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Registered number: 02074517










GLOUCESTER PLACE PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2024

 
GLOUCESTER PLACE PROPERTIES LIMITED
 

CONTENTS



Page
Balance sheet
 
 
1 - 2
Notes to the financial statements
 
 
3 - 8


 
GLOUCESTER PLACE PROPERTIES LIMITED
REGISTERED NUMBER: 02074517

BALANCE SHEET
AS AT 28 FEBRUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
726,107
779,711

Debtors: amounts falling due within one year
 4 
189,117
221,442

Cash at bank and in hand
  
21,864
89,188

  
937,088
1,090,341

Creditors: amounts falling due within one year
 5 
(328,012)
(397,374)

Net current assets
  
 
 
609,076
 
 
692,967

Total assets less current liabilities
  
609,076
692,967

Creditors: amounts falling due after more than one year
 6 
(247,612)
(260,679)

  

Net assets
  
361,464
432,288


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Share premium account
  
111,666
111,666

Profit and loss account
  
199,798
270,622

  
361,464
432,288


Page 1

 
GLOUCESTER PLACE PROPERTIES LIMITED
REGISTERED NUMBER: 02074517
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E F D Greene
Director

Date: 28 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GLOUCESTER PLACE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

1.


General information

Gloucester Place Properties Limited is a private company limited by shares and incorporated in England
and Wales. The registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. The company's
registered number is 02074517.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis based on the continued support of the company's creditors and financiers which, in the opinion of the directors, the company has for the foreseeable future.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GLOUCESTER PLACE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Stocks

Property stock is valued at the lower of cost and net realisable value. Cost includes all direct costs.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 
Page 4

 
GLOUCESTER PLACE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 5

 
GLOUCESTER PLACE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
GLOUCESTER PLACE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

4.


Debtors

2024
2023
£
£


Other debtors
179,296
209,298

Prepayments and accrued income
9,490
12,144

Tax recoverable
331
-

189,117
221,442



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
17,791
20,817

Corporation tax
-
331

Other creditors
299,103
369,272

Accruals and deferred income
11,118
6,954

328,012
397,374



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
247,612
260,679

247,612
260,679


Page 7

 
GLOUCESTER PLACE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024

7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
17,791
20,817


Amounts falling due 2-5 years

Bank loans
71,164
83,268

Amounts falling due after more than 5 years

Bank loans
176,448
177,411

265,403
281,496



8.


Related party transactions

At the year end, included in other creditors is a balance of £290,000 (2023 - £368,000) due to a company
which has a significant shareholding in Gloucester Place Properties Limited. No interest has been
charged on the balance which is considered to be repayable on demand.
During the year, Gloucester Place Properties Limited paid management fees of £33,000 (2023 - £28,000)
to companies with common shareholders.
Included in other debtors are balances due from companies controlled by directors with significant
influence in Gloucester Place Properties Limited in the amount of £77,536 (2023 - £77,536).
At the balance sheet date, a balance of £62,991 (2023 - £92,991) was due from a company over which
key management personnel of Gloucester Place Properties Limited have significant influence. No interest
has been charged on this amount, which is repayable on demand.

 
Page 8