Company registration number 10460856 (England and Wales)
GMHP1 Limited
Unaudited financial statements
For the year ended 30 November 2023
GMHP1 Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
GMHP1 Limited
Statement of financial position
As at 30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
2
790,000
647,418
Current assets
Debtors
3
798
2,073
Cash at bank and in hand
12,021
40,545
12,819
42,618
Creditors: amounts falling due within one year
4
(181,216)
(155,993)
Net current liabilities
(168,397)
(113,375)
Total assets less current liabilities
621,603
534,043
Creditors: amounts falling due after more than one year
5
(387,522)
(339,478)
Provisions for liabilities
(32,200)
(29,000)
Net assets
201,881
165,565
Capital and reserves
Called up share capital
100
100
Other reserves
137,031
123,393
Profit and loss reserves
64,750
42,072
Total equity
201,881
165,565

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

GMHP1 Limited
Statement of financial position (continued)
As at 30 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 February 2024
Mr G M Hammond
Director
Company Registration No. 10460856
GMHP1 Limited
Notes to the financial statements
For the year ended 30 November 2023
- 3 -
1
Accounting policies
Company information

GMHP1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 30, Lymedale Business Centre, Hooters Hall Road, Newcastle, Staffordshire, ST5 9QF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GMHP1 Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GMHP1 Limited
Notes to the financial statements (continued)
For the year ended 30 November 2023
- 5 -
2
Investment property
2023
£
Fair value
At 1 December 2022
647,418
Additions
125,744
Revaluations
16,838
At 30 November 2023
790,000

The fair value of the investment property has been arrived at based on the directors valuations of the property.

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
798
2,073
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
19,666
13,881
Taxation and social security
6,258
5,268
Other creditors
155,292
136,844
181,216
155,993
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
387,522
339,478
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
292,000
273,369
6
Security

The bank loans are secured by way of fixed charge over the investment property held by the company.

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