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COMPANY REGISTRATION NUMBER: 12845941
GGG Invest Limited
Filleted Unaudited Financial Statements
30 June 2024
GGG Invest Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
GGG Invest Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
14,377
4,375
Tangible assets
6
1,040,153
602,595
Investments
7
1
1
------------
---------
1,054,531
606,971
Current assets
Debtors
8
497,789
129,633
Cash at bank and in hand
11,460
36,735
---------
---------
509,249
166,368
Creditors: amounts falling due within one year
9
1,635,387
752,628
------------
---------
Net current liabilities
1,126,138
586,260
------------
---------
Total assets less current liabilities
( 71,607)
20,711
Creditors: amounts falling due after more than one year
10
8,567
Provisions
16,166
16,166
--------
--------
Net (liabilities)/assets
( 96,340)
4,545
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 96,342)
4,543
--------
-------
Shareholders (deficit)/funds
( 96,340)
4,545
--------
-------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GGG Invest Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
Mr K R Gorman
Director
Company registration number: 12845941
GGG Invest 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 Haffenden Farm, Bugglesden Road, St. Michaels, Tenterden, TN30 6TG, United Kingdom.
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.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
15% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2023
5,000
Additions
12,650
--------
At 30 June 2024
17,650
--------
Amortisation
At 1 July 2023
625
Charge for the year
2,648
--------
At 30 June 2024
3,273
--------
Carrying amount
At 30 June 2024
14,377
--------
At 30 June 2023
4,375
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
504,752
101,534
4,944
611,230
Additions
434,165
12,850
4,348
3,281
454,644
---------
---------
-------
-------
------------
At 30 June 2024
938,917
114,384
9,292
3,281
1,065,874
---------
---------
-------
-------
------------
Depreciation
At 1 July 2023
7,747
888
8,635
Charge for the year
15,501
1,166
419
17,086
---------
---------
-------
-------
------------
At 30 June 2024
23,248
2,054
419
25,721
---------
---------
-------
-------
------------
Carrying amount
At 30 June 2024
938,917
91,136
7,238
2,862
1,040,153
---------
---------
-------
-------
------------
At 30 June 2023
504,752
93,787
4,056
602,595
---------
---------
-------
-------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
1
----
Impairment
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 30 June 2024
1
----
At 30 June 2023
1
----
8. Debtors
2024
2023
£
£
Trade debtors
2,213
Amounts owed by group undertakings and undertakings in which the company has a participating interest
451,979
64,659
Other debtors
43,597
64,974
---------
---------
497,789
129,633
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,251
39,174
Social security and other taxes
3,360
Other creditors
1,606,136
710,094
------------
---------
1,635,387
752,628
------------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
8,567
-------
----
11. Related party transactions
At the year end, the company owed £4,885 (2023: £4,835) to the Directors. At the year end, the company owed £1,567,947 (2023: £659,058) to companies related by common control. At the year end, the company was owed £451,979 (2023: £64,659) by a group company.