REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2024 |
for |
Gn Property Group Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 November 2024 |
for |
Gn Property Group Ltd |
Gn Property Group Ltd (Registered number: 13744274) |
Contents of the Financial Statements |
for the Year Ended 30 November 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Gn Property Group Ltd |
Company Information |
for the Year Ended 30 November 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
Gn Property Group Ltd (Registered number: 13744274) |
Balance Sheet |
30 November 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 |
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. |
Gn Property Group Ltd (Registered number: 13744274) |
Balance Sheet - continued |
30 November 2024 |
The financial statements were approved by the director and authorised for issue on |
Gn Property Group Ltd (Registered number: 13744274) |
Notes to the Financial Statements |
for the Year Ended 30 November 2024 |
1. | STATUTORY INFORMATION |
Gn Property Group Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company continued to be that other letting and operating of own or leased real estate. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover comprises revenue recognised by the company in respect of rent receivable from the letting and management of land and property owned by the company during the year. |
INVESTMENT PROPERTY |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
FINANCIAL INSTRUMENTS |
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
TAXATION |
The tax expense represents the sum of the tax currently payable. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
GOING CONCERN |
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Gn Property Group Ltd (Registered number: 13744274) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | ACCOUNTING POLICIES - continued |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the statement of income and retained earnings in the year that he company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in Balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 December 2023 |
and 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director.The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
The directors consider the carrying value of trade and other receivables approximate to their fair values. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
Gn Property Group Ltd (Registered number: 13744274) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Mortgage Loan more than |
5 years | 277,670 | 277,670 |
277,670 | 277,670 |
The directors consider the carrying amounts of long-term liabilities approximate to their fair values. |
Legal Mortgage charge at Companies House has been registered by Paragon Bank PLC for the loan taken by company, which contains negative pledge over the property. |
8. | RESERVES |
PROFIT AND RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve. |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
10. | RELATED PARTY DISCLOSURES |
At the balance sheet date included in other creditors is an amount due to the director - Gary Robert Nourse of £117,400 (2023 - £117,400). This loan is interest free and repayable on demand. |