Acorah Software Products - Accounts Production 16.1.300 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 09149830 Gurtej Gill Nasib Gill Gurdeep Gill iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09149830 2023-07-31 09149830 2024-07-31 09149830 2023-08-01 2024-07-31 09149830 frs-core:CurrentFinancialInstruments 2024-07-31 09149830 frs-core:Non-currentFinancialInstruments 2024-07-31 09149830 frs-core:InvestmentPropertyIncludedWithinPPE 2024-07-31 09149830 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09149830 frs-core:RevaluationReserve 2023-08-01 2024-07-31 09149830 frs-core:RevaluationReserve 2024-07-31 09149830 frs-core:ShareCapital 2024-07-31 09149830 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 09149830 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09149830 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 09149830 frs-bus:SmallEntities 2023-08-01 2024-07-31 09149830 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 09149830 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 09149830 frs-bus:Director1 2023-08-01 2024-07-31 09149830 frs-bus:Director2 2023-08-01 2024-07-31 09149830 frs-bus:Director3 2023-08-01 2024-07-31 09149830 frs-countries:EnglandWales 2023-08-01 2024-07-31 09149830 2022-07-31 09149830 2023-07-31 09149830 2022-08-01 2023-07-31 09149830 frs-core:CurrentFinancialInstruments 2023-07-31 09149830 frs-core:Non-currentFinancialInstruments 2023-07-31 09149830 frs-core:RevaluationReserve 2023-07-31 09149830 frs-core:ShareCapital 2023-07-31 09149830 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 09149830
GSG Properties Limited
Financial Statements
For The Year Ended 31 July 2024
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09149830
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 753,571 682,492
753,571 682,492
CURRENT ASSETS
Debtors 5 337,910 338,071
Cash at bank and in hand 18,125 23,339
356,035 361,410
Creditors: Amounts Falling Due Within One Year 6 (656,430 ) (629,084 )
NET CURRENT ASSETS (LIABILITIES) (300,395 ) (267,674 )
TOTAL ASSETS LESS CURRENT LIABILITIES 453,176 414,818
Creditors: Amounts Falling Due After More Than One Year 7 (180,000 ) (265,237 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,676 ) -
NET ASSETS 256,500 149,581
CAPITAL AND RESERVES
Called up share capital 8 500 500
Revaluation reserve 9 50,029 -
Profit and Loss Account 205,971 149,081
SHAREHOLDERS' FUNDS 256,500 149,581
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Nasib Gill
Director
14 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GSG Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09149830 . The registered office is 20 Denbigh Gardens, Southampton, SO16 7PH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold over 50 years
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Investment Property
2024
£
Fair Value
As at 1 August 2023 749,196
Additions 4,375
Depreciation and impairment -
As at 31 July 2024 753,571
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 753,571 749,196
Accumulated depreciation and impairment 81,776 66,705
Carrying amount 671,795 682,491
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,660 1,821
Other debtors 336,250 336,250
337,910 338,071
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other loans 90,000 94,763
Corporation tax 18,992 10,516
Other creditors 57,574 53,574
Accruals and deferred income 40,752 43,410
Directors' loan accounts 449,112 426,821
656,430 629,084
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 180,000 265,237
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 500 500
Page 4
Page 5
9. Reserves
Revaluation Reserve
£
Surplus on revaluation 50,029
As at 31 July 2024 50,029
Page 5