REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
GMS 2016 PROPERTY LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
GMS 2016 PROPERTY LTD |
GMS 2016 PROPERTY LTD (REGISTERED NUMBER: 10225849) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GMS 2016 PROPERTY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
85 Great Portland Street |
London |
W1W 7LT |
GMS 2016 PROPERTY LTD (REGISTERED NUMBER: 10225849) |
BALANCE SHEET |
30TH JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
GMS 2016 PROPERTY LTD (REGISTERED NUMBER: 10225849) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | GOING CONCERN |
The company’s net assets are overdrawn, which takes into account the related parties loans owed to the directors, to the sum of £68,996 (see note 7). The directors have agreed not to demand repayment of the loan for a minimum of 12 months from the date of signing the balance sheet. The loan is shown under other creditors. In addition to this, the investment property of £340,000 is to be sold throughout 2025. Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
The investment property shown in the balance sheet has been recorded at cost of acquisition plus attributable costs. |
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. |
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. |
Other financial commitments |
A loan of £263,796 (2023: £263,837) is repayable on 30 April 2027, the rate of interest at 30 June 2024 is 3.64% (2023:3.64%) and is secured against the Investment Property. |
A loan of £55,492 (2023: £65,992) is due to a company under the common control of the Directors, it is interest free and repayable more than one year after the Balance Sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GMS 2016 PROPERTY LTD (REGISTERED NUMBER: 10225849) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
Cost or valuation |
At 1st July 2023 |
Revaluations | ( |
) |
At 30th June 2024 |
Net book value |
At 30th June 2024 |
At 30th June 2023 |
Cost or valuation at 30th June 2024 is represented by: |
£ |
Valuation in 2024 | (12,430 | ) |
Cost | 352,430 |
340,000 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
As at the year-end date of 30 June 2024 the balance due to G Sugarman who is a director of the company is £34,498 (2023: £34,498) and is still outstanding. This balance is included in other creditors. |
As at the year-end date of 30 June 2024 the balance due to P Sugarman who is a director of the company is £34,498 (2023: £34,498) and is still outstanding. This balance is included in other creditors. |