Registered number
13383221
GCCN Ltd
Filleted Accounts for the year ended
31 May 2024
GCCN Ltd
Registered number: 13383221
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 273,037 273,037
Current assets
Cash at bank and in hand 1,127 1,282
Creditors: amounts falling due within one year 4 (95,119) (87,061)
Net current liabilities (93,992) (85,779)
Total assets less current liabilities 179,045 187,258
Creditors: amounts falling due after more than one year 5 (202,480) (202,480)
Net liabilities (23,435) (15,222)
Capital and reserves
Called up share capital 2 2
Profit and loss account (23,437) (15,224)
Shareholders' funds (23,435) (15,222)
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.
V Soteriou
Director
Approved by the board on 30 January 2025
GCCN Ltd
Notes to the Accounts
for the year ended 31 May 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:
Investment properties NIL
Investment property is revalued each year at fair value. Any changes in fair value are recognised in the profit or loss.
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.
Going concern
The accounts have been prepared on the going concern basis assuming the continued support of its directors and creditors.

The directors will not seek repayment of their loan until the company is in a position to do so.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 June 2023 273,037
At 31 May 2024 273,037
Depreciation
At 31 May 2024 -
Net book value
At 31 May 2024 273,037
At 31 May 2023 273,037
Investment properties were valued on a fair value basis on 31 May 2024 by the directors.

They consider the cost price paid is similar to the fair value as at 31 May 2024.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to associated companies 52,718 -
Directors loan 40,141 84,801
Other creditors 2,260 2,260
95,119 87,061
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 202,480 202,480
6 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 202,480 202,480
Secured bank loans 202,480 202,480
The investment property is secured by way of a fixed and floating charge over all the company's assets.
7 Controlling party
Each director holds 50% of the issued share capital in the company.
By virtue of being married, between them they hold 100% of the issued share capital.
8 Other information
GCCN Ltd is a private company limited by shares and incorporated in England. Its registered office is:
140 Lakenheath
London
N14 4RX
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