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REGISTERED NUMBER: 12633017 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

G&L Property Investment Services Ltd

G&L Property Investment Services Ltd (Registered number: 12633017)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


G&L Property Investment Services Ltd (Registered number: 12633017)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 728,292 728,292

CURRENT ASSETS
Debtors 5 1,370 11,777
Cash at bank 2,257 11,362
3,627 23,139
CREDITORS
Amounts falling due within one year 6 713,576 723,509
NET CURRENT LIABILITIES (709,949 ) (700,370 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,343

27,922

PROVISIONS FOR LIABILITIES 17,217 17,217
NET ASSETS 1,126 10,705

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 73,399 73,399
Retained earnings (72,275 ) (62,696 )
1,126 10,705

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





Mr G Sleightholme - Director


G&L Property Investment Services Ltd (Registered number: 12633017)

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

1. STATUTORY INFORMATION

G&L Property Investment Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12633017

Registered office: 6 Ilfracombe Drive
Redcar
TS10 4GD

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 728,292
NET BOOK VALUE
At 31 May 2024 728,292
At 31 May 2023 728,292

G&L Property Investment Services Ltd (Registered number: 12633017)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. INVESTMENT PROPERTY - continued

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2021 39,727
Valuation in 2022 50,889
Cost 637,676
728,292

If investment property had not been revalued it would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 204,384 204,384

Investment property was valued on an open market basis on 31 May 2024 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 1,370 11,777

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 591,658 541,119
Trade creditors 1,350 6,039
Other creditors 120,568 176,351
713,576 723,509

7. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 591,658 541,119

The debts are secured over the assets of the company.