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REGISTERED NUMBER: 12108929 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

GP1X Ltd

GP1X Ltd (Registered number: 12108929)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GP1X Ltd

Company Information
for the year ended 31 December 2023







DIRECTORS: J Connolly
T G Harvey
J Linden
S Shaw
M R Gibbons
A S Ho





REGISTERED OFFICE: Kenton House
Oxford Street
Moreton-in-Marsh
Gloucestershire
GL56 0LA





REGISTERED NUMBER: 12108929 (England and Wales)





ACCOUNTANTS: Tayabali Tomlin
Chartered Accountants
Kenton House
Oxford Street
Moreton-in-Marsh
Gloucestershire
GL56 0LA

GP1X Ltd (Registered number: 12108929)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,215,086 -
Tangible assets 5 1,642,475 21,818
Investments 6 2,925 -
7,860,486 21,818

CURRENT ASSETS
Stocks - 5,762,761
Debtors 7 1,188,392 397,731
Cash at bank and in hand 183,529 340,872
1,371,921 6,501,364
CREDITORS
Amounts falling due within one year 8 14,581,253 7,173,689
NET CURRENT LIABILITIES (13,209,332 ) (672,325 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,348,846

)

(650,507

)

CREDITORS
Amounts falling due after more than one
year

9

158,706

-
NET LIABILITIES (5,507,552 ) (650,507 )

GP1X Ltd (Registered number: 12108929)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (5,508,552 ) (651,507 )
(5,507,552 ) (650,507 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





J Connolly - Director


GP1X Ltd (Registered number: 12108929)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

GP1X Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors consider that in preparing the financial statements they have taken into account all information available, and on this basis the financial statements are prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GP1X Ltd (Registered number: 12108929)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GP1X Ltd (Registered number: 12108929)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Intangible assets
Development costs are capitalised where there is expected to be a benefit to future periods and the following conditions are met:

(i)It is technically feasible to complete the research or development so that the product will be available for use or sale;

(ii)It is intended to use or sell the product being developed;

(iii)The company is able to use or sell the product;

(iv)It can be demonstrated that the product will generate probable future economic benefits;

(v)Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold; and

(vi)Expenditure attributable to the research and development work can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life of 6 years.

Amortisation of development costs commence on the date of the first exhibition over the remaining useful life of the license agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 6,780,093
At 31 December 2023 6,780,093
AMORTISATION
Charge for year 565,007
At 31 December 2023 565,007
NET BOOK VALUE
At 31 December 2023 6,215,086

GP1X Ltd (Registered number: 12108929)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


4. INTANGIBLE FIXED ASSETS - continued

Development costs have been capitalised in respect of the production of a travelling exhibition. The first exhibition commenced in March 2023 and accordingly amortisation of the costs has commenced during the year on a straight-line basis over the period of 6 years.

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 - 5,087 31,632 36,719
Additions 2,032,219 - 446 2,032,665
At 31 December 2023 2,032,219 5,087 32,078 2,069,384
DEPRECIATION
At 1 January 2023 - 2,135 12,766 14,901
Charge for year 406,444 738 4,826 412,008
At 31 December 2023 406,444 2,873 17,592 426,909
NET BOOK VALUE
At 31 December 2023 1,625,775 2,214 14,486 1,642,475
At 31 December 2022 - 2,952 18,866 21,818

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 201,369
At 31 December 2023 201,369
DEPRECIATION
Charge for year 40,274
At 31 December 2023 40,274
NET BOOK VALUE
At 31 December 2023 161,095

GP1X Ltd (Registered number: 12108929)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 2,925
At 31 December 2023 2,925
NET BOOK VALUE
At 31 December 2023 2,925

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 13,517 -
Other debtors 1,174,875 397,731
1,188,392 397,731

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 42,663 -
Trade creditors 1,292,579 28,118
Taxation and social security 54,952 -
Other creditors 13,191,059 7,145,571
14,581,253 7,173,689

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 158,706 -

GP1X Ltd (Registered number: 12108929)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 42,663 -
Between one and five years 158,706 -
201,369 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 212,004 -
Between one and five years 234,030 -
446,034 -

11. RELATED PARTY DISCLOSURES

Included within creditors there is a loan account due to Round Path Limited, the holding company, in the sum of £10,539,983 (2022: £7,129,068). The account is unsecured, interest free and carries no fixed date of repayment.

Included within debtors there is a loan to Crownwell Capital SL, a subsidiary of the company, in the sum of £222,451 (2023: £Nil). The account is unsecured, interest free and carries no fixed date of repayment.