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REGISTERED NUMBER: 10225849 (England and Wales)















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: G M Sugarman
P L Sugarman





REGISTERED OFFICE: 5 Goldcrest Way
Bushey Heath
Bushey
WD23 1AL





REGISTERED NUMBER: 10225849 (England and Wales)





ACCOUNTANTS: Factotum Group LLP
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 4 340,000 352,430

CURRENT ASSETS
Cash at bank - 975

CREDITORS
Amounts falling due within one year 5 76,799 70,497
NET CURRENT LIABILITIES (76,799 ) (69,522 )
TOTAL ASSETS LESS CURRENT LIABILITIES 263,201 282,908

CREDITORS
Amounts falling due after more than one year 6 319,287 329,828
NET LIABILITIES (56,086 ) (46,920 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (56,087 ) (46,921 )
(56,086 ) (46,920 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 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 4th March 2025 and were signed on its behalf by:





G M Sugarman - Director


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
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 2 (2023 - 2 ) .

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 352,430
Revaluations (12,430 )
At 30th June 2024 340,000
Net book value
At 30th June 2024 340,000
At 30th June 2023 352,430

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 2 -
Trade creditors 6,000 -
Other creditors 70,797 70,497
76,799 70,497

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Other creditors 319,287 329,828

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.