Registered number
10678654
GMC Capital Limited
Filleted Accounts
31 March 2023
GMC Capital Limited
Registered number: 10678654
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 14,600,000 10,155,000
Current assets
Debtors 4 401,563 14,850
Cash at bank and in hand 2,525,968 2,322,113
2,927,531 2,336,963
Creditors: amounts falling due within one year 5 (109,995) (108,801)
Net current assets 2,817,536 2,228,162
Total assets less current liabilities 17,417,536 12,383,162
Creditors: amounts falling due after more than one year 6 (9,048,977) (6,872,680)
Net assets 8,368,559 5,510,482
Capital and reserves
Called up share capital 300 300
Revaluation reserve 8 7,649,767 4,767,627
Profit and loss account 718,492 742,555
Shareholders' funds 8,368,559 5,510,482
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Connolly
Director
Approved by the board on 30 June 2023
GMC Capital Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2022 10,155,000
Additions 1,562,860
Surplus on revaluation 2,882,140
At 31 March 2023 14,600,000
Depreciation
At 31 March 2023 -
Net book value
At 31 March 2023 14,600,000
At 31 March 2022 10,155,000
4 Debtors 2023 2022
£ £
Trade debtors 61,563 -
Other debtors 340,000 14,850
401,563 14,850
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 56,667 55,473
Other creditors 53,328 53,328
109,995 108,801
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,261,238 1,860,468
Trade creditors 85,945 80,945
Third party loans 4,701,794 4,931,267
9,048,977 6,872,680
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans (4,261,238) (1,860,468)
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 4,767,627 3,671,086
Gain on revaluation of land and buildings 2,882,140 1,096,541
At 31 March 2023 7,649,767 4,767,627
9 Other information
GMC Capital Limited is a private company limited by shares and incorporated in England. Its registered office is:
34 Croydon Road
Caterham
Surrey
CR3 5FN
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