Registration number:
G and M Property Rentals Limited
for the Year Ended 31 August 2024
G and M Property Rentals Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
G and M Property Rentals Limited
(Registration number: 09736093)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
5 |
5 |
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Other reserves |
27,547 |
27,547 |
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Retained earnings |
(16,788) |
(16,130) |
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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:
• |
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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
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G and M Property Rentals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2024 |
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At 1 September |
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At 31 August |
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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
Debtors |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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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
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank overdrafts |
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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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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4 |
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4 |
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1 |
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1 |
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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: |
Ordinary B Shares have the following rights, preferences and restrictions: |
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.
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Ultimate controlling party |
The ultimate controlling party is