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Registration number: 04129924

GEJ Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

GEJ Property Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

GEJ Property Limited

Company Information

Directors

Mrs S Lifely

Mr N Lifely

Company secretary

Mr N Lifely

Registered office

Corn Shed
Lower Farm
Tibberton
Gloucester
Gloucestershire
GL19 3AQ

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol BS35 2BS

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GEJ Property Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GEJ Property Limited for the year ended 31 December 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of GEJ Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GEJ Property Limited and state those matters that we have agreed to state to the Board of Directors of GEJ Property Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GEJ Property Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GEJ Property Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GEJ Property Limited. You consider that GEJ Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GEJ Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol BS35 2BS

31 March 2025

 

GEJ Property Limited

(Registration number: 04129924)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

54,684

53,072

Investment property

5

2,329,223

2,211,959

 

2,383,907

2,265,031

Current assets

 

Cash at bank and in hand

 

21,002

15,307

Creditors: Amounts falling due within one year

6

(150,914)

(472,184)

Net current liabilities

 

(129,912)

(456,877)

Net assets

 

2,253,995

1,808,154

Capital and reserves

 

Called up share capital

1,300

1,300

Retained earnings

2,252,695

1,806,854

Shareholders' funds

 

2,253,995

1,808,154

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

 

GEJ Property Limited

(Registration number: 04129924)
Balance Sheet as at 31 December 2024

.........................................
Mrs S Lifely
Director

.........................................
Mr N Lifely
Director

 

GEJ Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Corn Shed
Lower Farm
Tibberton
Gloucester
Gloucestershire
GL19 3AQ

These financial statements were authorised for issue by the Board on 31 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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 revenue when:
The amount of revenue 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.

 

GEJ Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% reducing balance

Freehold Property

Not depreciated

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initiially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measuread at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GEJ Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 0).

 

GEJ Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

45,660

23,079

549

69,288

Additions

-

2,402

2,200

4,602

At 31 December 2024

45,660

25,481

2,749

73,890

Depreciation

At 1 January 2024

-

15,763

453

16,216

Charge for the year

-

2,416

574

2,990

At 31 December 2024

-

18,179

1,027

19,206

Carrying amount

At 31 December 2024

45,660

7,302

1,722

54,684

At 31 December 2023

45,660

7,316

96

53,072

Included within the net book value of land and buildings above is £45,660 (2023 - £45,660) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 January

2,211,959

Additions

117,264

At 31 December

2,329,223

The Directors of the company consider that the fair value of the investement properties are not materially different from their cost.

There has been no valuation of investment property by an independent valuer.

 

GEJ Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

149,076

36,423

Accruals and deferred income

900

900

Other creditors

938

434,861

150,914

472,184

Creditors: amounts falling due after more than one year

2024
£

2023
£

7

Related party transactions

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Loan to company

(434,311)

569,625

(135,702)

(387)

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Loan to company

(590,014)

155,704

(434,311)