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Company No: 05573777 (England and Wales)

GPNL LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

GPNL LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

GPNL LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
GPNL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTORS Mr Chris Glynn
Mr Colin Parker
Mr Paul Parker
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
BUSINESS ADDRESS Mamicombe Devon
Widdicombe Lane
Marldon
Paignton
Devon
TQ3 1ST
COMPANY NUMBER 05573777 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
GPNL LIMITED

BALANCE SHEET

As at 31 October 2023
GPNL LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 31.10.2023 31.10.2022
£ £
Fixed assets
Investment property 3 1,000,000 1,000,000
1,000,000 1,000,000
Current assets
Debtors 4 6,143 12,420
Cash at bank and in hand 169,976 86,121
176,119 98,541
Creditors: amounts falling due within one year 5 ( 150,884) ( 146,957)
Net current assets/(liabilities) 25,235 (48,416)
Total assets less current liabilities 1,025,235 951,584
Creditors: amounts falling due after more than one year 6 0 ( 176)
Provision for liabilities 7 ( 30,000) ( 30,000)
Net assets 995,235 921,408
Capital and reserves
Called-up share capital 8 6,000 6,000
Profit and loss account 9 989,235 915,408
Total shareholders' funds 995,235 921,408

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GPNL Limited (registered number: 05573777) were approved and authorised for issue by the Board of Directors on 25 March 2024. They were signed on its behalf by:

Mr Chris Glynn
Director
Mr Paul Parker
Director
Mr Colin Parker
Director
GPNL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
GPNL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GPNL Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom. The principal place of business is Mamicombe Devon, Widdicombe Lane, Marldon, Paignton, Devon, TQ3 1ST.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Turnover

Turnover represents rental income receivable and is shown net of value added tax.

Taxation

Current tax
Tax is recognised in the profit and loss, except that a change attributable to an item of income or expense recognised
as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are the differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

31.10.2023 31.10.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 November 2022 1,000,000
As at 31 October 2023 1,000,000

Valuation

There has been no valuation of investment property by an independent valuer. The directors have valued the investment property in accordance with the company accounting polices.

4. Debtors

31.10.2023 31.10.2022
£ £
Trade debtors 3,821 10,272
Other debtors 2,322 2,148
6,143 12,420

5. Creditors: amounts falling due within one year

31.10.2023 31.10.2022
£ £
Amounts owed to directors 86,552 86,552
Accruals 12,195 13,656
Corporation tax 19,011 13,387
Other taxation and social security 6,778 7,014
Other creditors 26,348 26,348
150,884 146,957

6. Creditors: amounts falling due after more than one year

31.10.2023 31.10.2022
£ £
Bank loans (secured) 0 176

Bank loans are secured on land and buildings owned by the company

7. Provision for liabilities

31.10.2023 31.10.2022
£ £
Deferred tax 30,000 30,000

8. Called-up share capital

31.10.2023 31.10.2022
£ £
Allotted, called-up and fully-paid
6,000 Ordinary shares of £ 1.00 each 6,000 6,000

9. Reserves

The profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments. Included in this figure is £367,873 of unrealised gain on investment properties, previously known as the revaluation reserve. There is also a £30,652 unrealised loss in relation to deferred tax on these investment properties.