Registration number:
G&T Plymouth Properties Ltd
for the Period from 21 March 2023 to 31 March 2024
G&T Plymouth Properties Ltd
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
G&T Plymouth Properties Ltd
(Registration number: 14744201)
Statement of Financial Position as at 31 March 2024
Note |
2024 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
20 |
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Profit and loss account |
77,273 |
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Shareholders' funds |
77,293 |
For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
G&T Plymouth Properties Ltd
(Registration number: 14744201)
Statement of Financial Position as at 31 March 2024 (continued)
Approved and authorised by the
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G&T Plymouth Properties Ltd
Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of property letting.
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.
The financial statements are prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Going concern
The financial statements have been prepared on a going concern basis. The directors are of the opinion the company is a going concern with their continued support.
G&T Plymouth Properties Ltd
Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)
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Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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 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.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture & fittings |
25% reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
G&T Plymouth Properties Ltd
Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)
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Accounting policies (continued) |
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 statement of comprehensive income 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.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
G&T Plymouth Properties Ltd
Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)
Tangible assets |
Furniture and fittings |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2024 |
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Depreciation |
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Charge for the period |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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Investment properties |
2024 |
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Additions |
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Fair value adjustments |
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At 31 March |
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The properties have been valued by the directors at 31 March 2024.
There has been no valuation of investment property by an independent valuer.
Debtors |
2024 |
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Prepayments |
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G&T Plymouth Properties Ltd
Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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The loans are secured by fixed and floating charges on the assets of the company.
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses. Included within this figure are undistributable reserves of £241,745.
Loans and borrowings |
Current loans and borrowings
2024 |
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Bank borrowings |
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Bank overdrafts |
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The loans are secured by fixed and floating charges on the assets of the company.
G&T Plymouth Properties Ltd
Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)
Related party transactions |
Transactions with directors |
During the year the directors entered into the following advances and credits with the company:
2024 |
At 21 March 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Directors |
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( |
( |