G & S FINANCE LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00437878 (England and Wales)

G & S FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S M Lane

Mrs B Stone

Mr J L Stone

REGISTERED OFFICE:

1 Brookmans Avenue

Brookmans Park

Hatfield

Hertfordshire

AL9 7QH

REGISTERED NUMBER:

00437878 (England and Wales)

ACCOUNTANTS:

P G ASSOCIATES

Accountants

1 Brookmans Avenue

Brookmans Park

Hatfield

Hertfordshire

AL9 7QH

FIXED ASSETS

Investment property

4

568,690

623,345

CURRENT ASSETS

Debtors

5

206,898

226,399

Cash at bank

6

1,129,786

1,704,028

1,336,684

1,930,427

CREDITORS

Amounts falling due within one year

7

25,336

383,434

NET CURRENT ASSETS

1,311,348

1,546,993

TOTAL ASSETS LESS CURRENT LIABILITIES

1,880,038

2,170,338

CAPITAL AND RESERVES

Called up share capital

8

10,100

10,100

Retained earnings

1,869,938

2,160,238

SHAREHOLDERS' FUNDS

1,880,038

2,170,338

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2022 and were signed on its behalf by:

Mr S M Lane - Director

1.	STATUTORY INFORMATION

G & S FINANCE 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The following principal accounting policies have been applied:

Revenue

Revenue from lending and rent receivable is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment properties are included in the balance sheet at fair value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Long-term leasehold property - Over a useful life of 12.75 years

Long term leasehold property - Over a useful life of 15.50 years

The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively, if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Finance costs

Finance costs are charged to the Statement of Income and Retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

and 30 September 2021

678,000

DEPRECIATION

At 1 October 2020

54,655

Charge for year

54,655

At 30 September 2021

109,310

NET BOOK VALUE

At 30 September 2021

568,690

At 30 September 2020

623,345

The valuation of investment properties was made on the 12th January 2019 by Hair & Son, professional surveyors. The directors do not believe that a further valuation is currently required.

5.

DEBTORS

30.9.21

30.9.20

£

£

Amounts falling due within one year:

Trade debtors

19,101

19,101

Other debtors

19,283

19,283

Prepayments and accrued income

26,813

25,469

65,197

63,853

Amounts falling due after more than one year:

Trade debtors

141,701

162,546

Aggregate amounts

206,898

226,399

Short term debtors are measured at transaction price, less any impairment. loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment.

6.	CASH AT BANK

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Tax

16,934

12,888

Other creditors

2,722

363,419

Accruals and deferred income

5,680

7,127

25,336

383,434

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.21

30.9.20

value:

£

£

5,000

Ordinary Shares

£1

5,000

10,000

100

Ordinary A Shares

£1

100

100

5,000

Ordinary B Shares

£1

5,000

-

10,100

10,100

The following shares were allotted and fully paid for cash at par during the year:

0 Ordinary Shares shares of £1 each

5,000 Ordinary B Shares shares of £1 each

On the 10 March 2021 5,000 Ordinary Shares were reclassified as Ordinary B Shares and all pertinent documentation was filed with Companies House.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £250,000 (2020 - £100,000) were paid to the directors .

Inclined within other creditors is an amount of £2,722 owed to the directors of the company. These loans are repayable on demand.