G1 Propco Ltd
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 08257214 (England and Wales)
G1 PropCo Ltd
G1 Propco Ltd
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
G1 PropCo Ltd
G1 Propco Ltd
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
3,300,000
Current assets
Debtors
5
1,020,898
649,913
Cash at bank and in hand
45
59,116
1,020,943
709,029
Creditors: amounts falling due within one year
6
(1,020,921)
(783,989)
Net current assets/(liabilities)
22
(74,960)
Total assets less current liabilities
22
3,225,040
Provisions for liabilities
7
(618,351)
Net assets
22
2,606,689
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
1,917,217
Profit and loss reserves
21
689,471
Total equity
22
2,606,689
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
G1 PropCo Ltd
G1 Propco Ltd
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
R Meehan
Director
Company Registration No. 08257214
G1 Propco Ltd
Statement of Changes in Equity
For the year ended 31 March 2024
Page 3
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
1
1,901,676
509,551
2,411,228
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
195,461
195,461
Transfers
-
15,541
(15,541)
-
Balance at 31 March 2023
1
1,917,217
689,471
2,606,689
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(26,667)
(26,667)
Dividends
-
-
(2,580,000)
(2,580,000)
Transfers
-
(1,917,217)
1,917,217
-
Balance at 31 March 2024
1
21
22
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements
For the year ended 31 March 2024
Page 4
1
Accounting policies
Company information
G1 PropCo Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 53-59 Chandos Place, London, United Kingdom, WC2N 4HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a loss for the year of £26,667 (2023: a profit of £195,461) and had net trueassets at the reporting date of £22 (2023: £2,606,689). The company has now sold its property and is reliant on the support of its shareholder in order to meet its liabilities as they fall due.
The directors of the company have assessed the company's financial position, budgets and cash flow forecasts to March 2026. The directors have a reasonable expectation that the company will have adequate resources available to it in order to continue in operational existence for a period of at least 12 months from the signing of these accounts. As a result the company has prepared its financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and revenue can be reliably measured.
Turnover is the total amount of rent receivable by the company excluding Value Added Tax, and is attributable to the continuing activities of the investment property.
1.4
Investment properties
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.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 6
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment properties
The investment properties are held at valuation which the directors reassess at each year end for any changes in value, guided by an external valuation obtained from an external firm of professional valuers.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 1 April 2023
3,300,000
Additions
300,000
Disposals
(3,600,000)
At 31 March 2024
The freehold investment property was disposed of during the year.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,870
Amounts due from group undertakings
638,043
Other debtors
1,020,898
1,020,898
649,913
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,365
Amounts owed to group undertakings
711,600
Corporation tax
614,586
Other taxation and social security
13,314
Other creditors
401,585
-
Accruals and deferred income
4,750
46,710
1,020,921
783,989
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
-
618,351
2024
Movements in the year:
£
Liability at 1 April 2023
618,351
Credit to profit or loss
(618,351)
Liability at 31 March 2024
-
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
G1 PropCo Ltd
G1 Propco Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
9
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
Within one year
184,168
Between two and five years
736,672
In over five years
5,525,040
6,445,880
10
Related party transactions
At the previous balance sheet date the investment property in the company was being held as security for a loan drawn down by a group company. In May 2023 G1 Propco Ltd was released from this charge and in August 2023 this company left the group but remains under the same ultimate control.
At the balance sheet an amount of £342,000 (2023: £nil) was owed to connected companies and £1,020,000 (2023: £nil) was due from connected companies.
11
Parent company
The parent company is Z Hotels Strand Limited, a company with the same registered office as G1 Propco Ltd. There is no single controlling party.