,274,739 1,183,348
Shareholders' funds 2,164,904 2,473,513
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sally Fearnley
Director
Approved by the board on 24 July 2024
Great Eastern Properties Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Valued each year
Leasehold land and buildings Valued each year
Plant and machinery At 25% on reducing value
Fixtures, fittings, tools and equipment At 25% on reducing value
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
No stocks are held by the company
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
The company holds no leased plant
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 4
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 2,925,000
Surplus on revaluation (400,000)
At 31 March 2024 2,525,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 2,525,000
At 31 March 2023 2,925,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,635,335 1,003,380
Cumulative depreciation based on historical cost - -
1,635,335 1,003,380
The basic property valuations used are that which would have applied without the effect of the pandemic in the major markets worldwide in the first quarter. A reassessment will be required for any specific valuations in the immediate future.
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 123,643 109,571
Other debtors 440 -
124,083 109,571
5 Creditors: amounts falling due within one year 2024 2023
£ £
Rents received in advance - 26,979
Amounts owed to group undertakings and undertakings in which the company has a participating interest 483,680 483,680
Taxation and social security costs 15,031 4,527
Deferred tax 78,325 119,392
Other creditors 6,860 6,861
583,896 641,439
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 1,289,665 1,074,665
(Loss)/gain on revaluation of land and buildings (400,000) 215,000
At 31 March 2024 889,665 1,289,665
7 Other information
Great Eastern Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Post Cottage
Denston
Newmarket
Suffolk
CB8 8PW
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