G and M Property Rentals Limited 09736093 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of investment property rental. Digita Accounts Production Advanced 6.30.9574.0 true false true 09736093 2023-09-01 2024-08-31 09736093 2024-08-31 09736093 bus:OrdinaryShareClass1 2024-08-31 09736093 bus:OrdinaryShareClass2 2024-08-31 09736093 core:CurrentFinancialInstruments 2024-08-31 09736093 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 09736093 core:Non-currentFinancialInstruments 2024-08-31 09736093 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 09736093 bus:SmallEntities 2023-09-01 2024-08-31 09736093 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 09736093 bus:FilletedAccounts 2023-09-01 2024-08-31 09736093 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 09736093 bus:RegisteredOffice 2023-09-01 2024-08-31 09736093 bus:Director2 2023-09-01 2024-08-31 09736093 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 09736093 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 09736093 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 09736093 core:LandBuildings 2023-09-01 2024-08-31 09736093 1 2023-09-01 2024-08-31 09736093 countries:UnitedKingdom 2023-09-01 2024-08-31 09736093 2023-08-31 09736093 2022-09-01 2023-08-31 09736093 2023-08-31 09736093 bus:OrdinaryShareClass1 2023-08-31 09736093 bus:OrdinaryShareClass2 2023-08-31 09736093 core:CurrentFinancialInstruments 2023-08-31 09736093 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 09736093 core:Non-currentFinancialInstruments 2023-08-31 09736093 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09736093

G and M Property Rentals Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

G and M Property Rentals Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

G and M Property Rentals Limited

(Registration number: 09736093)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

255,000

255,000

Current assets

 

Debtors

5

652

115

Creditors: Amounts falling due within one year

6

(49,552)

(48,221)

Net current liabilities

 

(48,900)

(48,106)

Total assets less current liabilities

 

206,100

206,894

Creditors: Amounts falling due after more than one year

6

(193,455)

(193,441)

Provisions for liabilities

(1,881)

(2,031)

Net assets

 

10,764

11,422

Capital and reserves

 

Called up share capital

5

5

Other reserves

27,547

27,547

Retained earnings

(16,788)

(16,130)

Shareholders' funds

 

10,764

11,422

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

Approved and authorised by the Board on 30 September 2024 and signed on its behalf by:
 

Mr Mark Perryman
Director

   
     
 

G and M Property Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
The Meadows Whale Drove
Whaplode Drove
Spalding
Lincolnshire
PE12 0UB
United Kingdom

These financial statements were authorised for issue by the Board on 30 September 2024.

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 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £48,900 (2023: £48,106) and retained losses of £16,788 (2023: £16,130). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of investment properties in the ordinary course of the company’s activities.

Turnover is recognised on an accruals basis and rents are deferred or accrued where necessary.

 

G and M Property Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.

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.

Depreciation

Asset class

Depreciation method and rate

Investment Property

No Depreciation

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors or external valuers. Any changes in fair value are recognised in profit or loss account. This accounting policy is in accordance with FRS102.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 September

255,000

At 31 August

255,000

There has been no valuation of investment properties by an independant valuer. The director has
considered the market value of the properties and consider that the current value is representative of the market value of the investment properties at the balance sheet date.

 

G and M Property Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Debtors

2024
£

2023
£

Other debtors

652

115

652

115

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

2,918

3,422

Accruals and deferred income

 

1,163

1,090

Other creditors

 

45,471

43,709

 

49,552

48,221


Creditors due within one year include a bank overdraft of £2,918 (2023: £3,422) which is unsecured.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

193,455

193,441

Creditors include mortgages repayable by instalments of £193,455 (2023: £193,441) due after more than 5 years. These borrowings are owed to Aldermore Bank PLC via a fixed and floating charge over all investment properties owned by the business.

 

G and M Property Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

193,455

193,441

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

2,918

3,422

Non-current borrowings include mortgages repayable by instalments of £193,455 (2023: £193,441) due after more than 5 years. These borrowings are owed to Aldermore Bank PLC via a fixed and floating charge over all investment properties owned by the business.

Current borrowings include a bank overdraft which is referred to in note 6.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

4

4

4

4

Ordinary B Shares of £1 each

1

1

1

1

 

5

5

5

5

 

G and M Property Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Rights, preferences and restrictions

Ordinary A Shares have the following rights, preferences and restrictions:
Full voting and equity rights.

Ordinary B Shares have the following rights, preferences and restrictions:
Full voting and equity rights.

9

Related party transactions

At the balance sheet date. the company owed the director £45,471 (2023: 43,708). This loan is interest free and has no fixed terms for repayment.
 

10

Ultimate controlling party

The ultimate controlling party is Mr M Perryman and Mrs G Perryman by virtue of their shareholdings.