Company registration number 04015712 (England and Wales)
GENERAL ASSET MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
GENERAL ASSET MANAGEMENT LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 12
GENERAL ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr G S Garton
Mr P M Chesterfield
Mr G Willis
Mrs I E V Laughton
Mr Alex McCarthy
(Appointed 13 September 2023)
Company number
04015712
Registered office
Mill Green House
Mill Green Road
Haywards Heath
West Sussex
RH16 1XJ
Auditor
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
GENERAL ASSET MANAGEMENT LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,393
36,099
Investments
4
855,000
855,000
885,393
891,099
Current assets
Debtors falling due after more than one year
6
711,240
1,834,512
Debtors falling due within one year
6
258,538
272,496
Cash at bank and in hand
1,269,556
1,799,484
2,239,334
3,906,492
Creditors: amounts falling due within one year
7
(1,578,801)
(1,576,521)
Net current assets
660,533
2,329,971
Total assets less current liabilities
1,545,926
3,221,070
Provisions for liabilities
8
(1,482)
(1,888)
Net assets
1,544,444
3,219,182
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
1,543,444
3,218,182
Total equity
1,544,444
3,219,182
GENERAL ASSET MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
Mr G S Garton
Director
Company registration number 04015712 (England and Wales)
GENERAL ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
1,000
2,653,863
2,654,863
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
2,364,319
2,364,319
Dividends
-
(1,800,000)
(1,800,000)
Balance at 30 June 2023
1,000
3,218,182
3,219,182
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
1,425,262
1,425,262
Dividends
-
(3,100,000)
(3,100,000)
Balance at 30 June 2024
1,000
1,543,444
1,544,444
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information
General Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mill Green House, Mill Green Road, Haywards Heath, West Sussex, RH16 1XJ.
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. The principal accounting policies adopted are set out below.
The financial statements contain information about General Asset Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
1.2
Turnover
Income from finance leasing/loan contracts, being the total rentals/repayments received over the cost of the net investment in leasing/loan contracts, is allocated to accounting periods over the life of the lease/loan on an actuarial basis, in order to give a smooth rate of return on the investment in the lease/loan agreements. For leasing/loan agreements sold on a non recourse back to back basis, the entire profit is taken at the point of the assignment of the lease/loan to the back to back funder.
Commission costs are written off over the life of the arrangement on an actuarial before tax basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% - 33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
1.7
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 including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
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 expected to apply in the period when the liability is settled or the asset is realised. 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.12
Bad debt provision policy
Credit risk is inherent in the provision of loan and lease finance to businesses. Provision is made specifically against individual balances in arrears where appropriate.
1.13
Amounts receivable under finance leases and loans are included under debtors and represent the total amount outstanding under lease/loan agreements less finance charges attributable to future periods.
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
12
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 July 2023
347,522
Additions
482
At 30 June 2024
348,004
Depreciation and impairment
At 1 July 2023
311,423
Depreciation charged in the year
6,188
At 30 June 2024
317,611
Carrying amount
At 30 June 2024
30,393
At 30 June 2023
36,099
4
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
855,000
855,000
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
4
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2023 & 30 June 2024
855,000
Carrying amount
At 30 June 2024
855,000
At 30 June 2023
855,000
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
General Asset Management UK Ltd
England & Wales
Ordinary shares
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
226,422
121,044
Other debtors
32,116
151,452
258,538
272,496
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
711,240
1,834,512
Total debtors
969,778
2,107,008
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
479,829
544,635
Amounts owed to group undertakings
670,000
530,000
Corporation tax
302,083
381,325
Other taxation and social security
32,607
36,349
Other creditors
94,282
84,212
1,578,801
1,576,521
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
1,482
1,888
2024
Movements in the year:
£
Liability at 1 July 2023
1,888
Credit to profit or loss
(406)
Liability at 30 June 2024
1,482
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
GENERAL ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
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.
The senior statutory auditor was Christopher Ketley FCA.
The auditor was TC Group.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
72,000
72,000
Between two and five years
288,000
288,000
In over five years
504,000
576,000
864,000
936,000
2024-06-302023-07-01false02 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr G S GartonMr P M ChesterfieldMr G WillisMrs I E V LaughtonMr Alex McCarthyfalsefalse040157122023-07-012024-06-3004015712bus:Director12023-07-012024-06-3004015712bus:Director22023-07-012024-06-3004015712bus:Director32023-07-012024-06-3004015712bus:Director42023-07-012024-06-3004015712bus:Director52023-07-012024-06-3004015712bus:RegisteredOffice2023-07-012024-06-30040157122024-06-30040157122023-06-3004015712core:FurnitureFittings2024-06-3004015712core:FurnitureFittings2023-06-3004015712core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3004015712core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3004015712core:CurrentFinancialInstruments2024-06-3004015712core:CurrentFinancialInstruments2023-06-3004015712core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3004015712core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3004015712core:ShareCapital2024-06-3004015712core:ShareCapital2023-06-3004015712core:RetainedEarningsAccumulatedLosses2024-06-3004015712core:RetainedEarningsAccumulatedLosses2023-06-3004015712core:RetainedEarningsAccumulatedLosses2022-07-012023-06-30040157122022-07-012023-06-3004015712core:RetainedEarningsAccumulatedLosses2023-07-012024-06-3004015712core:FurnitureFittings2023-07-012024-06-3004015712core:FurnitureFittings2023-06-300401571212023-07-012024-06-3004015712core:Non-currentFinancialInstruments2024-06-3004015712core:Non-currentFinancialInstruments2023-06-3004015712core:WithinOneYear2024-06-3004015712core:WithinOneYear2023-06-3004015712core:BetweenTwoFiveYears2024-06-3004015712core:BetweenTwoFiveYears2023-06-3004015712core:MoreThanFiveYears2024-06-3004015712core:MoreThanFiveYears2023-06-3004015712bus:PrivateLimitedCompanyLtd2023-07-012024-06-3004015712bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3004015712bus:FRS1022023-07-012024-06-3004015712bus:Audited2023-07-012024-06-3004015712bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP