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Registration number: 10013118

G&M Rentals (South East) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

G&M Rentals (South East) Ltd

(Registration number: 10013118)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,805

20,734

Investment property

5

2,600,676

2,600,676

 

2,617,481

2,621,410

Current assets

 

Debtors

6

957,507

331,389

Cash at bank and in hand

 

18,387

37,321

 

975,894

368,710

Creditors: Amounts falling due within one year

7

(1,695,053)

(942,905)

Net current liabilities

 

(719,159)

(574,195)

Total assets less current liabilities

 

1,898,322

2,047,215

Creditors: Amounts falling due after more than one year

7

(1,112,462)

(1,194,127)

Provisions for liabilities

(3,193)

(3,939)

Net assets

 

782,667

849,149

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

603,059

603,059

Retained earnings

179,508

245,990

Shareholders' funds

 

782,667

849,149

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

G&M Rentals (South East) Ltd

(Registration number: 10013118)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr GS Smart
Director

 

G&M Rentals (South East) Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 2 & 3 Nepicar Park
London Road
Wrotham
Kent
TN15 7AF
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

G&M Rentals (South East) Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or 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 income 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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 the Revaluation Reserve as the company is using the revaluation method..

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

G&M Rentals (South East) Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

12,126

17,341

29,467

Additions

1,274

399

1,673

At 29 February 2024

13,400

17,740

31,140

Depreciation

At 1 March 2023

3,032

5,701

8,733

Charge for the year

2,591

3,011

5,602

At 29 February 2024

5,623

8,712

14,335

Carrying amount

At 29 February 2024

7,777

9,028

16,805

At 28 February 2023

9,094

11,640

20,734

5

Investment properties

2024
£

At 1 March

2,600,676

At 29 February

2,600,676

The investment properties were revalued during the year by an independant valuer.

 

G&M Rentals (South East) Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

6

Debtors

2024
£

2023
£

Trade debtors

10,923

(7,916)

Prepayments

731

10,870

Other debtors

945,853

328,435

957,507

331,389

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

211,723

211,573

Trade creditors

 

48,468

21,267

Taxation and social security

 

17,719

9,521

Accruals and deferred income

 

29,638

53,904

Other creditors

 

1,387,505

646,640

 

1,695,053

942,905

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

992,462

1,074,127

Other non-current financial liabilities

 

120,000

120,000

 

1,112,462

1,194,127

 

G&M Rentals (South East) Ltd

Notes to the Financial Statements for the Year Ended 29 February 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

835,108

907,017

Other borrowings

157,354

167,110

992,462

1,074,127

Current loans and borrowings

2024
£

2023
£

Bank borrowings

92,500

92,500

Other borrowings

119,223

119,073

211,723

211,573