G&T Plymouth Properties Ltd 14744201 false 2023-03-21 2024-03-31 2024-03-31 The principal activity of the company is that of property letting. Digita Accounts Production Advanced 6.30.9574.0 true true 14744201 2023-03-21 2024-03-31 14744201 2024-03-31 14744201 core:CurrentFinancialInstruments 2024-03-31 14744201 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14744201 core:FurnitureFittings 2024-03-31 14744201 1 2024-03-31 14744201 bus:SmallEntities 2023-03-21 2024-03-31 14744201 bus:AuditExemptWithAccountantsReport 2023-03-21 2024-03-31 14744201 bus:FilletedAccounts 2023-03-21 2024-03-31 14744201 bus:SmallCompaniesRegimeForAccounts 2023-03-21 2024-03-31 14744201 bus:RegisteredOffice 2023-03-21 2024-03-31 14744201 bus:Director1 2023-03-21 2024-03-31 14744201 bus:PrivateLimitedCompanyLtd 2023-03-21 2024-03-31 14744201 core:FurnitureFittings 2023-03-21 2024-03-31 14744201 countries:AllCountries 2023-03-21 2024-03-31 14744201 1 2023-03-21 2024-03-31 14744201 1 2023-03-20 iso4217:GBP xbrli:pure

Registration number: 14744201

G&T Plymouth Properties Ltd

Unaudited Filleted Financial Statements

for the Period from 21 March 2023 to 31 March 2024

 

G&T Plymouth Properties Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

G&T Plymouth Properties Ltd

(Registration number: 14744201)
Statement of Financial Position as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

11,434

Investment property

5

817,392

 

828,826

Current assets

 

Debtors

6

13,515

Cash at bank and in hand

 

2,088

 

15,603

Creditors: Amounts falling due within one year

7

(741,378)

Net current liabilities

 

(725,775)

Total assets less current liabilities

 

103,051

Provisions for liabilities

(25,758)

Net assets

 

77,293

Capital and reserves

 

Called up share capital

20

Profit and loss account

77,273

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 21 March 2025 and signed on its behalf by:
 


Mr T Deacon
Director

 

G&T Plymouth Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Reservoir Road
Plymstock
Plymouth
Devon
PL9 8JR

Principal activity

The principal activity of the company is that of property letting.

2

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)

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors or external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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)

2

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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

G&T Plymouth Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

4

Tangible assets

Furniture and fittings
£

Total
£

Cost or valuation

Additions

15,250

15,250

At 31 March 2024

15,250

15,250

Depreciation

Charge for the period

3,816

3,816

At 31 March 2024

3,816

3,816

Carrying amount

At 31 March 2024

11,434

11,434

5

Investment properties

2024
£

Additions

549,888

Fair value adjustments

267,504

At 31 March

817,392

The properties have been valued by the directors at 31 March 2024.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

Prepayments

13,515

13,515

 

G&T Plymouth Properties Ltd

Notes to the Unaudited Financial Statements for the Period from 21 March 2023 to 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

9

554,260

Accruals and deferred income

 

34,520

Other creditors

 

152,598

 

741,378

The loans are secured by fixed and floating charges on the assets of the company.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Included within this figure are undistributable reserves of £241,745.

9

Loans and borrowings

Current loans and borrowings

2024
£

Bank borrowings

535,598

Bank overdrafts

18,662

554,260

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)

10

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

-

40,491

(193,089)

(152,598)