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C.G.G (2001) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
Registered number: 04232861
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C.G.G (2001) LTD
REGISTERED NUMBER:04232861
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BALANCE SHEET
AS AT 31 MAY 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Investment property reserve
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Page 1
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C.G.G (2001) LTD
REGISTERED NUMBER:04232861
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BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 July 2022.
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
C.G.G (2001) Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 04232861. The company's principal place of business is 27-29 Garden Street, Cromer, Norfolk, NR27 9HN.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises income from sales of take away fish & chips and restaurant sales, exclusive of Value Added Tax.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.
Depreciation is provided on the following basis:
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Freehold investment properties
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A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Investment property, which is property held to earn rental income and for capital appreciation is initially recognised at cost and subsequently measured at a fair value, determined by the directors from market based evidence on an existing use basis.
Changes in fair value are recognised in the Statement of Comprehensive Income.
Fixed asset investments in subsidiaries (unlisted) are valued at cost.
Stocks are valued at the lower of cost and net realisable value.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
2.Accounting policies (continued)
Debtors are measured at transaction price, less any impairment for bad or doubtful debts.
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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.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Creditors are measured at transaction price.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method in order that the amount charged is at a constant rate to the outstanding value of the loan or financed amount.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in the Statement of Comprehensive Income in the year in which it is received.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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Current and deferred taxation
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The taxation expense for the year comprises current corporation tax which is recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
A deferred taxation charge on unrealised fair value investment property revaluation gains has been charged to the investment property revaluation reserve.
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The average monthly number of employees, including directors, during the year was 24 (2020 - 28).
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Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
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Freehold investment properties
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Charge for the year on owned assets
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Included in freehold land and buildings is freehold land at a cost of £50,000 (2020 - £50,000) which is not depreciated.
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Cost or valuation at 31 May 2021 is as follows:
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Freehold investment properties
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Fair value revaluation 31 May 2020
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Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
4.Tangible fixed assets (continued)
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If the freehold investment properties had not been included at valuation they would have been included under the historical cost convention as follows:
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Investments in subsidiary companies
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The company holds 100% of the ordinary share capital of C.G.G. Ltd, a dormant subsidiary company. The aggregate amount of share capital as at 31 May 2021 was £200 (2020 - £200).
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Included within other debtors due within one year is a loan to G J A Zelos, a director, amounting to £418,776 (2020 - £362,144). The maximum amount outstanding during the year was £465,476 (2020 - £427,558). Interest charged to the director at the prevailing official rate during the period of the loan amounted to £9,298.
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Page 7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Bank loans are secured by fixed and floating charges over the assets of the company.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,163 (2020 - £4,487). Contributions totalling £206 (2020 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
Page 8
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