IRIS Accounts Production v23.3.0.418 05638778 director 1.12.21 30.11.22 30.11.22 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure056387782021-11-30056387782022-11-30056387782021-12-012022-11-30056387782020-11-30056387782020-12-012021-11-30056387782021-11-3005638778ns16:EnglandWales2021-12-012022-11-3005638778ns15:PoundSterling2021-12-012022-11-3005638778ns11:Director12021-12-012022-11-3005638778ns11:PrivateLimitedCompanyLtd2021-12-012022-11-3005638778ns11:SmallEntities2021-12-012022-11-3005638778ns11:AuditExempt-NoAccountantsReport2021-12-012022-11-3005638778ns11:SmallCompaniesRegimeForDirectorsReport2021-12-012022-11-3005638778ns11:SmallCompaniesRegimeForAccounts2021-12-012022-11-3005638778ns11:FullAccounts2021-12-012022-11-3005638778ns11:OrdinaryShareClass12021-12-012022-11-3005638778ns11:CompanySecretary12021-12-012022-11-3005638778ns11:RegisteredOffice2021-12-012022-11-3005638778ns6:CurrentFinancialInstruments2022-11-3005638778ns6:CurrentFinancialInstruments2021-11-3005638778ns6:Non-currentFinancialInstruments2022-11-3005638778ns6:Non-currentFinancialInstruments2021-11-3005638778ns6:ShareCapital2022-11-3005638778ns6:ShareCapital2021-11-3005638778ns6:FurtherSpecificReserve3ComponentTotalEquity2022-11-3005638778ns6:FurtherSpecificReserve3ComponentTotalEquity2021-11-3005638778ns6:RetainedEarningsAccumulatedLosses2022-11-3005638778ns6:RetainedEarningsAccumulatedLosses2021-11-3005638778ns6:FurnitureFittings2021-12-012022-11-3005638778ns6:ComputerEquipment2021-12-012022-11-3005638778ns6:FurnitureFittings2021-11-3005638778ns6:ComputerEquipment2021-11-3005638778ns6:FurnitureFittings2022-11-3005638778ns6:ComputerEquipment2022-11-3005638778ns6:FurnitureFittings2021-11-3005638778ns6:ComputerEquipment2021-11-3005638778ns6:WithinOneYearns6:CurrentFinancialInstruments2022-11-3005638778ns6:WithinOneYearns6:CurrentFinancialInstruments2021-11-3005638778ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2022-11-3005638778ns6:MoreThanFiveYearsns6:Non-currentFinancialInstruments2021-11-3005638778ns6:Non-currentFinancialInstruments2021-12-012022-11-3005638778ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-11-3005638778ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-11-3005638778ns6:Secured2022-11-3005638778ns6:Secured2021-11-3005638778ns11:OrdinaryShareClass12022-11-3005638778ns6:RetainedEarningsAccumulatedLosses2021-11-3005638778ns6:FurtherSpecificReserve3ComponentTotalEquity2021-11-3005638778ns6:RetainedEarningsAccumulatedLosses2021-12-012022-11-30
REGISTERED NUMBER: 05638778 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

GM HOMES LTD

GM HOMES LTD (REGISTERED NUMBER: 05638778)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GM HOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2022







DIRECTOR: J Fekete





SECRETARY: Mrs R Fekete





REGISTERED OFFICE: 115 Craven Park Road
Stamford Hill
London
N15 6BL





REGISTERED NUMBER: 05638778 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

GM HOMES LTD (REGISTERED NUMBER: 05638778)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2022

30.11.22 30.11.21
Notes £    £   
FIXED ASSETS
Tangible assets 5 5,284 6,216
Investment property 6 8,884,032 8,404,532
8,889,316 8,410,748

CURRENT ASSETS
Debtors 7 6,535,552 5,748,896
Cash at bank and in hand 37,576 26,909
6,573,128 5,775,805
CREDITORS
Amounts falling due within one year 8 (3,119,216 ) (2,957,568 )
NET CURRENT ASSETS 3,453,912 2,818,237
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,343,228

11,228,985

CREDITORS
Amounts falling due after more than one
year

9

(6,458,049

)

(5,311,066

)

PROVISIONS FOR LIABILITIES (838,997 ) (672,965 )
NET ASSETS 5,046,182 5,244,954

CAPITAL AND RESERVES
Called up share capital 12 1 1
Fair value reserve 13 4,223,342 4,389,374
Retained earnings 13 822,839 855,579
SHAREHOLDERS' FUNDS 5,046,182 5,244,954

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GM HOMES LTD (REGISTERED NUMBER: 05638778)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved and authorized for issue by the director and authorised for issue on 9 December 2022 and were signed by:





J Fekete - Director


GM HOMES LTD (REGISTERED NUMBER: 05638778)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1. STATUTORY INFORMATION

GM HOMES LTD 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GM HOMES LTD (REGISTERED NUMBER: 05638778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 December 2021
and 30 November 2022 44,032 1,861 45,893
DEPRECIATION
At 1 December 2021 37,816 1,861 39,677
Charge for year 932 - 932
At 30 November 2022 38,748 1,861 40,609
NET BOOK VALUE
At 30 November 2022 5,284 - 5,284
At 30 November 2021 6,216 - 6,216

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2021 8,404,532
Additions 479,500
At 30 November 2022 8,884,032
NET BOOK VALUE
At 30 November 2022 8,884,032
At 30 November 2021 8,404,532

The fair value of investment property was assessed to be unchanged by the director. The fair value was determined using open market valuation method. The director does not have a formal qualification but considerable experience in property market to ascertain the fair value with sufficient level of confidence.

Fair value at 30 November 2022 is represented by:
£   
Valuation in 2015 5,062,339
Cost 3,821,693
8,884,032

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.22 30.11.21
£    £   
Other debtors 6,535,552 5,748,896

GM HOMES LTD (REGISTERED NUMBER: 05638778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.22 30.11.21
£    £   
Trade creditors 1,024 1,024
Taxation and social security 7,106 9,670
Other creditors 3,111,086 2,946,874
3,119,216 2,957,568

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.22 30.11.21
£    £   
Bank loans (see note 10) - 5,263,844
Other creditors 6,458,049 47,222
6,458,049 5,311,066

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loan - 1,628,451

Repayable by instalments
Bank loan - 100,444
Other loans more 5yrs instal 41,667 47,222
41,667 147,666

Other creditors include Bounceback loan of £41,667. The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.

10. LOANS

An analysis of the maturity of loans is given below:

30.11.22 30.11.21
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years - 3,534,949
Other loans - 2-5 years 6,416,382 -
6,416,382 3,534,949

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loan - 1,628,451

GM HOMES LTD (REGISTERED NUMBER: 05638778)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022

10. LOANS - continued
30.11.22 30.11.21
£    £   
Repayable by instalments
Bank loan - 100,444
Other loans more 5yrs instal 41,667 47,222
41,667 147,666

11. SECURED DEBTS

The following secured debts are included within creditors:

30.11.22 30.11.21
£    £   
Bank loans - 5,263,844
Other loan 6,416,382 -
6,416,382 5,263,844

Other loans and overdrafts are secured by a first charge over the company's investment properties and bear interest at variable rates.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.22 30.11.21
value: £    £   
1 Ordinary £1 1 1

13. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2021 855,579 4,389,374 5,244,953
Deficit for the year (198,772 ) (198,772 )
Fair value adjustment 166,032 (166,032 ) -
At 30 November 2022 822,839 4,223,342 5,046,181