Registered number
09496223
GNK PROPERTY LIMITED
Filleted Accounts
31 January 2024
GNK PROPERTY LIMITED
Registered number: 09496223
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 385,493 385,513
Current assets
Cash at bank and in hand 6,888 1,125
Creditors: amounts falling due within one year 4 (785) (785)
Net current assets 6,103 340
Total assets less current liabilities 391,596 385,853
Creditors: amounts falling due after more than one year 5 (406,029) (402,335)
Net liabilities (14,433) (16,482)
Capital and reserves
Called up share capital 1 1
Profit and loss account (14,434) (16,483)
Shareholder's funds (14,433) (16,482)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
__________________
Gurdeep Kaur Sehra
Director
Approved by the board on 27 November 2024
GNK PROPERTY LIMITED
Notes to the Accounts
for the year ended 31 January 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:
Plant and machinery 18% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 385,402 550 385,952
At 31 January 2024 385,402 550 385,952
Depreciation
At 1 February 2023 - 439 439
Charge for the year - 20 20
At 31 January 2024 - 459 459
Net book value
At 31 January 2024 385,402 91 385,493
At 31 January 2023 385,402 111 385,513
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 785 785
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 294,510 294,510
Other creditors 111,519 107,825
406,029 402,335
6 Other information
GNK PROPERTY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
826 Coventry Road,
Small Heath,
Birmingham,
England,
B10 0TY.
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