REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
George Estates Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2023 |
for |
George Estates Limited |
George Estates Limited (Registered number: 10852186) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
George Estates Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
George Estates Limited (Registered number: 10852186) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
George Estates Limited (Registered number: 10852186) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
George Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income receivable excluding applicable Value Added Tax. Rental income is recognised in accordance with the terms of tenants' leases. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
George Estates Limited (Registered number: 10852186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Revaluations | (427,862 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2021 | (393,000 | ) |
Valuation in 2022 | (80,669 | ) |
Valuation in 2023 | (427,862 | ) |
Cost | 10,978,713 |
10,077,182 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
as restated |
£ | £ |
Cost | 10,978,713 | 10,599,104 |
Investment property was valued on an open market basis on 31 March 2023 by Alder King . |
George Estates Limited (Registered number: 10852186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | DEBTORS |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Deferred tax asset |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Prepayments and accrued income |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 45,110 | 45,734 |
Other creditors |
Directors' current accounts | 1,859 | 51,064 |
Deferred income |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Other loans - 1-2 years | - | 144,000 |
Other loans - 2-5 years | - | 432,000 |
Other loans more 5yrs instal | - | 279,000 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 499,990 |
Other loans more 5yrs instal | - | 279,000 |
- | 778,990 |
George Estates Limited (Registered number: 10852186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as restated |
£ | £ |
Bank loans |
Bank borrowings have been repaid in the year and were secured by legal charges over certain investment properties owned by the company. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Other creditors include a loan of £3,368,043 (2022: £3,056,285) from G A Adams. This is being repaid by monthly instalments of £5,000 or by such other amounts as may be agreed from time to time. This loan is unsecured, repayable on demand and interest is payable as agreed between the parties from time to time. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is G A Adams. |