Company registration number 03610632 (England and Wales)
G.S. PROPERTY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
G.S. PROPERTY DEVELOPMENTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
G.S. PROPERTY DEVELOPMENTS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P. Spokes
Mr S. Spokes
Mr G. Spokes
Secretary
Mrs V. Spokes
Company number
03610632
Registered office
29 Little Heath Road
Tilehurst
Reading
Berkshire
RG31 5TY
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
G.S. PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,696
14,899
Investments
3
10
10
11,706
14,909
Current assets
Stocks
522,380
963,547
Debtors
5
194,352
68,708
Cash at bank and in hand
1,378,868
534,134
2,095,600
1,566,389
Creditors: amounts falling due within one year
7
(1,289,108)
(935,812)
Net current assets
806,492
630,577
Total assets less current liabilities
818,198
645,486
Creditors: amounts falling due after more than one year
6
(8,093)
(18,095)
Provisions for liabilities
8
(2,894)
8,733
Net assets
807,211
636,124
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
807,111
636,024
Total equity
807,211
636,124
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
G.S. PROPERTY DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 3 -
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
Mr S. Spokes
Director
Company Registration No. 03610632
The notes on pages 4 to 10 form part of these financial statements
G.S. PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
G.S. Property Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 Little Heath Road, Tilehurst, Reading, Berkshire, RG31 5TY.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
G.S. PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
G.S. PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditorsthat are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
G.S. PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
G.S. PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
10
10
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2023 & 31 August 2024
10
Carrying amount
At 31 August 2024
10
At 31 August 2023
10
4
Tangible fixed assets
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
24,786
14,724
46,124
85,634
Additions
1,058
836
1,894
At 31 August 2024
25,844
15,560
46,124
87,528
Depreciation and impairment
At 1 September 2023
19,062
8,665
43,008
70,735
Depreciation charged in the year
1,017
3,301
779
5,097
At 31 August 2024
20,079
11,966
43,787
75,832
Carrying amount
At 31 August 2024
5,765
3,594
2,337
11,696
At 31 August 2023
5,725
6,059
3,115
14,899
G.S. PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
174,156
44,403
Corporation tax recoverable
45
Other debtors
10,083
19,244
Prepayments and accrued income
10,113
5,016
194,352
68,708
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8,093
18,095
7
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
202,824
73,842
Corporation tax
114,394
Other taxation and social security
27,300
6,778
Other creditors
818,962
784,841
Accruals and deferred income
115,628
60,351
1,289,108
935,812
G.S. PROPERTY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,924
3,725
Tax losses
-
(12,428)
Retirement benefit obligations
(30)
(30)
2,894
(8,733)
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
29 Ordinary shares of £1 each
29
29
10 Ordinary A shares of £1 each
10
10
10 Ordinary B shares of £1 each
10
10
51 Ordinary C shares of £1 each
51
51
100
100
10
Ultimate Controlling Party
The company was under the control of its directors throughout the current and previous year by virtue of their shareholding in the parent company GSP Southern Holdings Limited.
2024-08-312023-09-01falsefalsefalse12 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr P. SpokesMr S. SpokesMr G. SpokesMrs V. Spokes036106322023-09-012024-08-3103610632bus:Director12023-09-012024-08-3103610632bus:Director22023-09-012024-08-3103610632bus:Director32023-09-012024-08-3103610632bus:CompanySecretary12023-09-012024-08-3103610632bus:RegisteredOffice2023-09-012024-08-31036106322024-08-31036106322023-08-3103610632core:PlantMachinery2024-08-3103610632core:ComputerEquipment2024-08-3103610632core:MotorVehicles2024-08-3103610632core:PlantMachinery2023-08-3103610632core:ComputerEquipment2023-08-3103610632core:MotorVehicles2023-08-3103610632core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3103610632core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3103610632core:CurrentFinancialInstruments2024-08-3103610632core:CurrentFinancialInstruments2023-08-3103610632core:Non-currentFinancialInstruments2024-08-3103610632core:Non-currentFinancialInstruments2023-08-3103610632core:ShareCapital2024-08-3103610632core:ShareCapital2023-08-3103610632core:RetainedEarningsAccumulatedLosses2024-08-3103610632core:RetainedEarningsAccumulatedLosses2023-08-3103610632core:ShareCapitalOrdinaryShareClass12024-08-3103610632core:ShareCapitalOrdinaryShareClass12023-08-3103610632core:ShareCapitalOrdinaryShareClass22024-08-3103610632core:ShareCapitalOrdinaryShareClass22023-08-3103610632core:ShareCapitalOrdinaryShareClass32024-08-3103610632core:ShareCapitalOrdinaryShareClass32023-08-3103610632core:ShareCapitalOrdinaryShareClass42024-08-3103610632core:ShareCapitalOrdinaryShareClass42023-08-3103610632core:ShareCapitalOrdinaryShares2024-08-3103610632core:ShareCapitalOrdinaryShares2023-08-3103610632core:PlantMachinery2023-09-012024-08-3103610632core:ComputerEquipment2023-09-012024-08-3103610632core:MotorVehicles2023-09-012024-08-31036106322022-09-012023-08-3103610632core:PlantMachinery2023-08-3103610632core:ComputerEquipment2023-08-3103610632core:MotorVehicles2023-08-31036106322023-08-3103610632bus:OrdinaryShareClass12024-08-3103610632bus:OrdinaryShareClass22024-08-3103610632bus:OrdinaryShareClass32024-08-3103610632bus:OrdinaryShareClass42024-08-3103610632bus:OrdinaryShareClass12023-09-012024-08-3103610632bus:OrdinaryShareClass22023-09-012024-08-3103610632bus:OrdinaryShareClass32023-09-012024-08-3103610632bus:OrdinaryShareClass42023-09-012024-08-3103610632bus:PrivateLimitedCompanyLtd2023-09-012024-08-3103610632bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3103610632bus:FRS1022023-09-012024-08-3103610632bus:AuditExemptWithAccountantsReport2023-09-012024-08-3103610632bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP