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Georgian Gardens Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

Registration number: 12022725

 

Georgian Gardens Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Georgian Gardens Limited

(Registration number: 12022725)
Statement of financial position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

400,000

390,000

Current assets

 

Debtors

5

1,800

1,890

Cash at bank and in hand

 

2,681

8,855

 

4,481

10,745

Creditors: Amounts falling due within one year

6

(76,535)

(87,785)

Net current liabilities

 

(72,054)

(77,040)

Total assets less current liabilities

 

327,946

312,960

Creditors: Amounts falling due after more than one year

6

(222,250)

(222,250)

Provisions for liabilities

(18,012)

(16,112)

Net assets

 

87,684

74,598

Capital and reserves

 

Called up share capital

7

100

100

Non distributable reserves

76,790

68,690

Retained earnings

10,794

5,808

Shareholders' funds

 

87,684

74,598

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Georgian Gardens Limited

(Registration number: 12022725)
Statement of financial position as at 31 May 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 20 February 2025
 

.........................................
Mr M. Searle
Director

 

Georgian Gardens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
119 George V Avenue
Worthing
West Sussex
BN11 5SA

These financial statements were authorised for issue by the director on 20 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Georgian Gardens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 June

390,000

Fair value adjustments

10,000

At 31 May

400,000

There has been no valuation of investment property by an independent valuer.

 

Georgian Gardens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Debtors

2024
£

2023
£

Prepayments

1,800

1,890

1,800

1,890

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,079

1,128

Accruals and deferred income

756

11,956

Other creditors

74,700

74,701

76,535

87,785

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

222,250

222,250

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Georgian Gardens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Non-distributable reserve
£

Retained earnings
£

Other comprehensive income

8,100

(8,100)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Non-distributable reserve
£

Retained earnings
£

Other comprehensive income

12,150

(12,150)