Registered number
04018896
G & S Property Limited
Filleted Accounts
30 June 2024
G & S Property Limited
Registered number: 04018896
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 549,933 550,176
Current assets
Debtors 4 32,165 17,548
Cash at bank and in hand 17,915 9,911
50,080 27,459
Creditors: amounts falling due within one year 5 (32,901) (215,931)
Net current assets/(liabilities) 17,179 (188,472)
Total assets less current liabilities 567,112 361,704
Creditors: amounts falling due after more than one year 6 (297,816) (82,936)
Net assets 269,296 278,768
Capital and reserves
Called up share capital 2 2
Profit and loss account 269,294 278,766
Shareholders' funds 269,296 278,768
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Mulhall
Director
Approved by the board on 4 March 2025
G & S Property Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 548,927 4,913 553,840
Additions - - -
At 30 June 2024 548,927 4,913 553,840
Depreciation
At 1 July 2023 - 3,664 3,664
Charge for the year - 243 243
At 30 June 2024 - 3,907 3,907
Net book value
At 30 June 2024 548,927 1,006 549,933
At 30 June 2023 548,927 1,249 550,176
4 Debtors 2024 2023
£ £
Trade debtors 15,537 15,537
Other debtors 16,628 2,011
32,165 17,548
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,076 10,045
Trade creditors - 2,366
Taxation and social security costs - 2,501
Other creditors 27,825 201,019
32,901 215,931
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 297,816 82,936
7 Other information
G & S Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7 129 Western Road
Hockley
Birmingham
B18 7QD
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