Company registration number 04015712 (England and Wales)
GENERAL ASSET MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
GENERAL ASSET MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
GENERAL ASSET MANAGEMENT LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
36,099
50,311
Investments
4
855,000
855,000
891,099
905,311
Current assets
Debtors falling due after more than one year
6
1,834,512
1,156,747
Debtors falling due within one year
6
272,496
1,084,411
Cash at bank and in hand
1,799,484
1,224,375
3,906,492
3,465,533
Creditors: amounts falling due within one year
7
(1,576,521)
(1,711,871)
Net current assets
2,329,971
1,753,662
Total assets less current liabilities
3,221,070
2,658,973
Provisions for liabilities
(1,888)
(4,110)
Net assets
3,219,182
2,654,863
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
3,218,182
2,653,863
Total equity
3,219,182
2,654,863
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 October 2023 and are signed on its behalf by:
Mr G S Garton
Director
Company registration number 04015712 (England and Wales)
GENERAL ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
1,000
5,565,937
5,566,937
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
2,587,926
2,587,926
Dividends
-
(5,500,000)
(5,500,000)
Balance at 30 June 2022
1,000
2,653,863
2,654,863
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
2,364,319
2,364,319
Dividends
-
(1,800,000)
(1,800,000)
Balance at 30 June 2023
1,000
3,218,182
3,219,182
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
General Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mill Green House, Mill Green Road, Haywards Heath, West Sussex, RH16 1XJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Income from finance leasing/loan contracts, being the total rentals/repayments received over the cost of the net investment in leasing/loan contracts, is allocated to accounting periods over the life of the lease/loan on an actuarial basis, in order to give a smooth rate of return on the investment in the lease/loan agreements. For leasing/loan agreements sold on a non recourse back to back basis, the entire profit is taken at the point of the assignment of the lease/loan to the back to back funder.
Commission costs are written off over the life of the arrangement on an actuarial before tax basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% - 33.33% straight line
Motor vehicles
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Bad debt provision policy
Credit risk is inherent in the provision of loan and lease finance to businesses. Provision is made specifically against individual balances in arrears where appropriate.
1.13
Amounts receivable under finance leases and loans are included under debtors and represent the total amount outstanding under lease/loan agreements less finance charges attributable to future periods.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
13
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
510,432
Additions
3,937
Disposals
(166,847)
At 30 June 2023
347,522
Depreciation and impairment
At 1 July 2022
460,121
Depreciation charged in the year
18,149
Eliminated in respect of disposals
(166,847)
At 30 June 2023
311,423
Carrying amount
At 30 June 2023
36,099
At 30 June 2022
50,311
4
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
855,000
855,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2022 & 30 June 2023
855,000
Carrying amount
At 30 June 2023
855,000
At 30 June 2022
855,000
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
5
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
General Asset Management UK Ltd
England & Wales
Ordinary shares
100.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
121,044
552,393
Other debtors
151,452
532,018
272,496
1,084,411
2023
2022
Amounts falling due after more than one year:
£
£
Trade debtors
1,834,512
1,156,747
Total debtors
2,107,008
2,241,158
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
544,635
435,266
Amounts owed to group undertakings
530,000
495,000
Corporation tax
381,325
321,408
Other taxation and social security
36,349
32,982
Other creditors
84,212
427,215
1,576,521
1,711,871
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
1,888
4,110
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Deferred taxation
(Continued)
- 9 -
2023
Movements in the year:
£
Liability at 1 July 2022
4,110
Credit to profit or loss
(2,675)
Effect of change in tax rate - profit or loss
453
Liability at 30 June 2023
1,888
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Mark Filsell FCA.
The auditor was Knill James LLP.
11
Related party transactions
Transactions with related parties
During the year there were no material transactions not concluded under normal market conditions with related parties.
2023-06-302022-07-01false16 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr G S GartonMr P M ChesterfieldMr G WillisMrs I E V LaughtonMr Alex McCarthy040157122022-07-012023-06-30040157122023-06-30040157122022-06-3004015712core:OtherPropertyPlantEquipment2023-06-3004015712core:OtherPropertyPlantEquipment2022-06-3004015712core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3004015712core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3004015712core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3004015712core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3004015712core:CurrentFinancialInstruments2023-06-3004015712core:CurrentFinancialInstruments2022-06-3004015712core:ShareCapital2023-06-3004015712core:ShareCapital2022-06-3004015712core:RetainedEarningsAccumulatedLosses2023-06-3004015712core:RetainedEarningsAccumulatedLosses2022-06-3004015712bus:Director12022-07-012023-06-3004015712core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30040157122021-07-012022-06-3004015712core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3004015712core:FurnitureFittings2022-07-012023-06-3004015712core:MotorVehicles2022-07-012023-06-3004015712core:OtherPropertyPlantEquipment2022-06-3004015712core:OtherPropertyPlantEquipment2022-07-012023-06-300401571212022-07-012023-06-3004015712core:Non-currentFinancialInstruments2023-06-3004015712core:Non-currentFinancialInstruments2022-06-3004015712core:WithinOneYear2023-06-3004015712core:WithinOneYear2022-06-3004015712bus:PrivateLimitedCompanyLtd2022-07-012023-06-3004015712bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3004015712bus:FRS1022022-07-012023-06-3004015712bus:Audited2022-07-012023-06-3004015712bus:Director22022-07-012023-06-3004015712bus:Director32022-07-012023-06-3004015712bus:Director42022-07-012023-06-3004015712bus:Director52022-07-012023-06-3004015712bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP