REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
Gloucestershire Properties (Uk) Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
for |
Gloucestershire Properties (Uk) Ltd. |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Gloucestershire Properties (Uk) Ltd. |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Hine House |
25 Regent Street |
Nottingham |
Nottinghamshire |
NG1 5BS |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Balance Sheet - continued |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Property revaluation reserve | 11 |
Retained earnings | 11 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Gloucestershire Properties (Uk) Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable. |
Tangible fixed assets |
Artwork (paintings) included in fixtures and fittings are included at cost. |
Depreciation is charged on computer equipment at 33% on a reducing balance basis. |
Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date, with changes in fair value recognised in the profit and loss. The fair value of the investment properties was determined by the directors reference to reports from their managing agents who use current market prices for comparable property, adjusted for any differences in nature, location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Revaluations | (376,622 | ) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
75 Regents Park Road, London has been valued in these accounts at £3,418,378 to reflect the sale proceeds in the subsequent year. (2023 £3,795,000) with an historic cost of £1,236,514. |
Flat 38, Burton Court, London has been valued by the director with an open market value at |
cost; the company has a 50% interest in the property amounting to £1,900,000 (2023 £1,900,000) with an historic cost of £1,982,232. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security | ( |
) |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
- | 935,000 |
Shareholder loan | 2,183,027 | 1,487,902 |
The shareholder loan is secured as an interest bearing debenture over the assets, rights |
and property of the company. The shareholder reserves the right to charge interest at 1% |
above base rate with no fixed redemption date. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 417,178 | 511,333 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Provided during year | ( |
) |
Balance at 31 May 2024 |
11. | RESERVES |
Property |
Retained | revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 2,984,274 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Reserve transfer | 94,155 | (94,155 | ) | - |
At 31 May 2024 | 2,767,035 |
Gloucestershire Properties (Uk) Ltd. (Registered number: 04212070) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest at a rate of 2.25% (2023 2.25%) has been accrued on the amounts loaned to the |
director. |