Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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700,131 | 700,183 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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1,039 | 3,414 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of GMA Business Limited (registered number:
Mr Panayiotes Nicolas
Director |
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.
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 £.
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.
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.
Plant and machinery etc. |
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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.
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.
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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
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At 31 January 2024 |
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Accumulated depreciation | |||
At 01 February 2023 |
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Charge for the financial year |
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At 31 January 2024 |
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Net book value | |||
At 31 January 2024 |
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At 31 January 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 February 2023 |
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As at 31 January 2024 |
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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.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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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.
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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