Company registration number 12356672 (England and Wales)
GILES DAVIES PROPERTIES LTD
Unaudited Financial Statements
for the Year Ended 31 July 2024
GILES DAVIES PROPERTIES LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
225,000
225,000
Current assets
Debtors
4
83
2,697
Cash at bank and in hand
16,625
11,890
16,708
14,587
Creditors: amounts falling due within one year
5
(30,116)
(28,073)
Net current liabilities
(13,408)
(13,486)
Total assets less current liabilities
211,592
211,514
Creditors: amounts falling due after more than one year
6
(147,393)
(147,393)
Net assets
64,199
64,121
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
64,198
64,120
Total equity
64,199
64,121
GILES DAVIES PROPERTIES LTD
BALANCE SHEET
- 2 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
Mr H Davies
Director
Company registration number 12356672 (England and Wales)
GILES DAVIES PROPERTIES LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 3 -
1
Accounting policies
Company information
Giles Davies Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Norwich House, 1 & 2 Gold Tops, Newport, UK, NP20 4PG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover 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.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
GILES DAVIES PROPERTIES LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
1
Accounting policies
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
225,000
Investment property comprises of the property at 13 Heol Pantycelyn. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 25 August 2021 by Allied Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
83
2,697
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,857
4,857
Other creditors
25,259
23,216
30,116
28,073
GILES DAVIES PROPERTIES LTD
Notes to the Financial Statements
For the Year Ended 31 July 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
147,393
147,393
7
Loans and overdrafts
2024
2023
£
£
Bank loans
152,250
152,250
Payable within one year
4,857
4,857
Payable after one year
147,393
147,393
Mortgage
Interest-only mortgage with Landbay Partners is denominated in GBP with a nominal interest rate of 3.19% and the final instalment is due on 23 November 2046. The carrying amount at year end is £152,250.