0 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11863236 2023-04-01 2024-03-31 11863236 2024-03-31 11863236 2023-03-31 11863236 2022-04-01 2023-03-31 11863236 2023-03-31 11863236 2022-03-31 11863236 core:FurnitureFittings 2023-04-01 2024-03-31 11863236 bus:Director1 2023-04-01 2024-03-31 11863236 bus:Director2 2023-04-01 2024-03-31 11863236 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 11863236 core:FurnitureFittings 2023-03-31 11863236 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 11863236 core:FurnitureFittings 2024-03-31 11863236 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11863236 core:WithinOneYear 2024-03-31 11863236 core:WithinOneYear 2023-03-31 11863236 core:UKTax 2023-04-01 2024-03-31 11863236 core:UKTax 2022-04-01 2023-03-31 11863236 core:ShareCapital 2024-03-31 11863236 core:ShareCapital 2023-03-31 11863236 core:OtherReservesSubtotal 2024-03-31 11863236 core:OtherReservesSubtotal 2023-03-31 11863236 core:RetainedEarningsAccumulatedLosses 2024-03-31 11863236 core:RetainedEarningsAccumulatedLosses 2023-03-31 11863236 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 11863236 core:FurnitureFittings 2023-03-31 11863236 bus:Director1 2023-03-31 11863236 bus:Director1 2024-03-31 11863236 bus:Director2 2023-03-31 11863236 bus:Director2 2024-03-31 11863236 bus:Director1 2022-03-31 11863236 bus:Director1 2023-03-31 11863236 bus:Director2 2022-03-31 11863236 bus:Director2 2023-03-31 11863236 bus:Director1 2022-04-01 2023-03-31 11863236 bus:Director2 2022-04-01 2023-03-31 11863236 bus:SmallEntities 2023-04-01 2024-03-31 11863236 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11863236 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11863236 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11863236 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 11863236
G & S Lettings Limited
Filleted Unaudited Financial Statements
31 March 2024
G & S Lettings Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
606,302
354,127
Current assets
Cash at bank and in hand
24,199
9,366
Creditors: amounts falling due within one year
6
572,027
332,088
---------
---------
Net current liabilities
547,828
322,722
---------
---------
Total assets less current liabilities
58,474
31,405
Provisions
21,460
11,285
--------
--------
Net assets
37,014
20,120
--------
--------
Capital and reserves
Called up share capital
100
100
Fair value reserve
91,410
48,006
Profit and loss account
( 54,496)
( 27,986)
--------
--------
Shareholders funds
37,014
20,120
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G & S Lettings Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
G Ling Esq
Director
Company registration number: 11863236
G & S Lettings Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
2,480
1,525
Adjustments in respect of prior periods
17
-------
-------
Total current tax
2,480
1,542
-------
-------
Deferred tax:
Origination and reversal of timing differences
10,175
4,537
--------
-------
Tax on profit
12,655
6,079
--------
-------
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 April 2023
354,000
249
354,249
Additions
198,620
198,620
Revaluations
53,580
53,580
---------
----
---------
At 31 March 2024
606,200
249
606,449
---------
----
---------
Depreciation
At 1 April 2023
122
122
Charge for the year
25
25
---------
----
---------
At 31 March 2024
147
147
---------
----
---------
Carrying amount
At 31 March 2024
606,200
102
606,302
---------
----
---------
At 31 March 2023
354,000
127
354,127
---------
----
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,481
1,525
Other creditors
569,546
330,563
---------
---------
572,027
332,088
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
G Ling Esq
( 130,952)
( 100,917)
( 231,869)
Mrs S Ling
( 130,951)
( 100,917)
( 231,868)
---------
---------
---------
( 261,903)
( 201,834)
( 463,737)
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
G Ling Esq
( 124,964)
( 5,988)
( 130,952)
Mrs S Ling
( 124,963)
( 5,988)
( 130,951)
---------
--------
---------
( 249,927)
( 11,976)
( 261,903)
---------
--------
---------
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
GRL Building Services Limited
( 46,755)
( 46,755)
----
----
--------
--------
GRL Building Services Limited is a company wholly owned by Mr G and Mrs S Ling .