Registered number
05578449
G.A. Projects (UK) Limited
Report and Accounts
25 May 2024
Accountancy 4 Wealth Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
G.A. Projects (UK) Limited
Registered number: 05578449
Balance Sheet
as at 25 May 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 13,488 13,488
Creditors: amounts falling due within one year 4 (217,752) (217,752)
Net current liabilities (204,264) (204,264)
Net liabilities (204,264) (204,264)
Capital and reserves
Called up share capital 8,002 8,002
Profit and loss account (212,266) (212,266)
Shareholders' funds (204,264) (204,264)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Levey
Director
Approved by the board on 19 February 2025
G.A. Projects (UK) Limited
Notes to the Accounts
for the year ended 25 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Other debtors 13,488 13,488
4 Creditors: amounts falling due within one year 2024 2023
£ £
Other taxes and social security costs 112,712 112,712
Other creditors 105,040 105,040
217,752 217,752
5 Related party transactions
There are no related party transactions.
6 Controlling party
The company is controlled by its director who is the shareholder.
7 Contingent liabilities
Since the Company's cessation of trade in 2014, the Company has been subject to a HMRC enquiry into the 2012/13 tax year where HMRC contend £77,672 PAYE and £35,040 NI totalling £112,712 is due. The Director had taken specialist professional advise at the time and was advised that no liability existed. Whilst it was initially agreed that the disputed tax would be stood over pending the outcome of the dispute, HMRC has subsequently issued a notice for advance payment of this disputed amount and the Company has joined a joint judicial review to challenge the validity of these notices. In the interim HMRC have issued late payment penalties totalling £16,907 which themselves have been challenged via the tax tribunal and deferred pending the outcome of the initial dispute.

During the year, following a review by different HMRC officer within HMRC, it has been agreed that the decision to charge the NI of £35,240 was incorrect and it is no longer payable and a test case relating to the PAYE has been heard with no decision yet been given.

Creditors include a provision of £93,579 in respect of PAYE and late payment penalties which HMRC still consider are payable with a further provision against interest that would be payable if they are correct.

If the company is unsuccessful in its defence on this matter or is unsuccessful in its own unconnected ongoing litigation claim for breach of agreement and associated losses it will almost certainly be necessary to liquidate this company.
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