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Company Registration No. 09455375 (England and Wales)
Great Century Properties Ltd Filleted unaudited accounts for the year ended 29 February 2024
Great Century Properties Ltd Filleted unaudited accounts Contents
Page
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Great Century Properties Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
62,437 
83,254 
Investment property
3,268,419 
3,268,419 
3,330,856 
3,351,673 
Current assets
Debtors
35,623 
- 
Creditors: amounts falling due within one year
(20,924)
(12,415)
Net current assets/(liabilities)
14,699 
(12,415)
Total assets less current liabilities
3,345,555 
3,339,258 
Creditors: amounts falling due after more than one year
(3,108,539)
(3,124,846)
Provisions for liabilities
Deferred tax
(11,677)
(11,677)
Net assets
225,339 
202,735 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
225,239 
202,635 
Shareholders' funds
225,339 
202,735 
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 November 2024 and were signed on its behalf by
Manal Ahmed Naghi Director Company Registration No. 09455375
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Great Century Properties Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Great Century Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 09455375. The registered office is 5th Floor, 167-169 Great Portland Street, London, W1W 5PF, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The director has assessed the company's ability to continue as a going concern and confirms that the company has adequate resources to continue to operate for the foreseeable future, which covers a period of not less than twelve months from the date the financial statements are approved, and accordingly the going concern basis continues to be appropriate for the preparation of the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of 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. The key assumptions and other sources of estimation uncertainty that have a significant impact on the amounts recognised in the financial statements are set out below. The company exercises judgement to determine useful lives and residual values of property, plant and equipment. Tangible fixed assets are depreciated to their estimated residual values over their estimated useful lives. The valuation of the company's investment property is inherently subjective due to, among other factors, the nature of the property, its location and the expected future rental revenues from that particular property. As a result, the valuation the company places on its investment property is subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover represents rents receivable from letting of hotel in accordance with the lease.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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Great Century Properties Ltd Notes to the Accounts for the year ended 29 February 2024
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
- 25% reducing balance
Fixtures & fittings
- 25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the income statement.
Taxation
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.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Basic financial instruments are recognised at amortised cost, with changes recognised in the statement of income.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
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Great Century Properties Ltd Notes to the Accounts for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 March 2023
10,433 
201,984 
212,417 
At 29 February 2024
10,433 
201,984 
212,417 
Depreciation
At 1 March 2023
8,364 
120,799 
129,163 
Charge for the year
519 
20,298 
20,817 
At 29 February 2024
8,883 
141,097 
149,980 
Net book value
At 29 February 2024
1,550 
60,887 
62,437 
At 28 February 2023
2,069 
81,185 
83,254 
5
Investment property
2024 
£ 
Fair value at 1 March 2023
3,268,419 
At 29 February 2024
3,268,419 
The director has reviewed the value of the investment property at the balance sheet date, with reference to the fair value and considers the value to be same as the cost.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Other debtors
35,623 
- 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Taxes and social security
12,964 
9,375 
Other creditors
- 
1,600 
Accruals
7,960 
1,440 
20,924 
12,415 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Loans from directors
3,108,539 
3,124,846 
9
Transactions with related parties
At the balance sheet date, the company owed the director £3,108,539 (2023: £3,124,846). This loan is interest-free and repayable after more than one year.
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Great Century Properties Ltd Notes to the Accounts for the year ended 29 February 2024
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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