Company Registration No. 08172558 (England and Wales)
GPM360 Limited
Unaudited accounts
for the year ended 31 December 2023
GPM360 Limited
Unaudited accounts
Contents
GPM360 Limited
Company Information
for the year ended 31 December 2023
Company Number
08172558 (England and Wales)
Registered Office
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
GPM360 Limited
Statement of financial position
as at 31 December 2023
Tangible assets
1,499,572
133,371
Cash at bank and in hand
445,345
389,125
Creditors: amounts falling due within one year
(992,497)
(1,252,538)
Net current assets
264,866
745,935
Total assets less current liabilities
1,764,438
889,306
Creditors: amounts falling due after more than one year
(974,678)
(166,039)
Provisions for liabilities
Deferred tax
(374,892)
(33,342)
Net assets
414,868
689,925
Called up share capital
1
1
Profit and loss account
414,867
689,924
Shareholders' funds
414,868
689,925
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 September 2024 and were signed on its behalf by
Miss J P Lee
Director
Company Registration No. 08172558
GPM360 Limited
Notes to the Accounts
for the year ended 31 December 2023
GPM360 Limited is a private company, limited by shares, registered in England and Wales, registration number 08172558. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight-line
Plant & machinery
25% straight-line
Motor vehicles
25% straight-line
Fixtures & fittings
25% straight-line
Computer equipment
25% straight-line
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
GPM360 Limited
Notes to the Accounts
for the year ended 31 December 2023
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Operating leases: the Company as a lease
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2023
-
248,670
105,348
38,524
23,271
415,813
Additions
1,530,176
943
19,051
9,479
9,517
1,569,166
Disposals
-
(8,524)
(124,399)
(48,003)
(32,788)
(213,714)
At 31 December 2023
1,530,176
241,089
-
-
-
1,771,265
At 1 January 2023
-
219,184
32,395
17,573
13,290
282,442
Charge for the year
30,604
28,028
13,538
8,041
4,254
84,465
On disposals
-
(6,123)
(45,933)
(25,614)
(17,544)
(95,214)
At 31 December 2023
30,604
241,089
-
-
-
271,693
At 31 December 2023
1,499,572
-
-
-
-
1,499,572
At 31 December 2022
-
29,486
72,953
20,951
9,981
133,371
GPM360 Limited
Notes to the Accounts
for the year ended 31 December 2023
5
Investments
Other investments
Valuation at 1 January 2023
10,000
Fair value adjustments
(10,000)
Valuation at 31 December 2023
-
Amounts falling due within one year
Trade debtors
276,572
1,337,780
Amounts due from group undertakings etc.
166,053
205
Accrued income and prepayments
101,091
22,746
Other debtors
268,302
248,617
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
42,237
44,000
Obligations under finance leases and hire purchase contracts
38,981
46,333
Trade creditors
127,535
163,677
Taxes and social security
128,757
376,367
Other creditors
194,220
49,955
Deferred income
16,162
14,061
Obligations under finance leases and hire purchase contracts are secured on the asset to which they relate.
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
964,960
117,333
Obligations under finance leases and hire purchase contracts
9,718
48,706
GPM360 Limited
Notes to the Accounts
for the year ended 31 December 2023
9
Deferred taxation
2023
2022
Accelerated capital allowances
374,892
33,342
Provision at start of year
33,342
36,150
Charged/(credited) to the profit and loss account
341,550
(2,808)
Provision at end of year
374,892
33,342
10
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
1,500
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan account, repayable on demand at HMRC official interest rate
79,476
123,907
-
203,383
12
Transactions with related parties
The Company has taken the exemption under FRS102 Section 33.1A not to disclose transactions and balances with other members of the group on the basis they are wholly owned.
During the year, the Company recharged various costs to 360 Media Sales Ltd, a company under joint control of its parent, GPM 360 Holdings Limited. At the year-end, the Company was owed £29,715 as an aged receivable (2022 - £16,769) and owed £538 as an aged payable (2022 - £49,011).
The Company wrote off the £50 loan lent in the previous year to 360 Media Sales Ltd. Interest of £NIL was charged on the loan (2022 - £4,981). The Company borrowed £50,000 from 360 Media Sales Ltd. The balance of £190,000 owed by the Company (2022 - £49,950 owed to), included in other creditors is interest free and repayable on demand.
The company's parent undertaking is GPM360 Holdings Limited, registered at Albany House, Claremont Lane, Esher, Surrey, England, KT10 9FQ.
14
Average number of employees
During the year the average number of employees was 12 (2022: 10).