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Registration number: 10555269

G.M. Rental Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

G.M. Rental Properties Ltd

(Registration number: 10555269)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

522

1,044

Investment property

5

1,319,672

1,295,277

 

1,320,194

1,296,321

Current assets

 

Debtors

6

2,798

5,523

Cash at bank and in hand

 

4,978

7,417

 

7,776

12,940

Creditors: Amounts falling due within one year

7

(585,715)

(385,182)

Net current liabilities

 

(577,939)

(372,242)

Total assets less current liabilities

 

742,255

924,079

Creditors: Amounts falling due after more than one year

7

(717,841)

(895,372)

Provisions for liabilities

(8,405)

(9,478)

Net assets

 

16,009

19,229

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

52,217

33,921

Profit and loss account

(36,308)

(14,792)

Shareholders' funds

 

16,009

19,229

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 October 2024
 



 

Mr G McConnell
Director

 

G.M. Rental Properties Ltd

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

1

General information

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

The address of its registered office is:
2 Swan Delph
Aughton
Ormskirk
Lancashire
L39 5QG

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

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

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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

Tax

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
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.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% straight line

 

G.M. Rental Properties Ltd

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

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

 

G.M. Rental Properties Ltd

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

4

Tangible assets

Plant and equipment
 £

Total
£

Cost

At 1 February 2023

2,683

2,683

At 31 January 2024

2,683

2,683

Depreciation

At 1 February 2023

1,639

1,639

Charge for the year

522

522

At 31 January 2024

2,161

2,161

Net book value

At 31 January 2024

522

522

At 31 January 2023

1,044

1,044

5

Investment property

2024
£

2023
£

At 1 February

1,295,277

800,377

Additions

-

494,900

Fair value adjustments

24,395

-

At 31 January

1,319,672

1,295,277

The properties were valued by the director at their market value using current market data for similar properties in the same areas.

6

Debtors

2024
£

2023
£

Trade debtors

-

5,089

Prepayments

2,798

434

2,798

5,523

 

G.M. Rental Properties Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

1,176

-

Other creditors

2,250

2,157

Other loans

579,763

380,859

Accruals

2,526

2,166

585,715

385,182

Creditors: amounts falling due after more than one year

2024
£

2023
£

Bank loans

717,841

895,372

717,841

895,372

Creditors include mortgages which are secured by a fixed charge and negative pledge over the company's investment properties in the total sum of £717,841 (2023 - £895,372) and are repayable, other than by instalments, after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Class of £1 each

75

75

75

75

Ordinary B Class of £1 each

25

25

25

25

 

100

100

100

100

9

Related party transactions

Director's loan

The director provided the company with a loan on which no interest was charged.