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Registration number: 10709838

GCL Lettings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

GCL Lettings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

GCL Lettings Limited

Company Information

Directors

Mrs Pamela Gray

Mr Robert Gray

Registered office

3 Wolseley Villas Main Road
Colwich
Stafford
ST17 0XQ

Accountants

Mr Satraj Suman ACMA 21 Babors Field
Bilston
Wolverhampton
West Midlands
WV14 9XS

 

GCL Lettings Limited

(Registration number: 10709838)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

712,929

713,607

Current assets

 

Cash at bank and in hand

 

1,216

1,856

Creditors: Amounts falling due within one year

5

-

1

Net current assets

 

1,216

1,857

Total assets less current liabilities

 

714,145

715,464

Creditors: Amounts falling due after more than one year

5

(761,717)

(752,072)

Net liabilities

 

(47,572)

(36,608)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(47,672)

(36,708)

Shareholders' deficit

 

(47,572)

(36,608)

For the financial year ending 30 April 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 

.........................................
Mr Robert Gray
Director

 

GCL Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Wolseley Villas Main Road
Colwich
Stafford
ST17 0XQ
England

These financial statements were authorised for issue by the Board on 3 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

GCL Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and Fittings

15% Reducing Balance

Plant and Machinery

20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

GCL Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

709,589

8,936

476

719,001

At 30 April 2024

709,589

8,936

476

719,001

Depreciation

At 1 May 2023

-

4,958

436

5,394

Charge for the year

-

583

95

678

At 30 April 2024

-

5,541

531

6,072

Carrying amount

At 30 April 2024

709,589

3,395

(55)

712,929

At 30 April 2023

709,589

3,978

40

713,607

Included within the net book value of land and buildings above is £709,589 (2023 - £709,589) in respect of freehold land and buildings.
 

 

GCL Lettings Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Creditors

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

761,717

752,072

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

387,893

387,893

Other borrowings

373,824

364,179

761,717

752,072