Registered number: 08003389
GAM (HOLDINGS) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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GAM (HOLDINGS) LIMITED
REGISTERED NUMBER: 08003389
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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GAM (HOLDINGS) LIMITED
REGISTERED NUMBER: 08003389
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GAM (Holdings) Limited is a company incorporated and domiciled in England and has its registered office and principal place of business at 211 Torrington Avenue, Coventry, CV4 9AP.
The principal activity of the company is that of a holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The shareholders have committed to support the company for a minimum period of twelve months
from the date of signing the accounts and to provide working capital facilities to the company to allow
it to meet debts as they fall due. Accordingly, the directors believe that it remains appropriate to
prepare the financial statements on a going concern basis.
Interest income is recognised in profit or loss using the effective interest method.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Investments in subsidiary companies
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Provision for diminution in value
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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10,100 (2023 - 10,100) Ordinary shares of £1.00 each
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443,700 (2023 - 443,700) Deferred Ordinary shares of £1.00 each
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25 (2023 - 25) Ordinary A shares of £1.00 each
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25 (2023 - 25) Ordinary B shares of £1.00 each
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25 (2023 - 25) Ordinary C shares of £1.00 each
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25 (2023 - 25) Ordinary D shares of £1.00 each
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GAM (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Related party transactions
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As at the year end £3,038,558 (2023: £3,041,558) remains outstanding from the company to Greenhills Real Estate Limited. The loans are unsecured, interest free and have no fixed repayment date. The total amount noted is disclosed as £2,550,000 (2023: £2,550,000) payable in more than one year and £488,558 (2023: £491,558) is payable within one year.
As at the year end £295,325 (2023: £Nil) remains outstanding to the company from IVRE Limited. The loans are unsecured, interest is charged at 10% and have no fixed repayment date. The total amount noted is disclosed as £270,000 (2023: £Nil) receivable in more than one year and £25,325 (2023: £Nil) is receivable within one year.
During the year, GAM (Holdings) Limited received funds and made payments on behalf of Greenhills Asset Solutions No.2 Limited which amounted to a year end debtor of £Nil (2023: £65,891).
During the year, GAM (Holdings) Limited made loans to Greenhills Asset Solutions No.2 Limited which amounted to a year end creditor of £85,730 (2023: £Nil).
During the year, GAM (Holdings) Limited received funds and made payments on behalf of Greenhills Asset Management Limited which amounted to a year end debtor of £227,443 (2023: £457,872).
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The company made loans to IVRE No 2 Limited, a related party by virtue of common control.As at the year end £480,661 (2023: £480,661) remains outstanding from IVRE No 2 Limited.
The company made loans to Hemingway Properties Limited, a related party by virtue of common control. As at the year end £201,106 (2023: £201,106) remains in debtors.
The company made loans to Hemingway Group Holdings Limited, a related party by virtue of common control. As at the year end £2,806 (2023: £356) remains outstanding from Hemingway Investments Limited.
The company received funds and made payments on behalf of Clearview No 1 Limited which amounted to a creditor of £1,356 (2023: £3,221).
During year ended 31 March 2016 the company advanced loans to the directors of the company. No further advances have been made in the periods since this date. These loans have no fixed repayment date and are currently interest free. As at the year end the company was owed a total of £79,714 (2023: £79,714) in respect of these loans.
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GAM (Holdings) Limited is 80% owned by the following corporate shareholders:
Volpone Ventures Limited and Clearview No 1 Limited.
The company is controlled by the directors by virtue of their shareholdings in the above corporate entities.
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