Greg West Properties Limited
Filleted Accounts
31 March 2024
Registered number : 10081341 (England & Wales)
Greg West Properties Limited
Registered number : 10081341 (England & Wales)
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investment properties 3 262,000 255,000
Current assets
Cash at bank and in hand 2,546 4,156
Creditors: amounts falling due within one year 4 (30,074) (36,084)
Net current liabilities (27,528) (31,928)
Total assets less current liabilities 234,472 223,072
Creditors: amounts falling due after more than one year 5 (141,768) (141,761)
Provisions for liabilities (17,650) (15,486)
Net assets 75,054 65,825
Capital and reserves
Called up share capital 1 1
Fair value reserve 7 77,963 72,293
Profit and loss account (2,910) (6,469)
Shareholder's funds 75,054 65,825
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr G M D West
Director
Approved by the board on 28 October 2024
Greg West 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).
Investment properties
Investment properties are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in fair values are recognised in the profit and loss account.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investment properties
Other
investments
£
Cost
At 1 April 2023 255,000
Revaluation 7,000
At 31 March 2024 262,000
Historical cost
At 1 April 2023 165,749
At 31 March 2024 165,749
4 Creditors: amounts falling due within one year 2024 2023
£ £
Director's loan account 29,474 35,484
Other creditors 600 600
30,074 36,084
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 141,768 141,761
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 141,768 141,761
7 Fair value reserve 2024 2023
£ £
At 1 April 2023 72,293 -
Gain on revaluation of investment properties 7,000 89,251
Deferred taxation arising on the revaluation of investment properties (1,330) (16,958)
At 31 March 2024 77,963 72,293
8 Other information
Greg West Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
16 Rose Avenue
Kirkella
Hull
East Yorkshire
HU10 7FE
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