Registered number
01012196
G T Forty Properties Limited
Filleted Accounts
30 September 2024
G T Forty Properties Limited
Registered number: 01012196
Balance Sheet
as at 30 September 2024
Notes 2024 2023
Fixed assets
Tangible assets 3 1,189,068 1,189,068
Investments 4 493,110 493,110
1,682,178 1,682,178
Current assets
Debtors 5 726,069 725,910
Cash at bank and in hand 489,472 443,875
1,215,541 1,169,785
Creditors: amounts falling due within one year 6 (1,079,263) (1,036,723)
Net current assets 136,278 133,062
Total assets less current liabilities 1,818,456 1,815,240
Creditors: amounts falling due after more than one year 7 (26,475) (26,475)
Provisions for liabilities (40,814) (39,636)
Net assets 1,751,167 1,749,129
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,750,167 1,748,129
Shareholders' funds 1,751,167 1,749,129
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
R M Walker
Director
Approved by the board on 19 December 2024
G T Forty Properties Limited
Notes to the Accounts
for the year ended 30 September 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.
Investment properties
Investment properties are carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable properties, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. No depreciation is provided on investment properties.
Tangible fixed assets
Tangible fixed assets other than investment properties, are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than investment properties, 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 over 1 year
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment properties Plant and machinery etc Total
Cost/fair value
At 1 October 2023 1,189,068 62,554 1,251,622
At 30 September 2024 1,189,068 62,554 1,251,622
Depreciation
At 1 October 2023 - 62,554 62,554
At 30 September 2024 - 62,554 62,554
Net book value
At 30 September 2024 1,189,068 - 1,189,068
At 30 September 2023 1,189,068 - 1,189,068
Investment properties: 2024 2023
Historical cost 1,189,068 1,189,068
Cumulative depreciation based on historical cost - -
1,189,068 1,189,068
4 Investments
Other
investments
Fair value
At 1 October 2023 493,110
At 30 September 2024 493,110
Historical cost
At 1 October 2023 254,537
At 30 September 2024 254,537
5 Debtors 2024 2023
Trade debtors 1,000 1,000
Other debtors 725,069 724,910
726,069 725,910
6 Creditors: amounts falling due within one year 2024 2023
Loan stock 1,051,963 1,009,833
Taxation and social security costs 46 4,945
Other creditors 27,254 21,945
1,079,263 1,036,723
7 Creditors: amounts falling due after one year 2024 2023
Bank loans 26,475 26,475
8 Loans 2024 2023
Creditors include:
Secured bank loans 26,475 26,475
The loan is secured on a freehold property of the company.
9 Related party transactions
As part of the principal activities carried out by the company, loans are received from directors and shareholders and provided to companies under common control. Interest is charged and payable at normal commercial rates and all transactions are carried out under normal market conditions.
10 Controlling party
The directors consider that there is no individual controlling party.
11 Other information
G T Forty Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Britannic House
Regent Street
Barnsley
South Yorkshire
S70 2EQ
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