0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 68,102 68,102 68,102 xbrli:pure xbrli:shares iso4217:GBP 03074182 2023-07-01 2024-06-30 03074182 2024-06-30 03074182 2023-06-30 03074182 2022-07-01 2023-06-30 03074182 2023-06-30 03074182 2022-06-30 03074182 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 03074182 bus:Director9 2023-07-01 2024-06-30 03074182 core:WithinOneYear 2024-06-30 03074182 core:WithinOneYear 2023-06-30 03074182 core:ShareCapital 2024-06-30 03074182 core:ShareCapital 2023-06-30 03074182 core:SharePremium 2024-06-30 03074182 core:SharePremium 2023-06-30 03074182 core:RetainedEarningsAccumulatedLosses 2024-06-30 03074182 core:RetainedEarningsAccumulatedLosses 2023-06-30 03074182 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 03074182 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 03074182 bus:SmallEntities 2023-07-01 2024-06-30 03074182 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03074182 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03074182 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03074182 bus:FullAccounts 2023-07-01 2024-06-30 03074182 bus:OrdinaryShareClass1 2024-06-30 03074182 bus:OrdinaryShareClass1 2023-06-30
COMPANY REGISTRATION NUMBER: 03074182
Gipsy Lane Freehold Limited
Filleted Unaudited Financial Statements
30 June 2024
Gipsy Lane Freehold Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
68,102
68,102
Current assets
Debtors
5
22,495
20,980
Cash at bank and in hand
108,617
105,822
---------
---------
131,112
126,802
Creditors: amounts falling due within one year
6
79,494
76,420
---------
---------
Net current assets
51,618
50,382
---------
---------
Total assets less current liabilities
119,720
118,484
---------
---------
Capital and reserves
Called up share capital
7
24,383
24,383
Share premium account
61,109
61,109
Profit and loss account
34,228
32,992
---------
---------
Shareholders funds
119,720
118,484
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gipsy Lane Freehold Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
I D Cuthbertson
Director
Company registration number: 03074182
Gipsy Lane Freehold Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Compton Road, London, SW19 7QA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Rent receivable is measured at the fair value of the consideration received or receivable and represents amounts receivable for ground rents and rents for car parking spaces. Amounts received for lease extensions are included in the accounts when the lease extension is completed.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Freehold property
£
Cost
At 1 July 2023 and 30 June 2024
68,102
--------
Depreciation
At 1 July 2023 and 30 June 2024
--------
Carrying amount
At 30 June 2024
68,102
--------
At 30 June 2023
68,102
--------
5. Debtors
2024
2023
£
£
Trade debtors
18,399
17,187
Other debtors
4,096
3,793
--------
--------
22,495
20,980
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
286
1,445
Other creditors
79,208
74,975
--------
--------
79,494
76,420
--------
--------
7. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.25 each
110,000
27,500
110,000
27,500
---------
--------
---------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.25 each
97,533
24,383
97,533
24,383
--------
--------
--------
--------