GELYSE PROPERTIES LTD |
Notes to the Accounts |
for the period from 8 February 2023 to 28 February 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Tangible fixed assets |
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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: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Creditors |
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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. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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Number |
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Average number of persons employed by the company |
0 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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Additions |
277,500 |
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At 28 February 2024 |
277,500 |
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Depreciation |
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At 28 February 2024 |
- |
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Net book value |
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At 28 February 2024 |
277,500 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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£ |
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Loans |
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50,000 |
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Directors Loan Account |
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242,301 |
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292,301 |
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5 |
Other information |
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GELYSE PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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C/O Connect Accounting Llp, Rear Of Raydean House |
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15 Western Parade |
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Barnet |
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Herts |
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EN5 1AH |