GSC Property Holdings Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00416579 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

GSC PROPERTY HOLDINGS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

M D Rubin

A R Rubin

Mrs L Rubin

REGISTERED OFFICE:

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

REGISTERED NUMBER:

00416579 (England and Wales)

ACCOUNTANTS:

Goldwyns Limited

Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

SOLICITORS:

Jefferies Essex LLP

3rd floor, Dencora Court

Tylers Avenue

Southend-on-Sea

Essex

SS1 2BB

FIXED ASSETS

Investments

4

998

CURRENT ASSETS

Debtors

585,055

Cash at bank and in hand

100

585,155

CREDITORS

Amounts falling due within one year

21,687,940

NET CURRENT LIABILITIES

(21,102,785

)

(21,102,785

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,101,787

)

(21,101,787

)

CAPITAL AND RESERVES

Called up share capital

104,680

Share premium

1,414,350

Retained earnings

(22,620,817

)

(22,620,817

)

SHAREHOLDERS' FUNDS

(21,101,787

)

(21,101,787

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2023 and were signed on its behalf by:

A R Rubin - Director

1.	STATUTORY INFORMATION

GSC Property Holdings 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.

Preparation of consolidated financial statements

The financial statements contain information about GSC Property Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.

Investments

Investments in subsidiaries are valued at cost less provision for impairment.

Going concern

The administration proceedings of the majority of the company's subsidiary investments and the company's remaining outstanding bank liabilities both cast significant doubts over the company's ability to continue as a going concern. The financial statements have therefore been prepared on the basis the company will not continue in the foreseeable future and its assets and liabilities have been recognised accordingly.

In all other respects, the company's accounting policies are unaffected.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2022

and 31 March 2023

7,478

PROVISIONS

At 1 April 2022

and 31 March 2023

6,480

NET BOOK VALUE

At 31 March 2023

998

At 31 March 2022

998

5.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

Bank loans

21,682,942

Bank loans were secured on the investment properties to which they related. The investment properties themselves were held within the company's subsidiary investments until those assets were placed into receivership. The debt exists but there is no further interest accruing.

6.	CONTINGENT LIABILITIES

The company's bankers had a cross-guarantee and set-off agreement in place with the company's subsidiaries to which the company has provided a guarantee of £22,000,000.

7.	RELATED PARTY DISCLOSURES

In aggregate, at the balance sheet date the company was owed £581,055 by companies under common control (2022 - £581,055).

Similarly, at the balance sheet date the company owed £14,683,376 to its subsidiaries (2022 - £14,683,376 owed). All debtors balances and most creditors balances have previously been impaired as irrecoverable, leaving a net group liability of £998 outstanding for one subsidiary (2022 - £998).

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GSC Property Holdings Limited for the year ended 31 March 2023 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of GSC Property Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GSC Property Holdings Limited and state those matters that we have agreed to state to the Board of Directors of GSC Property Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GSC Property Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GSC Property Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GSC Property Holdings Limited. You consider that GSC Property Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GSC Property Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Goldwyns Limited

Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

18 December 2023

GSC Property Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

GSC Property Holdings Limited - Accounts to registrar (filleted) - small 23.2.5