REGISTERED NUMBER: 11162269 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

GC TRUSTEES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

S S Bhatt

A P F Bushby

N B Patel

Registered office:

1 Cornhill

London

EC3V 3ND

Registered number:

11162269 (England and Wales)

Auditors:

S&W Audit

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Current assets

Debtors

5

37,316

29,479

Cash at bank

117,216

86,727

154,532

116,206

Creditors

Amounts falling due within one year

6

170,023

130,470

Net current liabilities

(15,491

)

(14,264

)

Total assets less current liabilities

(15,491

)

(14,264

)

Capital and reserves

Called up share capital

7

1

1

Retained earnings

(15,492

)

(14,265

)

Shareholders' funds

(15,491

)

(14,264

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

N B Patel - Director

1.	Statutory information

GC Trustees Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The company had net liabilities at the year end and so is dependent on the support of its holding LLP. The LLP has confirmed it will support the company and so the accounts are prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of professional services provided during the year to clients. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred but excludes value added tax.

Financial instruments

The company and group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and bank balances, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and bank overdrafts 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

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.

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.

4.	Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

5.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

25,352

17,923

Other debtors

11,964

11,556

37,316

29,479

6.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

21,278

18,967

Amounts owed to group undertakings

136,180

98,558

VAT

-

215

Accruals and deferred income

12,565

12,730

170,023

130,470

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary

£1

1

1

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Antony Sassen (Senior Statutory Auditor)

for and on behalf of S&W Audit

9.	Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	Ultimate controlling party

The ultimate controlling part is D Cooke by virtue of his controlling interest in Gunnercooke LLP, the parent entity.