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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GG-079-663 Limited is a private limited liability company incorporated in England and Wales with its registered and business address at Flat 1, 40 Woodstock Road, London, NW11 8ER.
The principal activity of the company is that of property investment and it is yet to commence trading.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company benefits from the continued financial support of the shareholder who have provided interest-free loan of £96,751 (2023 - £96,151) to the company ensuring it can continue to meet its operating liabilities as they fall due for at least twelve months from the date of approval the financial statements. Accordingly, they continue to adopt the going concern basis.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Short term debtors are measured at the transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transactions price.
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The average monthly number of employees, including the director, during the year was 1 (2023 - 1).
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