Registered number
04981348
GTONA MANAGEMENT LIMITED
Unaudited Filleted Accounts
30 June 2023
GTONA MANAGEMENT LIMITED
Registered number: 04981348
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 8,829,714 8,689,714
Current assets
Debtors 4 158,373 600,000
Cash at bank and in hand 2,188,374 1,388,630
2,346,747 1,988,630
Creditors: amounts falling due within one year 5 (144,097) (123,636)
Net current assets 2,202,650 1,864,994
Total assets less current liabilities 11,032,364 10,554,708
Provisions for liabilities (373,831) (373,831)
Net assets 10,658,533 10,180,877
Capital and reserves
Called up share capital 100 100
Fair value reserve 6 1,593,707 1,593,707
Profit and loss account 9,064,726 8,587,070
Shareholder's funds 10,658,533 10,180,877
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 member has 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 Tona
Director
Approved by the board on 6 November 2023
GTONA MANAGEMENT LIMITED
Notes to the Accounts
for the year ended 30 June 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:
Plant and machinery over 5 years
Freehold and long lease investment properties
Investment properties are held to earn rentals and/or for capital appreciation and are initially recorded at cost, including transaction costs. Subsequently investment properties are revalued annually and any surplus or deficit is dealt with through the fair value reserve. Deferred tax is provided on these movements.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments
Property & other investments
£
Fair value
At 1 July 2022 8,689,714
Additions 140,000
At 30 June 2023 8,829,714
Historical cost
At 1 July 2022 7,096,007
At 30 June 2023 7,236,007
Investment properties are revalued annually at fair market values by the director.
4 Debtors 2023 2022
£ £
Other debtors 158,373 600,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,993 14,810
Taxation and social security costs 133,681 90,824
Other creditors 5,423 18,002
144,097 123,636
6 Fair value reserve 2023 2022
£ £
At 1 July 2022 1,593,707 1,593,707
At 30 June 2023 1,593,707 1,593,707
7 Related party transactions
Property Debt Collection Ltd - Common director & shareholder
The company provides management consultancy services to Property Debt Collection Ltd. During the year under review the amount charged was £350,000 (2022: £219,938). Property Debt Collection Ltd occupies premises owned by the Company. During the year under review rent paid amounted to £55,000 (2022: £54,000).
PDC (Hertford) Ltd - Common director & shareholder
PDC (Hertford) Ltd occupies premises owned by the Company. During the year under review rent paid amounted to £75,000 (2022: £74,000).
PDC Conveyancing Limited - Common director & shareholder
PDC Conveyancing Ltd occupies premises owned by the Company. During the year under review rent paid amounted to £6,250 (2022: £nil).
8 Controlling party
The ultimate controlling party is the director by virtue of his 100% holding in the issued share capital of the Company.
9 Other information
GTONA MANAGEMENT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
3 Gateway Mews
Ringway
Bounds Green
London
N11 2UT
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