iso4217:GBP xbrli:pure xbrli:shares iso4217:GBP xbrli:shares SC406339 2024-12-31 SC406339 2023-12-31 SC406339 2024-01-01 2024-12-31 SC406339 2023-01-01 2023-12-31 SC406339 bus:Director2 2024-01-01 2024-12-31 SC406339 bus:Director1 2024-01-01 2024-12-31 SC406339 bus:SmallEntities 2024-01-01 2024-12-31 SC406339 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC406339 bus:FilletedAccounts 2024-01-01 2024-12-31 SC406339 bus:Director1 2024-01-01 2024-12-31 SC406339 2024-01-01 2024-12-31 SC406339 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31
GJG PROPERTIES LIMITED
Registration Number SC406339 (Scotland)
Filleted Unaudited Financial Statements
for the year ended 31 December 2024
GJG PROPERTIES LIMITED
Financial Statements for the year ended 31 December 2024
STATEMENT OF FINANCIAL POSITION
Notes
2024 £
2023 £
 
 
 
 
 
 
 
 
 
 
Fixed assets
Tangible assets
3
290,306
479,516
Current assets
Debtors
4
5,095
4,081
Cash at bank and in hand
8,705
8,526
13,800
12,607
Current liabilities
Creditors: amounts falling due within one year
5
165,530
196,938
Net current liabilities
(151,730)
(184,331)
 
 
Total assets less current liabilities
138,576
295,185
Non-current liabilities
Creditors: amounts falling due after more than one year
6
(5,798)
(210,784)
Deferred tax
7
2,507
452
Net assets
130,271
83,949
 
 
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
117,199
-
Profit and loss account
13,070
83,947
Shareholder's funds
130,271
83,949
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financial statements and reports have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the statement of comprehensive income has been taken.
For the year ended 31 December 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 accounts for the year ended 31 December 2024 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirments of the Companies Act 2006 with respect ot accounting records and the preparation of accounts.
The financial statements were approved and authorised for issue by the Board of Directors on 11 August 2025.
_______________________
_______________________
G J Gerrard
C A Gerrard
The notes on pages 2 to 6 form part of these accounts.
Company registration number: SC406339
GJG PROPERTIES LIMITED
Financial Statements for the year ended 31 December 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
1.
Summary of significant accounting policies
1.1
General information and basis of preparation
GJG Properties Limited is a private company limited by shares, registered in Scotland. The address of the registered office is as below:
2 Queen's Grove
Hazlehead
Aberdeen
AB15 8HE
These financial statements have been prepared in accordance with FRS 102 the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland as adapted by Section 1A of FRS 102 and the Companies Act 2006.
The financial statements are prepared in sterling (£) which is the functional currency of the company and rounded to the nearest £.
The financial statements are prepared on a going concern basis and comply with the financial reporting standards of FRC including FRS102, "The Financial Reporting Standards applicable in the UK and Ireland" as adapted by Section 1A.
1.2
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Asset class
Useful life / depreciation rate
Fixtures and fittings
10% straight line
1.3
Freehold property
Freehold properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
GJG PROPERTIES LIMITED
Financial Statements for the year ended 31 December 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
1.4
Financial instruments
Ordinary share capital
The ordinary share capital of the company is presented 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.
Other financial assets
Other financial assets, including trade debtors for goods sold to customers on short-term credit, are initially measured at the transaction price including transaction costs, and are subsequently measured at the transaction price plus transaction costs not yet recognised, cumulative interest income less repayments and impairment, where there is evidence of impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date.
Other financial liabilities
Other financial liabilities, including trade creditors, are initially measured at transaction price less transaction costs, and are subsequently measured at the transaction price less transaction costs not yet recognised in profit or loss and repayments plus cumulative interest expenses incurred.
Impairment of financial assets
At the end of each reporting period, the company assesses whether there is evidence of impairment of any financial assets, including investments, loans, trade debtors and cash. If there is evidence of impairment, impairment losses are recognised in the Profit and Loss account in that financial year.
1.5
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Where the circumstances causing an impairment of an asset, other than goodwill, no longer apply, then the impairment is reversed through the profit and loss account. An impairment loss recognised for goodwill is not reversed in subsequent periods.
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
GJG PROPERTIES LIMITED
Financial Statements for the year ended 31 December 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
1.6
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.7
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.
1.8
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.
1.9
Turnover and other income
Turnover comprises rental income from investment properties and is recognised on a straight-line basis over the period of the lease, in accordance with the terms of the tenancy agreements. Rental income excludes VAT and is recognised net of any rent-free periods, lease incentives or other adjustments. Where a lease includes a fixed or escalating rent review, income is recognised on a straight-line basis over the lease term, unless another systematic basis better represents the time pattern in which benefit from the leased asset is derived. Turnover is measured at the fair value of the consideration received or receivable and is recognised when the amount of income can be reliably measured and it is probable that the economic benefits associated with the transaction will flow to the entity.
2.
Employees
The average monthly number of employees, including directors, during the year was as follows:
 
 
 
 
2024
2023
Employees
2
2
GJG PROPERTIES LIMITED
Financial Statements for the year ended 31 December 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
3.
Tangible assets
Balances at year end and movements for the year
 
 
 
 
 
 
Freehold property £
 
Fixtures and fittings £
 
Total £
Cost
 
 
 
 
 
At 01 January 2024
476,508
16,821
493,329
Disposals
(306,439)
(9,134)
(315,573)
Revaluation
119,931
-
119,931
At 31 December 2024
290,000
7,687
297,687
Depreciation
At 01 January 2024
-
(13,813)
(13,813)
Charge for the year
-
(977)
(977)
Eliminated on disposals
-
7,409
7,409
At 31 December 2024
-
(7,381)
(7,381)
Net book value
At 01 January 2024
476,508
3,008
479,516
 
 
 
At 31 December 2024
290,000
306
290,306
A valuation was perfomed in July 2025 indicating £290,000 to be the fair value of the property.
4.
Debtors
Debtors comprise:
 
 
 
 
2024 £
2023 £
Amounts falling due within one year
Other debtors
5,095
4,081
 
 
5.
Creditors: amounts falling due within one year
Creditors: amounts falling due within one year comprise:
 
 
 
 
2024 £
2023 £
Other creditors
56,515
188,793
Bank loans
105,000
4,999
Corporation tax
4,015
3,146
165,530
196,938
 
 
The Svenska Handelsbanken Ab (Publ) hold fixed charge dated 8 July 2013 as well as a floating charge dated 23 April 2013 over the property of the company as security.
GJG PROPERTIES LIMITED
Financial Statements for the year ended 31 December 2024
NOTES TO THE FINANCIAL STATEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
6.
Creditors: amounts falling due after more than one year
Creditors: amounts falling due after more than one year comprise:
 
 
 
 
2024 £
2023 £
Bank loans
5,798
210,784
 
 
7.
Deferred tax
Details of set-off of deferred tax assets and liabilities
 
 
 
 
2024 £
2023 £
Net deferred tax liability from all items being set off
(2,507)
(452)
Total deferred tax liability per the statement of financial position
(2,507)
(452)
 
 
8.
Called up share capital
Alloted, called up and fully paid
2024 £
2023 £
2 Ordinary shares of £1 each
2
2
 
 
Appendix - Additional XBRL Tags and Values
Accounting standards applied
bus_SmallEntities
Accounts status, audited or unaudited
bus_AuditExemptWithAccountantsReport
Accounts type
bus_FilletedAccounts
Average number of employees during the period
2
Average number of employees during the period
2
Balance sheet date
31 December 2024
Date of authorisation of financial statements for issue
11 August 2025
Director signing Directors' Report
bus_Director1
Director signing financial statements
bus_Director1
End date for period covered by report
31 December 2024
Entity current legal or registered name
GJG Properties Limited
Entity is dormant [true/false]
false
Entity trading status
[default]
Legal form of entity
bus_PrivateLimitedCompanyLtd
Name of entity auditors
CT
Name of entity officer
C A Gerrard
Name of entity officer
G J Gerrard
Name of individual auditor
CT
Name of production software
Draftworx Cloud
Start date for period covered by report
01 January 2024
UK Companies House registered number
SC406339