GGC Securities Ltd Accounts Cover |
Company No. 09088764 | |||||||||
GGC Securities Ltd Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Directors' Report | 3 | ||||||||
Auditor's Report | 4 to 7 | ||||||||
Profit and Loss Account | 8 | ||||||||
Statement of Comprehensive Income | 9 | ||||||||
Balance Sheet | 10 | ||||||||
Statement of Changes in Equity | 11 | ||||||||
Notes to the Accounts | 12 to 16 | ||||||||
GGC Securities Ltd Company Information |
Directors | |||||||||
Registered Office | |||||||||
Senior statutory auditor | |||||||||
Gordon Levy BA, FCA | |||||||||
Auditors | |||||||||
Gordon Levy Limited | |||||||||
Suite 5, 4th floor | |||||||||
3 Universal Square | |||||||||
Devonshire Street North | |||||||||
Manchester | |||||||||
M12 6JH | |||||||||
Accountants | |||||||||
2nd Floor | |||||||||
201 Haverstock Hill | |||||||||
London, NW3 4QG | |||||||||
NW3 4QG |
GGC Securities Ltd Directors Report |
The Directors present their report and the accounts for the year ended 31 December 2024. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Statement of directors' responsibilities | |||||||||
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations. | |||||||||
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: | |||||||||
* | select suitable accounting policies and then apply them consistently; | ||||||||
* | make judgments and estimates that are reasonable and prudent; | ||||||||
* | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||||
The directors are responsible for keeping adequate accounting records that show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||||
Auditors | |||||||||
The auditors, Gordon Levy Limited, are deemed to be reappointed under Section 487(2) of the Companies Act 2006. | |||||||||
Statement of disclosure of information to auditor | |||||||||
Signed on behalf of the board | |||||||||
M.J. Eman | |||||||||
Director | |||||||||
27 March 2025 |
GGC Securities Ltd Audit Report Unqualified |
Independent Auditor's Report to the members of GGC Securities Ltd | |||||||||
Opinion | |||||||||
We have audited the accounts of GGC Securities Ltd (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | |||||||||
In our opinion the accounts: | |||||||||
for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. | |||||||||
Basis for opinion | |||||||||
We conducted our audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 1 to the accounts, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | |||||||||
Conclusions relating to going concern | |||||||||
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. | |||||||||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. | |||||||||
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report. | |||||||||
Other information | |||||||||
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements , we are required to determine whether this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | |||||||||
We have nothing to report in this regard. | |||||||||
Opinion on other matters prescribed by the Companies Act 2006 | |||||||||
In our opinion, based upon the work undertaken in the course of the audit: | |||||||||
• the information given in the directors' report for the financial year for which the accounts are prepared is consistent with the accounts, | |||||||||
• the directors' report has been prepared in accordance with applicable legal requirements, and | |||||||||
• the comparative figures were not audited. | |||||||||
Matters on which we are required to report by exception | |||||||||
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. | |||||||||
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |||||||||
• the accounts are not in agreement with the accounting records and returns; or | |||||||||
• certain disclosures of directors’ remuneration specified by law are not made; or | |||||||||
• we have not received all the information and explanations we require for our audit; or | |||||||||
• the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report. | |||||||||
Responsibilities of directors | |||||||||
In preparing the accounts, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | |||||||||
Auditor's responsibilities for the audit of the accounts | |||||||||
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. | |||||||||
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: | |||||||||
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism through the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement, resulting from fraud is higher than for on resulting for error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors' use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. We have used professional scepticism throughout the audit and no evidence of fraud was found. | |||||||||
A further description of our responsibilities for the audit of the accounts is located on the FRC's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | |||||||||
Use of this report | |||||||||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | |||||||||
Senior Statutory Auditor | |||||||||
For and on behalf of Gordon Levy Limited | |||||||||
For and on behalf of Gordon Levy Limited | |||||||||
Statutory Auditors | |||||||||
Suite 5, 4th floor, | |||||||||
3 Universal Square | |||||||||
Devonshire Street North | |||||||||
Manchester | |||||||||
M12 6JH | |||||||||
GGC Securities Ltd Profit and Loss Account |
for the year ended 31 December 2024 | ||||||||||
2024 | 2023 | |||||||||
(unaudited) | ||||||||||
£ | £ | |||||||||
Turnover | ||||||||||
Cost of Sales | ( | ( | ||||||||
Gross profit | ||||||||||
Administrative expenses | ( | ( | ||||||||
Operating profit/(loss) | ( | |||||||||
Other interest receivable | ||||||||||
Interest payable and similar charges | ( | |||||||||
Profit/(Loss) on ordinary activities before taxation | ( | |||||||||
Taxation | ( | |||||||||
Profit/(Loss) for the financial year after taxation | ( | |||||||||
GGC Securities Ltd Statement of Comprehensive Income |
STATEMENT OF COMPREHENSIVE INCOME | ||||||||||
for the year ended 31 December 2024 | ||||||||||
2024 | 2023 | |||||||||
(unaudited) | ||||||||||
£ | £ | |||||||||
Profit/(Loss) for the financial year after taxation | ( | |||||||||
Total comprehensive income for the period | ( | |||||||||
GGC Securities Ltd Balance Sheet |
at | ||||||||||
Company No. | Notes | 2024 | 2023 | |||||||
(unaudited) | ||||||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 6 | |||||||||
Current assets | ||||||||||
Debtors | 7 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 8 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Profit and loss account | 11 | |||||||||
Total equity | ||||||||||
Approved by the board on 27 March 2025 and signed on its behalf by: | ||||||||||
M.J. Eman | ||||||||||
Director | ||||||||||
27 March 2025 |
GGC Securities Ltd Statement of Changes in Equity |
for the year ended 31 December 2024 | ||||||||||||
Share Capital | Retained earnings | Total equity | ||||||||||
£ | £ | £ | ||||||||||
At 1 January 2023 | 75,000 | 43,712 | 118,712 | |||||||||
Loss for the period | ( | (17,199) | ||||||||||
At 31 December 2023 and 1 January 2024 | ||||||||||||
Profit for the period | ||||||||||||
At 31 December 2024 | ||||||||||||
GGC Securities Ltd Notes to the Accounts |
for the year ended 31 December 2024 | ||||||||||||||||
1 | General information | |||||||||||||||
GGC Securities Ltd is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: 09088764 | ||||||||||||||||
Its registered office is: | ||||||||||||||||
Going concern | ||||||||||||||||
2 | Accounting policies |
Turnover | ||||||||||||||||
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method. | ||||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||||
Furniture, fittings and equipment | ||||||||||||||||
Taxation | ||||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Foreign currencies | ||||||||||||||||
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. | ||||||||||||||||
Financial instruments | ||||||||||||||||
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. | ||||||||||||||||
Operating leases: as lessee | ||||||||||||||||
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. | ||||||||||||||||
Interest payable and similar expenses | ||||||||||||||||
Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. | ||||||||||||||||
Defined contribution pensions | ||||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||||
3 | Operating profit | |||||||||||||||
2024 | 2023 | |||||||||||||||
(unaudited) | ||||||||||||||||
£ | £ | |||||||||||||||
Operating profit is stated after charging: | ||||||||||||||||
Depreciation | 7,759 | 312 | ||||||||||||||
Directors remuneration | 110,930 | 68,430 | ||||||||||||||
4 | Taxation | |||||||||||||||
2024 | 2023 | |||||||||||||||
(unaudited) | ||||||||||||||||
£ | £ | |||||||||||||||
Domestic current year tax | ||||||||||||||||
U.K. corporation tax | 365,641 | - | ||||||||||||||
Current tax charge | 365,641 | - | ||||||||||||||
5 | Employees | |||||||||||||||
2024 | 2023 | |||||||||||||||
(unaudited) | ||||||||||||||||
Number | Number | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||||
6 | Tangible fixed assets | |||||||||||||||
Leasehold improvements | Plant and machinery | Fixtures, fittings and equipment | Total | |||||||||||||
£ | £ | £ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||||
At 1 January 2024 | ||||||||||||||||
Additions | ||||||||||||||||
At 31 December 2024 | ||||||||||||||||
Depreciation | ||||||||||||||||
At 1 January 2024 | ||||||||||||||||
Charge for the year | ||||||||||||||||
At 31 December 2024 | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 December 2024 | ||||||||||||||||
At 31 December 2023 | - | 1,339 | - | |||||||||||||
7 | Debtors | |||||||||||||||
2024 | 2023 | |||||||||||||||
(unaudited) | ||||||||||||||||
£ | £ | |||||||||||||||
Trade debtors | ||||||||||||||||
Group undertakings | ||||||||||||||||
Prepayments and accrued income | ||||||||||||||||
8 | Creditors: | |||||||||||||||
amounts falling due within one year | ||||||||||||||||
2024 | 2023 | |||||||||||||||
(unaudited) | ||||||||||||||||
£ | £ | |||||||||||||||
Trade creditors | ||||||||||||||||
Amounts owed to group undertakings | ||||||||||||||||
Taxes and social security | ||||||||||||||||
Other creditors | ||||||||||||||||
Accruals and deferred income | ||||||||||||||||
9 | Leasing agreements | |||||||||||||||
Minimum lease payments fall as follows: | ||||||||||||||||
Non-cancellable operating leases | ||||||||||||||||
2024 | 2023 | |||||||||||||||
(unaudited) | ||||||||||||||||
£ | £ | |||||||||||||||
Within one year | 265,902 | - | ||||||||||||||
Between one and five years | 873,470 | - | ||||||||||||||
10 | Share Capital | |||||||||||||||
11 | Reserves | |||||||||||||||
12 | Related party disclosures | |||||||||||||||
Transactions with related parties | ||||||||||||||||
Parent Company | ||||||||||||||||
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member: | ||||||||||||||||
Dorot Capital Limited | ||||||||||||||||
The parent's registered office address is: | ||||||||||||||||
17 Grosvenor Street | ||||||||||||||||
Mayfair | ||||||||||||||||
London | ||||||||||||||||
United Kingdom | ||||||||||||||||
W1K 4QG | ||||||||||||||||