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Registration number: 13450486

GMTL Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

GMTL Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

GMTL Investments Limited

Company Information

Directors

Dr S King

Mrs L King

Registered office

30 Lillington Road
Leamington Spa
CV32 5YY

Accountants

Rotherham Taylor Limited 21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

GMTL Investments Limited

(Registration number: 13450486)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

900,000

900,000

Other financial assets

5

1,212,245

1,160,760

 

2,112,245

2,060,760

Current assets

 

Debtors

6

5,370

2,788

Cash at bank and in hand

 

27,542

44,447

 

32,912

47,235

Creditors: Amounts falling due within one year

7

(2,136,383)

(2,131,878)

Net current liabilities

 

(2,103,471)

(2,084,643)

Total assets less current liabilities

 

8,774

(23,883)

Provisions for liabilities

21,107

21,742

Net assets/(liabilities)

 

29,881

(2,141)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

29,781

(2,241)

Shareholders' funds/(deficit)

 

29,881

(2,141)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

GMTL Investments Limited

(Registration number: 13450486)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

.........................................
Dr S King
Director

.........................................
Mrs L King
Director

 

GMTL Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
30 Lillington Road
Leamington Spa
CV32 5YY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents dividend income from investments in listed shares and is recognised when the right to receive payment is established.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

GMTL Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments comprise of quoted equity instruments. Where an active market exists, they are valued at closing mid-market price on the reporting date. Where an active market does not exist, they are valued by the application of an appropriate valuation method. Changes in value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

GMTL Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

GMTL Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 July 2023

900,000

At 30 June 2024

900,000

 

GMTL Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Other financial assets

Financial assets at fair value through profit and loss
£

Total
£

Cost or valuation

At 1 July 2023

1,160,760

1,160,760

Additions

34,181

34,181

Fair value adjustments

17,304

17,304

At 30 June 2024

1,212,245

1,212,245

6

Debtors

Current

2024
£

2023
£

Prepayments

106

-

Other debtors

5,264

2,788

 

5,370

2,788

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

2,130,864

2,130,552

Accruals and deferred income

 

5,519

1,326

 

2,136,383

2,131,878

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

2,130,010

2,130,010

Directors loan account

854

542

2,130,864

2,130,552

Borrowings are non-interest bearing and are repayable on demand.