Company registration number 13163920 (England and Wales)
GT PROPERTY (SOUTH) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
GT PROPERTY (SOUTH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GT PROPERTY (SOUTH) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,027,180
1,916,095
Current assets
Debtors
5
191,906
Cash at bank and in hand
46,906
189,896
238,812
189,896
Creditors: amounts falling due within one year
6
(1,170,993)
(1,103,738)
Net current liabilities
(932,181)
(913,842)
Total assets less current liabilities
1,094,999
1,002,253
Creditors: amounts falling due after more than one year
7
(973,985)
(973,622)
Provisions for liabilities
(4,300)
Net assets
116,714
28,631
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
116,614
28,531
Total equity
116,714
28,631
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 23 May 2025 and are signed on its behalf by:
Mr J U Rodgers
Director
Company registration number 13163920 (England and Wales)
GT PROPERTY (SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
GT Property (South) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Business Park, Maydwell Avenue, Slinfold, Horsham, RH13 0AS.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. At the reporting date, the company had a net current liabilities position of £932,181 (2023: £913,842) as a result of significant intercompany liabilities. The directors have confirmed that the company has the continued truesupport of the associated group companies and that the balances will not fall due until the company has sufficient funds to repay them.
At the time of approving the financial statements, the directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of rents receivable.
1.4
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:
Freehold land and buildings
straight line basis over 50 years
Leasehold improvements
straight line basis over 5 years
Plant and equipment
straight line basis over 3 years
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.
Freehold land is not depreciated.
1.5
Cash and cash equivalents
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.
GT PROPERTY (SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that 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.
1.7
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.
1.8
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.
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.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
GT PROPERTY (SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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 considered to be 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful life and residual value of tangible fixed assets
Tangible fixed assets are valued at cost less accumulated depreciation. The depreciation policy applied includes judgements made by the directors about the useful life of assets and their residual values.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 0).
4
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Total
£
£
£
£
Cost
At 1 November 2023
1,978,406
1,978,406
Additions
105,681
43,090
2,932
151,703
At 31 October 2024
2,084,087
43,090
2,932
2,130,109
Depreciation and impairment
At 1 November 2023
62,311
62,311
Depreciation charged in the year
40,201
417
40,618
At 31 October 2024
102,512
417
102,929
Carrying amount
At 31 October 2024
1,981,575
42,673
2,932
2,027,180
At 31 October 2023
1,916,095
1,916,095
GT PROPERTY (SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
160,000
Other debtors
31,906
191,906
Amounts owed by group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current assets reflects the contractual nature of the loans, the company does not seek repayment of these loans until the entities are financially able to do so. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support to the rest of the group.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
59,036
46,696
Trade creditors
5,128
Amounts owed to group undertakings
1,044,387
1,000,097
Taxation and social security
58,442
56,945
Other creditors
4,000
1,170,993
1,103,738
Amounts owed to group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current liabilities reflects the contractual nature of the loans, the entities owed money do not seek repayment of these loans until the company is financially able to do so. This may be more than 12 months from the reporting date, as part of the group's ongoing financial support to the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
973,985
973,622
Included within bank loans in notes 6 and 7 above, is a mortgage secured over the freehold property held by the company.
Also included within bank loans in notes 6 and 7, is a loan secured over the assets of the company.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
GT PROPERTY (SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified. There was an other matter stating that the company was exempt from the requirements to have an audit for the period ended 31 October 2023. Therefore the corresponding figures are unaudited.
Senior Statutory Auditor:
Kristina Perry FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
10 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
10
Parent company
The immediate and ultimate parent company is GT Lifting Group Limited, a company incorporated in England and Wales. The registered office is The Business Park, Maydwell Avenue, Slinfold, Horsham, RH13 0AS.