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COMPANY REGISTRATION NUMBER: 09404542
GHR Developments Limited
Filleted Unaudited Financial Statements
31 December 2023
GHR Developments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
127,104
74,056
Current assets
Stocks
597,362
1,513,481
Debtors
6
320,050
343,397
Cash at bank and in hand
748,022
419,210
------------
------------
1,665,434
2,276,088
Creditors: amounts falling due within one year
7
( 390,891)
( 725,905)
------------
------------
Net current assets
1,274,543
1,550,183
------------
------------
Total assets less current liabilities
1,401,647
1,624,239
Creditors: amounts falling due after more than one year
8
( 37,142)
( 25,450)
Provisions
Taxation including deferred tax
( 14,480)
( 10,289)
------------
------------
Net assets
1,350,025
1,588,500
------------
------------
Capital and reserves
Called up share capital
10
10
Profit and loss account
1,350,015
1,588,490
------------
------------
Shareholders funds
1,350,025
1,588,500
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 .
GHR Developments Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr CJ Withey
Director
Company registration number: 09404542
GHR Developments Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office 33, 14 Vanguard Way, Neptune Court, Cardiff, CF24 5PJ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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:
Plant and Machinery
-
20% straight line
Motor Vehicles
-
20% straight line
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
110,712
54,745
14,315
179,772
Additions
73,763
57,499
1,915
133,177
Disposals
( 35,000)
( 35,000)
---------
--------
--------
---------
At 31 December 2023
184,475
77,244
16,230
277,949
---------
--------
--------
---------
Depreciation
At 1 January 2023
75,306
22,696
7,714
105,716
Charge for the year
33,642
22,714
2,213
58,569
Disposals
( 13,440)
( 13,440)
---------
--------
--------
---------
At 31 December 2023
108,948
31,970
9,927
150,845
---------
--------
--------
---------
Carrying amount
At 31 December 2023
75,527
45,274
6,303
127,104
---------
--------
--------
---------
At 31 December 2022
35,406
32,049
6,601
74,056
---------
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2023
59,010
59,010
--------
----
--------
At 31 December 2022
19,500
5,799
25,299
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
25,920
100,000
Other debtors
294,130
243,397
---------
---------
320,050
343,397
---------
---------
Included within 'Other Debtors' is £231,685 (2022: £221,092) owed by Glynmar Limited and £36,720 (2022: £12,976) owed by Fraser Strategic Land Ltd, both loans being repayable on demand. Both companies are under the control of the Directors. During the year, Fraser Strategic Land Ltd invoiced for consultancy services it provided to the company of £56,000 (2022:£84,000).
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
75,221
61,546
Corporation tax
59,658
148,080
Social security and other taxes
8,640
3,862
Deposits held
10,000
Other creditors
237,372
492,417
---------
---------
390,891
725,905
---------
---------
Included within 'Other Creditors' are:£109,396 (2022: £195,906) owed to Withey Developments Limited, a company of which Mr Christopher Withey and Mrs Bethan Withey are directors. £16,354 (2022: £27,939) owed jointly to the Directors Mr Christopher Withey and Mrs Bethan Withey.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
Other creditors
22,975
1,283
--------
--------
37,142
25,450
--------
--------