Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr Panayiotes Nicolas 13/09/1992 29 October 2024 The principal activity of the company continued to be that of property rental and property consultancy. 01578406 2024-01-31 01578406 bus:Director1 2024-01-31 01578406 2023-01-31 01578406 core:CurrentFinancialInstruments 2024-01-31 01578406 core:CurrentFinancialInstruments 2023-01-31 01578406 core:Non-currentFinancialInstruments 2024-01-31 01578406 core:Non-currentFinancialInstruments 2023-01-31 01578406 core:ShareCapital 2024-01-31 01578406 core:ShareCapital 2023-01-31 01578406 core:RevaluationReserve 2024-01-31 01578406 core:RevaluationReserve 2023-01-31 01578406 core:RetainedEarningsAccumulatedLosses 2024-01-31 01578406 core:RetainedEarningsAccumulatedLosses 2023-01-31 01578406 core:OtherPropertyPlantEquipment 2023-01-31 01578406 core:OtherPropertyPlantEquipment 2024-01-31 01578406 bus:OrdinaryShareClass1 2024-01-31 01578406 2023-02-01 2024-01-31 01578406 bus:FilletedAccounts 2023-02-01 2024-01-31 01578406 bus:SmallEntities 2023-02-01 2024-01-31 01578406 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 01578406 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 01578406 bus:Director1 2023-02-01 2024-01-31 01578406 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-02-01 2024-01-31 01578406 2022-02-01 2023-01-31 01578406 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 01578406 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 01578406 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 01578406 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01578406 (England and Wales)

GMA BUSINESS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

GMA BUSINESS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

GMA BUSINESS LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
GMA BUSINESS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTOR Mr Panayiotes Nicolas
SECRETARY Mrs Helen Nicolas
REGISTERED OFFICE 2nd Floor
201 Great Portland Street
Marylebone
London
United Kingdom
COMPANY NUMBER 01578406 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
2nd Floor
201 Great Portland Street
Marylebone
London
W1W 5AB
GMA BUSINESS LIMITED

BALANCE SHEET

As at 31 January 2024
GMA BUSINESS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 131 183
Investment property 5 700,000 700,000
700,131 700,183
Current assets
Debtors 6 105 3,357
Cash at bank and in hand 934 57
1,039 3,414
Creditors: amounts falling due within one year 7 ( 83,695) ( 63,022)
Net current liabilities (82,656) (59,608)
Total assets less current liabilities 617,475 640,575
Creditors: amounts falling due after more than one year 8 ( 148,414) ( 170,029)
Net assets 469,061 470,546
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 212,430 212,430
Profit and loss account 256,531 258,016
Total shareholders' funds 469,061 470,546

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 financial statements of GMA Business Limited (registered number: 01578406) were approved and authorised for issue by the Director on 29 October 2024. They were signed on its behalf by:

Mr Panayiotes Nicolas
Director
GMA BUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
GMA BUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GMA Business Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2nd Floor, 201 Great Portland Street, Marylebone, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents rental income received during the year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the #wd6\Director\ #wd12\Director\ required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 4,074 4,074
At 31 January 2024 4,074 4,074
Accumulated depreciation
At 01 February 2023 3,891 3,891
Charge for the financial year 52 52
At 31 January 2024 3,943 3,943
Net book value
At 31 January 2024 131 131
At 31 January 2023 183 183

5. Investment property

Investment property
£
Valuation
As at 01 February 2023 700,000
As at 31 January 2024 700,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30 August 2017 by Springer Nicolas a firm of surveyors. The valuation was made on an open market value basis by reference to the rentals receivable under the underlying lease agreement that is in place and the market rent.

The directors, by taking into consideration the market conditions and the fact that the property is leased out under a long term lease agreement, believe that the fair value of the property on 31 January 2023 was not materially different by comparison to the above valuation.

6. Debtors

2024 2023
£ £
Trade debtors 0 2,750
Other debtors 105 607
105 3,357

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 25,971 22,890
Other taxation and social security 0 132
Other creditors 57,724 40,000
83,695 63,022

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 148,414 170,029

On 8 May 2014 Metro Bank PLC created a fixed and floating charge over the investment property of the company being 124 High Street, Bushey, WD23 3DE.

The bank loans and overdrafts of GMA Business Limited of £148,414 (2023: £170,029) are secured by a personal guarantee given by the director and on the fixed and floating assets of the company.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100