Registered number
12475480
GK Phoenix Limited
Filleted Accounts
29 February 2024
GK Phoenix Limited
Registered number: 12475480
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 408,010 375,786
Current assets
Debtors 4 166,298 -
Cash at bank and in hand 186,042 100
352,340 100
Creditors: amounts falling due within one year 5 (342,060) -
Net current assets 10,280 100
Total assets less current liabilities 418,290 375,886
Creditors: amounts falling due after more than one year 6 (450,000) (375,786)
Net (liabilities)/assets (31,710) 100
Capital and reserves
Called up share capital 100 100
Profit and loss account (31,810) -
Shareholders' funds (31,710) 100
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
A Alexandrou
Director
Approved by the board on 26 November 2024
GK Phoenix Limited
Notes to the Accounts
for the year ended 29 February 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
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:
Investment freehold buildings nil
Investment properties are measured at fair market value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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 Tangible fixed assets
Investment properties
£
Cost/fair market value
At 1 March 2023 375,786
Additions 32,224
At 29 February 2024 408,010
Depreciation
At 29 February 2024 -
Net book value/fair value
At 29 February 2024 408,010
At 28 February 2023 375,786
The directors consider the cost value to be in line with fair market value and on that basis no revaluation has taken place.
4 Debtors 2024 2023
£ £
Amounts owed by associated companies 159,120 -
Other debtors 7,178 -
166,298 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 840 -
Amounts owed to associated companies 340,500 -
Taxation and social security costs 720 -
342,060 -
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 450,000 -
Other loans - 375,786
450,000 375,786
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 450,000 -
Bank loans totalling £450,000 are secured by way of fixed legal charge over the company's property and by way of fixed and floating charge over all the companies assets.

There are personal guarantees of £450,000 by the directors, A Alexandrou and G Leonidas.
8 Related party transactions
As at 29 February 2024 the company had loaned the following companies:

Atlantic Lodge (Housing) Ltd - £16,120
Marlyn Properties Ltd - £82,000
Southern Territory Ltd - £30,000
Friday Hill House Ltd - £31,000

As at 29 February 2024 the company was loaned by the following companies:

Atlantic Hertford Ltd - £500
Southern Territory (UK) Ltd - £340,000

These loans are all made on an interest free basis with no set repayment date.
These are companies in which either or both the directors A Alexandrou and G Leonidas have an interest.
9 Controlling party
There is no ultimate controlling party.

Each director holds 50% each of the issued Ordinary A, Ordinary B and Ordinary C shares of the company.
10 Other information
GK Phoenix Limited is a private company limited by shares and incorporated in England. Its registered office is:
Atlantic Business Centre
1 The Green
London
E4 7ES
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