Company Registration No. 05466763 (England and Wales)
G.C.L. SERVICES (ESSEX) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
G.C.L. SERVICES (ESSEX) LIMITED
COMPANY INFORMATION
Director
G Powers
Company number
05466763
Registered office
Regency House
Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG
Accountants
Rickard Luckin Limited
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
G.C.L. SERVICES (ESSEX) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
G.C.L. SERVICES (ESSEX) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,219,000
1,157,050
Current assets
Debtors
5
216,979
161,124
Cash at bank and in hand
1,151
35,737
218,130
196,861
Creditors: amounts falling due within one year
6
(218,189)
(68,597)
Net current (liabilities)/assets
(59)
128,264
Total assets less current liabilities
1,218,941
1,285,314
Creditors: amounts falling due after more than one year
7
(229,503)
(251,934)
Provisions for liabilities
(11,426)
-
0
Net assets
978,012
1,033,380
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
11
978,002
1,033,370
Total equity
978,012
1,033,380

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 18 December 2024
G Powers
Director
Company Registration No. 05466763
G.C.L. SERVICES (ESSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

G.C.L. Services (Essex) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regency House, Freeport Office Village, Century Drive, Braintree, Essex, CM77 8YG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Rental income

 

Revenue from rental income is recognised in accordance with the terms stipulated in the leases with the tenants.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

G.C.L. SERVICES (ESSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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. Financial liabilities classified as payable within one year are not amortised.

 

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The company owns a number of investment properties, which it rents out to third parties and also associated companies. The director has considered the carrying values of these properties and for the year ended 30 April 2024 and has concluded that these are recorded correctly within the accounts.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
G.C.L. SERVICES (ESSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Investment property
2024
£
Fair value
At 1 May 2023
1,157,050
Revaluations
61,950
At 30 April 2024
1,219,000

The fair value of investment properties have been arrived at on the basis of a valuation carried out in December 2023 for two properties by HSBC Bank Plc and also by the director for two other properties. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The director has reviewed the values of the investment properties at 30 April 2024 and determined that these are accurate and reflect the current market values of the properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
216,979
161,124
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
47,342
36,268
Trade creditors
2,164
2,025
Corporation tax
45,740
23,047
Other taxation and social security
4,193
4,057
Other creditors
118,750
3,200
218,189
68,597
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
229,503
251,934

 

G.C.L. SERVICES (ESSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
276,845
288,202
Payable within one year
47,342
36,268
Payable after one year
229,503
251,934

The bank loans are secured by fixed charges over the investment properties included in note 5 to which they relate.

9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary Shares of £1 each
10
10
10
Financial commitments, guarantees and contingent liabilities

The company is party to a multilateral guarantee with a related party in favour of HSBC Bank Plc. At the year end the maximum liability represented by the related party's borrowings was £145,134 (2023: £159,605).

11
Profit and loss reserves

Within the profit and loss reserves are a non distributable fair value reserve of £102,050 (2023: £51,542) as at 30 April 2024.

12
Related party transactions

At the year end the company was owed £216,809 (2023: £160,920) by related companies under common control. This balance is included within other debtors. The company owed £7,000 (2023: £Nil) to related companies under common control. This balance is included within other creditors.

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