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Registration number: 10080203

GA.MA London Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

GA.MA London Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

GA.MA London Limited

(Registration number: 10080203)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

4,159

42,330

Investment property

5

9,998,631

9,998,631

Other financial assets

6

175,494

175,494

 

10,178,284

10,216,455

Current assets

 

Debtors

7

69,062

62,954

Cash at bank and in hand

 

88,543

123,165

 

157,605

186,119

Creditors: Amounts falling due within one year

8

(11,428,528)

(11,172,998)

Net current liabilities

 

(11,270,923)

(10,986,879)

Net liabilities

 

(1,092,639)

(770,424)

Capital and reserves

 

Called up share capital

785,090

785,090

Retained earnings

(1,877,729)

(1,555,514)

Shareholders' deficit

 

(1,092,639)

(770,424)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 21 November 2023
 

.........................................
G Marzotto
Director

 

GA.MA London Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
5th Floor North Side
7/10 Chandos Street
Cavendish Square
London
W1G 9DQ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Changes in accounting policy

The following have been applied for the first time from 1 January 2022 and have had an effect on the financial statements:

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

GA.MA London Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture,fittings and equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

GA.MA London Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 0).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2022

733,123

733,123

At 31 December 2022

733,123

733,123

Depreciation

At 1 January 2022

690,793

690,793

Charge for the year

38,171

38,171

At 31 December 2022

728,964

728,964

Carrying amount

At 31 December 2022

4,159

4,159

At 31 December 2021

42,330

42,330

5

Investment properties

2022
£

At 1 January

9,998,631

The investment property has not been valued by an external valuer however the director believes the value shown in the accounts is the fair value which is the open market value.

 

GA.MA London Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Other financial assets (current and non-current)

2022
£

2021
£

Non-current financial assets

Financial assets at cost less impairment

175,494

175,494

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

175,494

175,494

At 31 December 2022

175,494

175,494

Impairment

Carrying amount

At 31 December 2022

175,494

175,494

Non-current financial assets represent art investment previously classified as tangible fixed assets. The investment is shown at cost.

7

Debtors

Current

2022
£

2021
£

Prepayments

20,024

18,140

Other debtors

49,038

44,814

 

GA.MA London Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

42,628

23,102

Accruals and deferred income

10,097

3,874

Other creditors

11,375,803

11,146,022

11,428,528

11,172,998

9

Related party transactions

Summary of transactions with other related parties

Ga.Ma.SRL - shareholder
 At the year end, the balance due to the shareholder was £11,146,022 (2020 - £111,196,479). The loan is interest free with no set repayment terms.