Registration number:
G.M. Rental Properties Ltd
for the Year Ended 31 January 2023
G.M. Rental Properties Ltd
(Registration number: 10555269)
Balance Sheet as at 31 January 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
( |
( |
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Shareholders' funds |
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For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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G.M. Rental Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Basis of preparation
These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The presentation currency is sterling.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax policies
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
25% straight line |
G.M. Rental Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Investment property
Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.
Cash
Cash comprises cash on hand and all deposits.
Debtors
Debtors are amounts due from tenants and letting agents for rent receivable and other associated letting fees in the ordinary course of the business.
Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amount due.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Plant and equipment |
Total |
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Cost |
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At 1 February 2022 |
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At 31 January 2023 |
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Depreciation |
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At 1 February 2022 |
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Charge for the year |
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At 31 January 2023 |
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Net book value |
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At 31 January 2023 |
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At 31 January 2022 |
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G.M. Rental Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Investment property |
2023 |
2022 |
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At 1 February |
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550,000 |
Additions (at cost) |
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250,377 |
At 31 January |
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800,377 |
The directors have reviewed the market value of the properties using current market data for similar properties in the same areas and consider that there is no significant change at the balance sheet date.
Debtors |
2023 |
2022 |
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Debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Other creditors |
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Directors' loans |
380,859 |
324,532 |
Accruals |
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Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Bank loans |
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Creditors include mortgages which are secured by a fixed charge and negative pledge over the company's investment properties in the total sum of £895,372 (2022 - £545,607) and are repayable, other than by instalments, after more than five years.
G.M. Rental Properties Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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75 |
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75 |
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25 |
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25 |
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Related party transactions |
Directors' loan |