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COMPANY REGISTRATION NUMBER: 11435003
GM Villas Limited
Filleted Unaudited Financial Statements
30 June 2023
GM Villas Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
500,000
Current assets
Debtors
5
255,350
Cash at bank and in hand
271
2,015
----
---------
271
257,365
Creditors: amounts falling due within one year
6
19,304
30,696
--------
---------
Net current (liabilities)/assets
( 19,033)
226,669
--------
---------
Total assets less current liabilities
( 19,033)
726,669
Creditors: amounts falling due after more than one year
7
34,477
702,755
Provisions
7,044
7,044
--------
---------
Net (liabilities)/assets
( 60,554)
16,870
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 60,654)
16,770
--------
--------
Shareholders (deficit)/funds
( 60,554)
16,870
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GM Villas Limited
Statement of Financial Position (continued)
30 June 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 Singh
Director
Company registration number: 11435003
GM Villas Limited
Notes to the Financial Statements
Year ended 30 June 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 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Tangible assets
Freehold property
£
Cost
At 1 July 2022
Additions
500,000
Disposals
( 500,000)
---------
At 30 June 2023
---------
Depreciation
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
---------
At 30 June 2022
---------
Included within the above is investment property as follows:
£
At 1 July 2022
500,000
Disposals
( 500,000)
---------
At 30 June 2023
---------
The property was revalued by the director at the year end and is considered by him to be reflective of the true and fair value at the balance sheet date.
5. Debtors
2023
2022
£
£
Other debtors
255,350
----
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,234
24,951
Other creditors
8,070
5,745
--------
--------
19,304
30,696
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,398
351,715
Other creditors
8,079
351,040
--------
---------
34,477
702,755
--------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr G Singh
2,950
( 3,000)
( 50)
-------
-------
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr G Singh
2,346
604
2,950
-------
----
-------