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REGISTERED NUMBER: 03159616 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

GCN PROPERTIES LIMITED

GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 4 16,073 20,091
Investments 5 200,000 200,000
Investment property 6 12,774,726 12,624,726
12,990,799 12,844,817

CURRENT ASSETS
Debtors 7 220,817 211,315
Cash at bank 928 1,616
221,745 212,931
CREDITORS
Amounts falling due within one year 8 658,619 640,749
NET CURRENT LIABILITIES (436,874 ) (427,818 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,553,925

12,416,999

CREDITORS
Amounts falling due after more than one
year

9

(3,264,000

)

(3,264,000

)

PROVISIONS FOR LIABILITIES 11 (2,048,131 ) (2,010,631 )
NET ASSETS 7,241,794 7,142,368

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Capital redemption reserve 1,000 1,000
Fair value reserve 12 7,183,329 7,070,829
Retained earnings 55,465 68,539
SHAREHOLDERS' FUNDS 7,241,794 7,142,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





Mr G Charalambous - Director


GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

GCN Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03159616

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in relation to the carrying value of the investment property.

Revenue
Revenue represents the value of rents receivable in respect of the company's investment property.

Revenue is recognised evenly over the period of the rental agreement.

Property, plant & equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 20% on reducing balance
Motor vehicle - 20% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investments in associates
Investments in associate undertakings are recognised at cost.

GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property, which is property held to earn rentals, 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 date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 62,888 7,809 70,697
DEPRECIATION
At 1 July 2023 50,606 - 50,606
Charge for year 2,456 1,562 4,018
At 30 June 2024 53,062 1,562 54,624
NET BOOK VALUE
At 30 June 2024 9,826 6,247 16,073
At 30 June 2023 12,282 7,809 20,091

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 July 2023
and 30 June 2024 200,000
NET BOOK VALUE
At 30 June 2024 200,000
At 30 June 2023 200,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 12,624,726
Revaluations 150,000
At 30 June 2024 12,774,726
NET BOOK VALUE
At 30 June 2024 12,774,726
At 30 June 2023 12,624,726

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2021 9,081,461
Valuation in 2024 150,000
Cost 3,543,265
12,774,726

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,543,266 3,543,266

Investment property was valued on an open market basis on 30 June 2024 by the directors of the company .

GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 220,817 211,315

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 601,343 600,161
Trade creditors 14,219 3,036
Taxation and social security 775 200
Other creditors 42,282 37,352
658,619 640,749

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 3,264,000 3,264,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,865,343 3,864,161

Bank loans are secured by way of fixed and floating charge on the properties of the company and contain a negative pledge.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 37,500 -
Deferred tax 2,010,631 2,010,631
2,048,131 2,010,631

Deferred
tax
£   
Balance at 1 July 2023 2,010,631
Provided during year 37,500
Balance at 30 June 2024 2,048,131

12. RESERVES
Fair
value
reserve
£   
At 1 July 2023 7,070,829
Fair value reserve 112,500

At 30 June 2024 7,183,329

GCN PROPERTIES LIMITED (REGISTERED NUMBER: 03159616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. RELATED PARTY DISCLOSURES

Included in other debtors falling due within one year is an amount of £200,000 (2023: £200,000) due from a connected company with common control.The amount is interest-free and recoverable on demand.

Also included in other debtors less than one year is an amount of £9,771 (2023: Nil) due from the directors of the company.The balance was repaid on 31 March 2025.

Included in other creditors less than one year is an amount of £22,964 (2023: £19,189) to a connected company under common control. The loan is interest-free and repayable on demand.