Company registration number 12749991 (England and Wales)
G&Q INVESTMENTS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
G&Q INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
G&Q INVESTMENTS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
438,036
770,879
Current assets
Debtors
4
20,324
22,008
Cash at bank and in hand
57,186
20,916
77,510
42,924
Creditors: amounts falling due within one year
5
(243,461)
(558,746)
Net current liabilities
(165,951)
(515,822)
Total assets less current liabilities
272,085
255,057
Creditors: amounts falling due after more than one year
6
(211,647)
(196,114)
Net assets
60,438
58,943
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
60,338
58,843
Total equity
60,438
58,943
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 30 September 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 members have 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.
The financial statements were approved by the board of directors and authorised for issue on 12 March 2025 and are signed on its behalf by:
Mr B Gallagher
Director
Company registration number 12749991 (England and Wales)
G&Q INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
G&Q Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 59-61 High Street, Southend-On-Sea, Essex, SS1 1HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.4
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.
G&Q INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.5
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 October 2023
770,879
Disposals
(332,843)
At 30 September 2024
438,036
The fair value of the investment property has been arrived at on the basis of valuation carried out at 30 September 2024 by the directors. The valuation was made on the open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,012
21,134
Other debtors
2,312
874
20,324
22,008
G&Q INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,939
24,735
Trade creditors
2,605
(1,320)
Corporation tax
415
2,996
Other taxation and social security
2,034
4,412
Other creditors
233,468
527,923
243,461
558,746
Included within Bank loans above is a mortgage balance of £4,939 (2023 - £24,735) which is secured against the investment properties, due within one year.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
211,647
196,114
Included within Bank loans above is a mortgage balance of £211,647 (2023 - £196,114) which is secured against the investment properties, due within two to five years.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
185,577
97,171
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
8
Related party transactions
At the year end, a balance of £211,374 (2023 - £505,950) is included within other creditors; amounts falling due within one year to a company under common control.
At the year end, a balance of £20,000 (2023 - £20,000) is included within other creditors; amounts falling due within one year to a company under common control.
G&Q INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors' as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors' Loan
-
-
339
339
-
339
339