Company registration number 07071198 (England and Wales)
GJP (CARLISLE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GJP (CARLISLE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GJP (CARLISLE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
3,500,000
5,675,000
Current assets
Debtors
4
94,438
15,393
Cash at bank and in hand
609,617
417,487
704,055
432,880
Creditors: amounts falling due within one year
5
(464,276)
(2,063,754)
Net current assets/(liabilities)
239,779
(1,630,874)
Total assets less current liabilities
3,739,779
4,044,126
Creditors: amounts falling due after more than one year
6
(1,502,211)
Net assets
2,237,568
4,044,126
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,237,468
4,044,026
Total equity
2,237,568
4,044,126
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 7 October 2024
M Oberoi
Director
Company Registration No. 07071198
GJP (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
GJP (Carlisle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old House, 64 The Avenue, Egham, TW20 9AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has, or will obtain access to adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts attributable to the year, exclusive of Value Added Tax, in respect of rents receivable for the period.
1.4
Investment property
Freehold investment property comprises a care home held for use in an operating lease, is included on the balance sheet at its market value, and is not depreciated.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and represent cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.
GJP (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
During the current and preceding periods, the average monthly number of persons employed by the company was nil.
GJP (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 January 2023
5,675,000
Revaluations
(2,175,000)
At 31 December 2023
3,500,000
In September 2024, the company sold its investment property at arm's length for gross proceeds of £3,500,000.
It is the opinion of the director that this is a fair reflection of the market value of the property at the balance sheet date, and a revaluation adjustment has therefore been posted as at 31 December 2023.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,097
Other debtors
220
220
10,097
Deferred tax asset
94,218
5,296
94,438
15,393
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
239,052
1,842,702
Trade creditors
612
554
Corporation tax
74,468
70,682
Other creditors
150,144
149,816
464,276
2,063,754
The bank loan has been refinanced in the year, and is split into two tranches, both of which are secured by a fixed and floating charge on the assets of the company.
Tranche 1 is repayable in quarterly instalments with a bullet repayment in December 2025, and interest is charged at 3.35% plus base rate.
Tranche 2 is repayable in full in December 2025, and interest is charged at 3.35% plus base rate.
Post year end, both tranches were repaid in full using proceeds from the sale of the investment property.
GJP (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
1,502,211
The bank loan has been refinanced in the year, and is split into two tranches, both of which are secured by a fixed and floating charge on the assets of the company.
Tranche 1 is repayable in quarterly instalments with a bullet repayment in December 2025, and interest is charged at 3.35% plus base rate.
Tranche 2 is repayable in full in December 2025, and interest is charged at 3.35% plus base rate.
Post year end, both tranches were repaid in full using proceeds from the sale of the investment property.
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
94,218
103,564
Investment property
-
(98,268)
94,218
5,296
2023
Movements in the year:
£
Asset at 1 January 2023
(5,296)
Credit to profit or loss
(88,922)
Asset at 31 December 2023
(94,218)
GJP (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
100
100
100
100
9
Profit and loss reserves
Within retained earnings is a non distributable amount of £nil (2022: £1,091,217) which relates to the revaluation of investment property, stated net of the related deferred taxation liability.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Graham Rigby
Statutory Auditor:
Azets Audit Services
11
Parent company
The company's parent undertaking is Dalton Court Investments Limited, a company controlled by Mr A and Mrs M Oberoi.