Registered number: 08003389
GAM (HOLDINGS) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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GAM (HOLDINGS) LIMITED
REGISTERED NUMBER: 08003389
BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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GAM (HOLDINGS) LIMITED
REGISTERED NUMBER: 08003389
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
GAM (Holdings) Limited is a company incorporated and domiciled in England and has its registered office and principal place of business at 211 Torrington Avenue, Coventry, CV4 9AP.
The principal activity of the company is that of a holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Interest income is recognised in profit or loss using the effective interest method.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument 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 ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Investments in subsidiary companies
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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10,100 (2022 - 10,100) Ordinary shares of £1.00 each
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443,700 (2022 - 443,700) Deferred Ordinary shares of £1.00 each
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25 (2022 - 25) Ordinary A shares of £1.00 each
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25 (2022 - 25) Ordinary B shares of £1.00 each
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25 (2022 - 25) Ordinary C shares of £1.00 each
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25 (2022 - 25) Ordinary D shares of £1.00 each
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Related party transactions
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As at the year end £3,041,558 (2022: £3,042,503) remains outstanding from the company to Greenhills Real Estate Limited. The loans are unsecured, interest free and have no fixed repayment date. The total amount noted is disclosed as £2,550,000 (2022: £2,550,000) payable in more than one year and £491,558 (2022: £492,503) is payable within one year.
During the year, GAM (Holdings) Limited received funds and made payments on behalf of Greenhills Asset Solutions Limited which amounted to a year end creditor of £Nil (2022: £54,087).
During the year, GAM (Holdings) Limited received funds and made payments on behalf of Greenhills Asset Solutions No.2 Limited which amounted to a year end debtor of £65,891 (2022: £39,116).
During the year, GAM (Holdings) Limited received funds and made payments on behalf of Greenhills Asset Management Limited which amounted to a year end debtor of £457,872 (2022: £84,384).
The company made loans to IVRE No 2 Limited, a related party by virtue of common control.As at the year end £480,661 (2022: £481,161) remains outstanding from IVRE No 2 Limited.
The company made loans to Hemingway Properties Limited, a related party by virtue of common control. As at the year end £201,106 (2022: £806) remains in debtors.
The company made loans to Hemingway Group Holdings Limited, a related party by virtue of common control. As at the year end £356 (2022: £831) remains outstanding from Hemingway Investments Limited.
The company received funds and made payments on behalf of Clearview No 1 Limited which amounted to a creditor of £3,221 (2022: £nil).
During year ended 31 March 2016 the company advanced loans to the directors of the company. No further advances have been made in the periods since this date. These loans have no fixed repayment date and are currently interest free. As at the year end the company was owed a total of £79,714 (2022: £79,714) in respect of these loans.
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GAM (Holdings) Limited is 80% owned by the following corporate shareholders:
Volpone Ventures Limited and Clearview No 1 Limited.
The company is controlled by the directors by virtue of their shareholdings in the above corporate entities.
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