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Registered number: 12569051
GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
COMPANY INFORMATION
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Soo, Kim (appointed 7 May 2025)
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Jeong, Won Suck (appointed 23 April 2025)
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Han, Sangwook (appointed 15 January 2024, resigned 23 April 2025)
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Lee, Hang Jun (resigned 15 January 2024)
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Rooms 3.5 - 3.8 13-14 Buckingham Street
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Chartered Accountants & Registered Auditor
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Lee & Capital Partners Ltd
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
CONTENTS
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Independent auditors' report
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Statement of profit or loss and other comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Detailed profit and loss account and summaries
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The Company had no revenue in the year to 31 December 2024.
This report was approved by the board and signed on its behalf.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, Directors' report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The Company's principal activity will be development of real estate.
The Company had no revenue in the year ended 31 December 2024.
The loss for the period, after taxation, amounted to £3,375 (2023 - loss £79,730).
The directors who served during the period were:
Han, Sangwook (appointed 15 January 2024, resigned 23 April 2025)
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Lee, Hang Jun (resigned 15 January 2024)
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Property development activity commenced in September 2025.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, MA Partners Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
We have audited the financial statements of GS Real Estate Development Company London Ltd. for the period ended 31 December 2024 which comprise the Statement of profit or loss and other comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies set out on pages 12. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the period then ended;
∙have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included:
∙understanding the timing of future expenditure and revenue streams and support available from the Company's parent by discussions with the director.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD. (CONTINUED)
The other information comprises the information included in the Annual report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD. (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Company.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory requirements applicable to the Company and considered that the most significant are the Companies Act 2006, International Financial Reporting Standards and UK taxation legislation.
• We obtained an understanding of how the Company complies with these requirements by discussions with management and those charged with governance.
• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
• We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD. (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Frank Shippam BSc FCA DChA (Senior statutory auditor)
for and on behalf of
MA Partners Audit LLP
Chartered Accountants
Registered Auditor
7 The Close
Norwich
Norfolk
NR1 4DJ
29 September 2025
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Total comprehensive income
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The notes on pages 12 to 17 form part of these financial statements.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
REGISTERED NUMBER: 12569051
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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The financial statements on pages 8 to 17 were approved and authorised for issue by the board of directors and were signed on its behalf by:
The notes on pages 12 to 17 form part of these financial statements.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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At 1 January 2023 - as restated
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Comprehensive income for the period
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Total comprehensive income for the period
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Comprehensive income for the period
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Total comprehensive income for the period
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The notes on pages 12 to 17 form part of these financial statements.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Movements in working capital:
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Decrease in trade and other receivables
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Decrease in trade and other payables
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Cash generated from operations
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Net cash used in operating activities
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Purchases of property, plant and equipment
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Net cash from/(used in) investing activities
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Net decrease in cash and cash equivalents
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Cash and cash equivalents at the beginning of period
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Cash and cash equivalents at the end of the period
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The notes on pages 12 to 17 form part of these financial statements.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.Accounting policies
The Company is reliant on the ongoing support of the Company's parent. The Directors are satisfied that this support will be forthcoming for the foreseeable future and they therefore consider it appropriate to prepare the financial statements on the going concern basis.
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
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20% reducing balance basis
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25% reducing balance basis
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Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
GS Real Estate Development Company London Ltd. (the 'Company') is a limited company incorporated in England and Wales. The Company's registered office is at Rooms 3.5-3.8, 13-14 Buckingham Street, London, WC2N 6DF. The Company's principal activity is real estate development although no projects had commenced prior to 31 December 2024.
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Functional and presentation currency
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These financial statements are presented in pound sterling, which is the Company's functional currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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During the period, the Company obtained the following services from the Company's auditors:
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Fees payable to the 's auditors for the audit of the Company's financial statements
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Employee benefit expenses
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Employee benefit expenses (including directors) comprise:
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Defined contribution pension cost
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The monthly average number of persons, including the directors, employed by the Company during the period was as follows:
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Property, plant and equipment
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Accumulated depreciation and impairment
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Charge owned for the period
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Charge owned for the period
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Trade and other receivables
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Prepayments and accrued income
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Total trade and other receivables
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Payables to related parties
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total trade and other payables
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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The profit and loss account represents the cumulative losses of the Company.
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Related party transactions
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Details of transactions between the Company and its related parties are disclosed below.
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11.1 Loans from related parties
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GS Engineering & Construction Corp
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The Company's parent undertaking is GS Engineering & Construction Corp, Gran Seoul 33, Jong-Ro, Jongno-Gu, Seoul, South Korea. The ultimate controlling party is Mr Chang-Soo Huh.
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GS REAL ESTATE DEVELOPMENT COMPANY LONDON LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Notes supporting statement of cash flows
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Cash at bank available on demand
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Cash and cash equivalents in the statement of financial position
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Cash and cash equivalents in the statement of cash flows
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The Company is not subject to any externally imposed capital requirements.
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The gearing ratios at 31 December 2024 and 31 December 2023 were as follows:
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Cash and cash equivalents
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Net debt to total equity ratio
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During the year, management identified a material error in the financial statements of prior periods related to the misclassification of a financial instrument. A £400,000 instrument issued in September 2022 was incorrectly presented as a financial liability rather than as an equity instrument.
In accordance with IAS 8, this error has been corrected by retrospectively restating the comparative figures. The effect of the correction on the company's financial position is to increase share capital by £400,000 and decrease payables to related parties by £400,000.
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