Registered number
09723916
GJL Property Developers Limited
Unaudited Filleted Accounts
30 June 2024
GJL Property Developers Limited
Registered number: 09723916
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 71,999 95,999
Investments 4 301 201
72,300 96,200
Current assets
Stocks/Work In Progress 5,594,683 5,515,296
Debtors 5 17,594,039 13,197,223
Cash at bank and in hand 49,152 97,201
23,237,874 18,809,720
Creditors: amounts falling due within one year 6 (18,461,500) (16,093,010)
Net current assets 4,776,374 2,716,710
Total assets less current liabilities 4,848,674 2,812,910
Creditors: amounts falling due after more than one year 7 - (37,655)
Provisions for liabilities (126,979) (158,619)
Net assets 4,721,695 2,616,636
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,721,595 2,616,536
Shareholders' funds 4,721,695 2,616,636
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.
John Grahame Whateley
Director
Approved by the board on 25 February 2025
GJL Property Developers Limited
Notes to the Accounts
for the year ended 30 June 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 July 2023 127,999
At 30 June 2024 127,999
Depreciation
At 1 July 2023 32,000
Charge for the year 24,000
At 30 June 2024 56,000
Net book value
At 30 June 2024 71,999
At 30 June 2023 95,999
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 July 2023 201
Additions 100
At 30 June 2024 301
5 Debtors 2024 2023
£ £
Trade debtors 17,228 807
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,825,286 6,392,668
Other debtors 10,751,525 6,803,748
17,594,039 13,197,223
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,612,500 4,500,000
Obligations under finance lease and hire purchase contracts 37,655 37,655
Trade creditors 27,894 1,265
Taxation and social security costs 25,468 24,672
Other creditors 13,757,983 11,529,418
18,461,500 16,093,010
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 37,655
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
John Grahame Whateley
Director Loan Account - 913,550 - 913,550
- 913,550 - 913,550
9 Related party transactions
During the year the company made a loan of £913,550 (2023: £0) to J G Whateley. The loan carries 0% interest and was repaid after the year end on 11th July 2024
10 Controlling party
There is no ultimate controlling party.
11 Other information
GJL Property Developers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cedar Court
221 Hagley Road
Hayley Green
Halesowen
B63 1ED
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