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Registration number: 08119427

GFC Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

GFC Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

GFC Property Limited

Company Information

Directors

Mr G F Coletto

Mr A Coletto

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

GFC Property Limited

(Registration number: 08119427)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

3,192

4,732

Current assets

 

Stocks

4

1,163,568

1,051,094

Debtors

5

200,898

647,592

Cash at bank and in hand

 

1,031,288

1,018,612

 

2,395,754

2,717,298

Creditors: Amounts falling due within one year

6

(8,372)

(55,491)

Net current assets

 

2,387,382

2,661,807

Net assets

 

2,390,574

2,666,539

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

2,390,573

2,666,538

Shareholders' funds

 

2,390,574

2,666,539

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

GFC Property Limited

(Registration number: 08119427)
Balance Sheet as at 30 November 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2025 and signed on its behalf by:
 

.........................................
Mr G F Coletto
Director

 

GFC Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GFC Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

GFC Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

5,161

3,608

8,769

At 30 November 2024

5,161

3,608

8,769

Depreciation

At 1 December 2023

1,824

2,213

4,037

Charge for the year

1,191

349

1,540

At 30 November 2024

3,015

2,562

5,577

Carrying amount

At 30 November 2024

2,146

1,046

3,192

At 30 November 2023

3,337

1,395

4,732

4

Stocks

2024
£

2023
£

Work in progress

1,163,568

1,051,094

5

Debtors

Note

2024
£

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

194,969

640,081

Prepayments

 

3,828

1,942

Other debtors

 

2,101

5,569

 

200,898

647,592

 

GFC Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

7,028

Taxation and social security

6,622

45,113

Accruals and deferred income

1,750

3,350

8,372

55,491

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Related party transactions

Loans to related parties

2024

Parent
£

Total
£

At start of period

640,081

640,081

Advanced

330,950

330,950

Repaid

(776,062)

(776,062)

At end of period

194,969

194,969

2023

Parent
£

Total
£

At start of period

979,848

979,848

Advanced

756

756

Repaid

(340,523)

(340,523)

At end of period

640,081

640,081

 

GFC Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Parent and ultimate parent undertaking

The company's immediate parent is GFC Property (Holdings) Limited, incorporated in England & Wales.

 The ultimate controlling party is Mr G F Coletto by virtue of his shareholding in the parent company.