G C INTERIORS CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Company Registration Number: 08684058
G C INTERIORS CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
G C INTERIORS CONSTRUCTION LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTORS
Gareth Chalmers
Nicola Chalmers
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
146 Cumnor Hill
Oxford
OX2 9PW
COMPANY REGISTRATION NUMBER
08684058 England and Wales
G C INTERIORS CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes 2024 2023
£ £
FIXED ASSETS
Investments 5 950,000 950,000
CURRENT ASSETS
Debtors 6 20 20
Cash at bank and in hand 1,521 668
1,541 688
CREDITORS: Amounts falling due within one year 7 476,554 445,151
NET CURRENT LIABILITIES (475,013) (444,463)
TOTAL ASSETS LESS CURRENT LIABILITIES 474,987 505,537
CREDITORS: Amounts falling due after more than one year 8 402,077 433,922
Provisions for liabilities and charges 2,139 2,139
NET ASSETS 70,771 69,476
CAPITAL AND RESERVES
Called up share capital 2 2
Distributable profit and loss account 61,650 60,355
Non distributable profit and loss account 9,119 9,119
SHAREHOLDERS' FUNDS 70,771 69,476
G C INTERIORS CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Gareth Chalmers Nicola Chalmers
Director Director
Date approved by the board: 30 January 2025
G C INTERIORS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 GENERAL INFORMATION
G C Interiors Construction Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
146 Cumnor Hill
Oxford
OX2 9PW
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its bank £439,989, its subsidiary £406,984, and the directors £29,752, all of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank, its subsidiary and the directors. The directors do not consider their own support nor the support of the bank and its subsidiary likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the value of rent receivable. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
G C INTERIORS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
G C INTERIORS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 2 2
G C INTERIORS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
5 FIXED ASSET INVESTMENTS
Investment property
£
Cost
At 1 September 2023 950,000
At 31 August 2024 950,000
Net book value
At 1 September 2023 950,000
At 31 August 2024 950,000
In the opinion of the director, all investment property has been stated at fair value.
6 DEBTORS
2024 2023
£ £
Other debtors 20 20
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 37,911 39,974
Taxation and social security 304 1,610
Accruals and deferred income 1,602 1,601
Other creditors 436,737 401,966
476,554 445,151
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 402,077 433,922
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2024 2023
£ £
Bank loans and overdrafts 218,741 245,402
G C INTERIORS CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
9 SECURED DEBTS
The company has a bank loan with Barclays Bank PLC which is secured on the investment property 146 Cumnor Hill. The interest rate was 7.5% as at 31 August 2024.
10 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
G and N Chalmers
Directors 2024 2023
£ £
Directors loan accounts Amounts loaned to the company 29,752 29,752
Associated companies
2024 2023
£ £
G C Homes Oxford Limited Amounts owed by associated company 20 20
G C Interiors Oxford Limited Amounts owed to associated company 406,984 372,213
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