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Registration number: 02966888

G & J Properties Limited

Annual Report and Unaudited Financial Statements

for the Period from 25 August 2022 to 22 August 2023

 

G & J Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

G & J Properties Limited

(Registration number: 02966888)
Balance Sheet as at 22 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,050

5,400

Investment property

5

11,850,000

11,400,000

 

11,854,050

11,405,400

Current assets

 

Debtors

6

3,030,878

3,230,080

Cash at bank and in hand

 

5,029

9,070

 

3,035,907

3,239,150

Creditors: Amounts falling due within one year

7

(1,241,314)

(1,391,061)

Net current assets

 

1,794,593

1,848,089

Total assets less current liabilities

 

13,648,643

13,253,489

Creditors: Amounts falling due after more than one year

7

(8,031,932)

(7,955,401)

Provisions for liabilities

(812,265)

(751,726)

Net assets

 

4,804,446

4,546,362

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

4,804,346

4,546,262

Shareholders' funds

 

4,804,446

4,546,362

 

G & J Properties Limited

(Registration number: 02966888)
Balance Sheet as at 22 August 2023

For the financial period ending 22 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors’ report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr GW Flitcroft
Director

 

G & J Properties Limited

Notes to the Unaudited Financial Statements for the Period from 25 August 2022 to 22 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
454 Darwen Road
Bromley Cross
Bolton
Lancashire
BL7 9DX
United Kingdom

These financial statements were authorised for issue by the Board on 30 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

G & J Properties Limited

Notes to the Unaudited Financial Statements for the Period from 25 August 2022 to 22 August 2023

Government grants

The company has received a revenue grant in the form of the Job Retention Scheme in respect of furloughed staff. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicle

25% reducing balance

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

G & J Properties Limited

Notes to the Unaudited Financial Statements for the Period from 25 August 2022 to 22 August 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

G & J Properties Limited

Notes to the Unaudited Financial Statements for the Period from 25 August 2022 to 22 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2022 - 5).

4

Tangible assets

Motor vehicle
£

Total
£

Cost or valuation

At 25 August 2022

9,600

9,600

At 22 August 2023

9,600

9,600

Depreciation

At 25 August 2022

4,200

4,200

Charge for the period

1,350

1,350

At 22 August 2023

5,550

5,550

Carrying amount

At 22 August 2023

4,050

4,050

At 24 August 2022

5,400

5,400

 

G & J Properties Limited

Notes to the Unaudited Financial Statements for the Period from 25 August 2022 to 22 August 2023

Hire Purchase Contracts

Included within the net book value of tangible fixed assets is £4,050 (2022 - £5,400) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £1,350 (2022 - 1,800).

5

Investment properties

2023
£

At 25 August 2022

11,400,000

Additions

139,297

Fair value adjustment

310,703

At 22 August 2023

11,850,000

The investment properties have been revalued on an open market basis on 22nd August 2023 by Mr G W Flitcroft who is internal to the company. This class of assets has a current value of £11,850,000 (2022 - £11,400,000) and a carrying amount at historical cost of £6,024,546 (2022 - £5,885,249). The depreciation on the historical cost is £nil (2022 - £nil).

The last full valuation of the investment properties was carried out on 1st July 2019 by Lamb & Swift.

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

169,329

91,514

Amounts owed by related parties

2,854,121

3,138,566

Other debtors

 

7,428

-

   

3,030,878

3,230,080

 

G & J Properties Limited

Notes to the Unaudited Financial Statements for the Period from 25 August 2022 to 22 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

9

336,690

508,767

Trade creditors

 

133,346

115,065

Amounts owed to group undertakings and undertakings in which the company has a participating interest

273,002

190,829

Taxation and social security

 

17,515

35,814

Accruals and deferred income

 

62,234

62,410

Other creditors

 

418,527

478,176

 

1,241,314

1,391,061

Creditors include loans and net obligations under hire purchase contracts which are secured of £1,980 (2022 - £1,980).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

7,577,157

7,325,496

Other non-current financial liabilities

 

454,775

629,905

 

8,031,932

7,955,401

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

7,490,348

7,212,899

-

-

Creditors include bank loans and net obligations under hire purchase contracts which are secured of £7,557,177 (2022 - £7,212,899).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

G & J Properties Limited

Notes to the Unaudited Financial Statements for the Period from 25 August 2022 to 22 August 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,576,827

7,323,186

Hire purchase contracts

330

2,310

7,577,157

7,325,496

2023
£

2022
£

Current loans and borrowings

Bank borrowings

23,555

23,557

Hire purchase contracts

1,980

1,980

Other borrowings

311,155

483,230

336,690

508,767