Company registration number 14658296 (England and Wales)
G.S.MIDCENTURYLETTINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
G.S.MIDCENTURYLETTINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
G.S.MIDCENTURYLETTINGS LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2025
28 February 2025
- 1 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Investment property
3
891,755
891,755
Current assets
Debtors
4
8,803
Cash at bank and in hand
3,095
1,955
11,898
1,955
Creditors: amounts falling due within one year
5
(600,972)
(603,346)
Net current liabilities
(589,074)
(601,391)
Total assets less current liabilities
302,681
290,364
Creditors: amounts falling due after more than one year
6
(298,755)
(290,005)
Net assets
3,926
359
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
3,925
358
Total equity
3,926
359
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 23 July 2025
Dr G Stewart
Director
Company registration number 14658296 (England and Wales)
G.S.MIDCENTURYLETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
1
Accounting policies
Company information
G.S.MidCenturyLettings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Reporting period
The financial statements for the comparative period were presented for a period longer than a year from incorporation on 13 February 2023 to the period end of 29 February 2024. Comparative amounts will therefore not be entirely comparable.
1.2
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 modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents income from investment property and is derived from ordinary activities.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
G.S.MIDCENTURYLETTINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
3
Investment property
2025
£
Fair value
At 1 March 2024 and 28 February 2025
891,755
Investment property comprises one property. The fair value of the property has been assessed by the directors at the period end taking into account current market conditions.
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
8,803
5
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
61,580
2,500
Taxation and social security
837
84
Other creditors
538,555
600,762
600,972
603,346
Other creditors includes a balance of £533,955 (2023: £599,442) owed to the directors. Amounts advanced from the company to the directors are unsecured, interest free and deemed repayable on demand.
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
298,755
290,005
The loan is secured against the company's investment property.
Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable other than by instalments
298,755
290,005