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COMPANY REGISTRATION NUMBER: 10611025
GPEF Limited
Filleted Unaudited Financial Statements
31 December 2023
GPEF Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
476,739
452,319
Current assets
Debtors
5
126,104
124,628
Cash at bank and in hand
4,930
7,298
---------
---------
131,034
131,926
Creditors: amounts falling due within one year
6
185,442
202,573
---------
---------
Net current liabilities
54,408
70,647
---------
---------
Total assets less current liabilities
422,331
381,672
Creditors: amounts falling due after more than one year
7
347,770
347,760
Provisions
10,746
3,417
---------
---------
Net assets
63,815
30,495
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account non-distributable
32,239
14,568
Profit and loss account
31,476
15,827
--------
--------
Shareholders funds
63,815
30,495
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GPEF Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
Mr G Pelly
Director
Company registration number: 10611025
GPEF Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent and rental management services, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 January 2023
450,000
12,954
462,954
Revaluations
25,000
25,000
---------
--------
---------
At 31 December 2023
475,000
12,954
487,954
---------
--------
---------
Depreciation
At 1 January 2023
10,635
10,635
Charge for the year
580
580
---------
--------
---------
At 31 December 2023
11,215
11,215
---------
--------
---------
Carrying amount
At 31 December 2023
475,000
1,739
476,739
---------
--------
---------
At 31 December 2022
450,000
2,319
452,319
---------
--------
---------
The property was valued by the director at 31 December 2023 at £475,000 (2022: £450,000)
5. Debtors
2023
2022
£
£
Trade debtors
750
59
Other debtors
125,354
124,569
---------
---------
126,104
124,628
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,807
2,705
Gandara Limited
172,885
191,903
Other creditors
8,750
7,965
---------
---------
185,442
202,573
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
347,770
347,760
---------
---------
There is a fixed charge, containing a negative pledge, over the Investment property held by the company.
Bank loans are secured by a charge on the investment property.
8. Profit and loss account non-distributable
The following movements on the profit and loss account non-distributable are included within profit and loss account non-distributable in the statement of changes in equity:
2023
2022
£
£
At start of year
14,568
14,568
Reclassification from profit and loss account distributable to profit and loss account non-distributable
17,671
--------
--------
At end of year
32,239
14,568
--------
--------
9. Directors' advances, credits and guarantees
10. Related party transactions
Included in the other debtors is an amount of £117,829 (2022: £117,829) due from GL Capital Partners Limited in which Mr G Pelley is the director. Included in the other creditors is an amount of £172,885 (2022: £191,902) due to Gandara Limited in which Mr G Pelley is the director. The loan is provided interest free and is repayable on demand.