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REGISTERED NUMBER: 03160197 (England and Wales)










Unaudited Financial Statements for the Year Ended 29 February 2024

for

G & G Property Services Limited

G & G Property Services Limited (Registered number: 03160197)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G & G Property Services Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: P L Jones
Mrs M L Jones
G Jones
G Jones





SECRETARY: Mrs M L Jones





REGISTERED OFFICE: 75 Springfield Road
Chelmsford
Essex
CM2 6JB





REGISTERED NUMBER: 03160197 (England and Wales)





ACCOUNTANTS: LB Group Advisory Limited
Swift House, Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

G & G Property Services Limited (Registered number: 03160197)

Balance Sheet
29 February 2024

28.2.23 29.2.24
£    £    Notes £    £   
FIXED ASSETS
1,296,750 Investment property 4 1,405,000

CURRENT ASSETS
5,066 Debtors 5 4,210
170,994 Cash at bank 184,775
176,060 188,985
CREDITORS
10,745 Amounts falling due within one year 6 40,730
165,315 NET CURRENT ASSETS 148,255
1,462,065 TOTAL ASSETS LESS CURRENT
LIABILITIES

1,553,255

CREDITORS
(241,309 ) Amounts falling due after more than one
year

7

(241,309

)

(200,671 ) PROVISIONS FOR LIABILITIES (291,103 )
1,020,085 NET ASSETS 1,020,843

CAPITAL AND RESERVES
100 Called up share capital 100
855,491 Revaluation reserve 10 873,309
164,494 Retained earnings 147,434
1,020,085 SHAREHOLDERS' FUNDS 1,020,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G & G Property Services Limited (Registered number: 03160197)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





P L Jones - Director


G & G Property Services Limited (Registered number: 03160197)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

G & G Property Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Investment properties
Certain of the group's properties are held for long term investment. Investment properties are accounted as follows:- (i) investment properties are revalued annually by the Director.The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year; and (ii) no depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to run.
Although the Companies Act would normally require the systematic annual depreciation of fixed assets, the directors believe that this policy of not providing depreciation or amortisation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciaton. Depreciation or amortisation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

G & G Property Services Limited (Registered number: 03160197)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 1,296,750
Revaluations 108,250
At 29 February 2024 1,405,000
NET BOOK VALUE
At 29 February 2024 1,405,000
At 28 February 2023 1,296,750

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2010 534,412
Valuation in 2014 95,000
Valuation in 2015 180,000
Valuation in 2016 80,000
Valuation in 2021 105,000
Valuation in 2022 130,000
Valuation in 2023 (68,250 )
Valuation in 2024 108,250
Cost 240,588
1,405,000

Investment property was valued on an open market basis on 28 February 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 4,210 5,066

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Taxation and social security 10,700 8,735
Other creditors 30,030 2,010
40,730 10,745

G & G Property Services Limited (Registered number: 03160197)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 8) 151,313 151,313
Other creditors 89,996 89,996
241,309 241,309

8. LOANS

The Mortgage of £45,000 is repayable full in 2054.

9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 151,313 151,313
Mortgage 89,996 89,996
241,309 241,309

The mortgage is secured by a fixed charge over property and is repayable in full in 2054.

10. RESERVES
Revaluation
reserve
£   
At 1 March 2023 855,491
Revaluation Reserve 17,818

At 29 February 2024 873,309

11. POST BALANCE SHEET EVENTS

There were no post balance sheet events that require being brought to the attention of the shareholders or creditors.