Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Caroline Bailey 20/03/2024 01/08/2023 Amy Griffiths 01/11/2022 George Griffiths 08/01/2019 15 July 2024 The principal activity of the Company during the financial year was the management of investment property. 11754562 2023-12-31 11754562 bus:Director1 2023-12-31 11754562 bus:Director2 2023-12-31 11754562 bus:Director3 2023-12-31 11754562 2022-12-31 11754562 core:CurrentFinancialInstruments 2023-12-31 11754562 core:CurrentFinancialInstruments 2022-12-31 11754562 core:ShareCapital 2023-12-31 11754562 core:ShareCapital 2022-12-31 11754562 core:RetainedEarningsAccumulatedLosses 2023-12-31 11754562 core:RetainedEarningsAccumulatedLosses 2022-12-31 11754562 core:OfficeEquipment 2022-12-31 11754562 core:OfficeEquipment 2023-12-31 11754562 bus:OrdinaryShareClass1 2023-12-31 11754562 2023-01-01 2023-12-31 11754562 bus:FilletedAccounts 2023-01-01 2023-12-31 11754562 bus:SmallEntities 2023-01-01 2023-12-31 11754562 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11754562 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11754562 bus:Director1 2023-01-01 2023-12-31 11754562 bus:Director2 2023-01-01 2023-12-31 11754562 bus:Director3 2023-01-01 2023-12-31 11754562 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 11754562 2022-04-01 2022-12-31 11754562 core:OfficeEquipment 2023-01-01 2023-12-31 11754562 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11754562 bus:OrdinaryShareClass1 2022-04-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11754562 (England and Wales)

GMG COMMERCIAL LTD

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

GMG COMMERCIAL LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GMG COMMERCIAL LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
GMG COMMERCIAL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Tangible assets 3 4,887 0
Investment property 4 2,060,970 2,060,970
2,065,857 2,060,970
Current assets
Debtors 5 36,912 17,149
Cash at bank and in hand 36,783 530,244
73,695 547,393
Creditors: amounts falling due within one year 6 ( 2,166,017) ( 2,627,074)
Net current liabilities (2,092,322) (2,079,681)
Total assets less current liabilities (26,465) (18,711)
Net liabilities ( 26,465) ( 18,711)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 26,565 ) ( 18,811 )
Total shareholder's deficit ( 26,465) ( 18,711)

For the financial 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 financial statements of GMG Commercial Ltd (registered number: 11754562) were approved and authorised for issue by the Board of Directors on 15 July 2024. They were signed on its behalf by:

George Griffiths
Director
GMG COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GMG COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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 period, unless otherwise stated.

General information and basis of accounting

GMG Commercial Ltd (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 Suite 120 Watermoor Point Watermoor Road, Cirencester, GL7 1LF, England, United Kingdom.

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

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The prior year accounts are prepared for the 9 months ending 31 December 2022 and as a result, are not fully comparable to the prior year figures

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

2. Employees

Year ended
31.12.2023
Period from
01.04.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 0 0
Additions 5,749 5,749
At 31 December 2023 5,749 5,749
Accumulated depreciation
At 01 January 2023 0 0
Charge for the financial year 862 862
At 31 December 2023 862 862
Net book value
At 31 December 2023 4,887 4,887
At 31 December 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 2,060,970
As at 31 December 2023 2,060,970

Valuation

The 2023 valuations were made by the directors, on an open market value for existing use basis.

5. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 23,479 11,000
Amounts owed by Group undertakings 5,105 1,133
Prepayments 6,231 4,820
VAT recoverable 1,901 0
Other debtors 196 196
36,912 17,149

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 14,968 552
Amounts owed to directors 2,100,000 2,516,657
Accruals and deferred income 50,517 42,132
Taxation and social security 532 67,733
2,166,017 2,627,074

7. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

At the period end, the balance owed to the director was £2,100,000 (Prior period: £2,516,657). Interest was charged at 2.25%.