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Registered number: 08003389










GAM (HOLDINGS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GAM (HOLDINGS) LIMITED
REGISTERED NUMBER: 08003389

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
1,000,200
2,153,900

  
1,000,200
2,153,900

Current assets
  

Debtors: amounts falling due after more than one year
 6 
750,661
480,661

Debtors: amounts falling due within one year
 6 
894,642
884,851

Cash at bank and in hand
 7 
167,274
77,105

  
1,812,577
1,442,617

Creditors: amounts falling due within one year
 8 
(580,536)
(501,204)

Net current assets
  
 
 
1,232,041
 
 
941,413

Total assets less current liabilities
  
2,232,241
3,095,313

Creditors: amounts falling due after more than one year
 9 
(2,550,000)
(2,550,000)

  

Net (liabilities)/assets
  
(317,759)
545,313


Capital and reserves
  

Called up share capital 
 10 
453,900
453,900

Profit and loss account
  
(771,659)
91,413

  
(317,759)
545,313


Page 1

 
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: 




S Rhoades
Director

Date: 31 October 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GAM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

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.

 
2.6

Cash and cash equivalents

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.

 
2.7

Creditors

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.

Page 3

 
GAM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
2,153,900


Provision for diminution in value
(1,153,700)



At 31 March 2024
1,000,200




Page 4

 
GAM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
750,661
480,661

750,661
480,661


2024
2023
£
£

Due within one year

Amounts owed by group undertakings
456,680
750,550

Other debtors
379,714
81,483

Prepayments and accrued income
5,568
138

Tax recoverable
52,680
52,680

894,642
884,851



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
167,274
77,105

167,274
77,105



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
114
2

Amounts owed to group undertakings
575,645
494,779

Other taxation and social security
25
-

Accruals and deferred income
4,752
6,423

580,536
501,204


Page 5

 
GAM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
2,550,000
2,550,000

2,550,000
2,550,000



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,100 (2023 - 10,100) Ordinary shares of £1.00 each
10,100
10,100
443,700 (2023 - 443,700) Deferred Ordinary shares of £1.00 each
443,700
443,700
25 (2023 - 25) Ordinary A shares of £1.00 each
25
25
25 (2023 - 25) Ordinary B shares of £1.00 each
25
25
25 (2023 - 25) Ordinary C shares of £1.00 each
25
25
25 (2023 - 25) Ordinary D shares of £1.00 each
25
25

453,900

453,900


Page 6

 
GAM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Related party transactions

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).
.
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.


12.


Controlling party

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.

Page 7