Company registration number 10226938 (England and Wales)
GDL (ROMFORD) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GDL (ROMFORD) LIMITED
COMPANY INFORMATION
Directors
J Cole
S S Conway
N Stelzer
G A Conway
Company number
10226938
Registered office
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
GDL (ROMFORD) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Statement of Comprehensive Income
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 13
GDL (ROMFORD) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of property development.

Results and dividends

The results for the year are set out on page 3.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Cole
S S Conway
N Stelzer
G A Conway
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going Concern

The directors have assessed the company’s cashflow forecasts from future sales and operations and are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company.

 

The entity's immediate parent (Galliard Developments Limited) has indicated that it will provide such financial support as is required for at least twelve months from the date of signing these financial statements. On this basis, these financial statements do not include any adjustments that would result from a withdrawal of the financial support provided.

GDL (ROMFORD) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
S S Conway
Director
7 April 2025
GDL (ROMFORD) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
2024
2023
Notes
£
£
Revenue
-
-
Cost of sales
(37,725)
(103,897)
Gross loss
(37,725)
(103,897)
Administrative expenses
(12,511)
(8,112)
Other operating expenses
(37,749)
(90,807)
Operating loss
5
(87,985)
(202,816)
Tax on loss
-
0
-
0
Loss and total comprehensive income for the financial year
11
(87,985)
(202,816)

There are no other amounts of other comprehensive income in the period.

The notes on pages 6 to 13 form part of these financial statements.

GDL (ROMFORD) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Inventories
6
470,541
488,907
Trade and other receivables
7
5,145
9,274
Cash and cash equivalents
13,439
27,106
489,125
525,287
Current liabilities
Trade and other payables
8
1,065,825
981,832
Deferred income
-
0
546
1,065,825
982,378
Net current liabilities
(576,700)
(457,091)
Total assets less current liabilities
(576,700)
(457,091)
Provisions for liabilities
Other provisions
9
(30,509)
(62,133)
Net liabilities
(607,209)
(519,224)
Equity
Called up share capital
10
1
1
Retained earnings
11
(607,210)
(519,225)
Total equity
(607,209)
(519,224)

The notes on pages 6 to 13 form part of these financial statements.

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 7 April 2025 and are signed on its behalf by:
S S Conway
Director
Company registration number 10226938 (England and Wales)
GDL (ROMFORD) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
1
(316,409)
(316,408)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(202,816)
(202,816)
Balance at 31 December 2023
1
(519,225)
(519,224)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(87,985)
(87,985)
Balance at 31 December 2024
1
(607,210)
(607,209)

The notes on pages 6 to 13 form part of these financial statements.

GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Company information

GDL (Romford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to financial instruments, fair value measurements, capital management, presentation of comparative information as otherwise required by IFRS, presentation of a cash-flow statement, the effect of standards not yet effective, and related party transactions.

As required for the financial instrument and fair value disclosure exemptions, equivalent disclosures are given in the group accounts of GDL Holdco Limited. The group accounts of GDL Holdco Limited are available to the public and can be obtained as set out in note 15.

These financial statements are presented in pound sterling because that is the currency of the prime economic environment in which the company operates.

1.2
Going concern

In their assessment of going concern, the directors have prepared forecasts for a period of at least 12 months from the date of approval of the financial statements.true

 

The directors have assessed the company’s cashflow forecasts from future sales and operations and are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company. Amounts of £1,056,276 are due to its parent company, however these will not be called in within the next twelve months. The entity's immediate parent (Galliard Developments Limited) has indicated that it will provide such financial support as is required for at least twelve months from the date of signing these financial statements. On this basis, these financial statements do not include any adjustments that would result from a withdrawal of the financial support provided.

1.3
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

 

Financial assets are initially measured at fair value plus transaction costs, other than those classified as fair value through profit and loss (FVTPL) or fair value through other comprehensive income (FVTOCI), which are measured at fair value.

 

The company has not classified any financial asset as FVTPL or FVTOCI.

Financial assets held at amortised cost

Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Trade Receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.6
Financial liabilities

Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities at amortised cost.

 

The company has not classified any financial liabilities as FVTPL.

GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

 

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.9
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

When the company acts as a lessor, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains lease and non-lease components, the company applies IFRS 15 to allocate the consideration in the contract. When the company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.

GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2
Critical accounting estimates and judgements

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The area where assumptions and estimates are significant to the financial statements is:

Critical judgements
Carrying value of inventories

In applying the company’s accounting policy for the valuation of inventories the Directors are required to assess the expected selling price and costs to sell each of the units that constitute the company’s work in progress. Cost includes the cost of acquisition of sites, the cost of infrastructure and construction works, and legal and professional fees incurred during development prior to sale. Estimation of the selling price is subject to significant inherent uncertainties, in particular the prediction of future trends in the market value of property.

 

Whilst the Directors exercise due care and attention to make reasonable estimates, taking into account all available information in estimating the future selling price, the estimates will, in all likelihood, differ from the actual selling prices achieved in future periods and these differences may, in certain circumstances, be very significant.

3
Other operating expenses
2024
2023
£
£
Rental income
(5,074)
(12,206)
Expenses of rental property
42,823
(78,601)
37,749
(90,807)
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Fees payable to the company's auditor for the audit of the company's financial statements
7,000
7,000
Write down of inventories recognised as an expense
37,725
89,181
GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
6
Inventories
2024
2023
£
£
Finished goods
470,541
488,907

Included in the work in progress are borrowing costs of £35,290 (2023: £35,290).

7
Trade and other receivables
2024
2023
£
£
VAT recoverable
83
3,408
Amounts owed by related parties
5,062
546
Other receivables
-
5,320
5,145
9,274

Trade receivables disclosed above are classified as financial assets at amortised cost and are therefore measured at amortised cost.

All amounts fall due for payment within one year.

8
Trade and other payables
2024
2023
£
£
Amount owed to parent undertaking
1,056,276
981,660
Accruals and deferred income
9,549
172
1,065,825
981,832
9
Provisions for liabilities
2024
2023
£
£
Service Charge Sales Incentives
-
62,133
Remediation works
30,509
-
30,509
62,133
GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Provisions for liabilities
(Continued)
- 11 -
Movements on provisions:
Service Charge Sales Incentives
Remediation works
Total
£
£
£
At 1 January 2024
62,133
-
62,133
Additional provisions in the year
-
30,509
30,509
Utilisation of provision
(62,133)
-
(62,133)
At 31 December 2024
-
30,509
30,509

The provision relates to service charges sales incentives payable after twelve months.

The remediation provision was established in respect to remedial works to fix cladding materials previously used in the property development process.

10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary share of £1 each
1
1
1
1
Issued and fully paid
Ordinary share of £1 each
1
1
1
1

 

11
Retained earnings
2024
2023
£
£
Prior year adjustment
-
-
At the beginning of the year
(519,225)
(316,409)
Loss for the year
(87,985)
(202,816)
At the end of the year
(607,210)
(519,225)
GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
12
Other leasing information
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
Restated
£
£
Within one year
15,173
9,691
Between two and five years
60,691
60,691
Over five years
15,036,410
15,057,106
Total undiscounted lease payments receivable
15,112,274
15,127,488
13
Reserves

The following describes the nature and purpose of each reserve within equity:

 

Reserve            Description and purpose

Profit and loss account    All other net gains and losses and transactions with owners (e.g.                     dividends) not recognised elsewhere.

Share capital        Nominal value of share capital subscribed for.

14
Related party transactions

During the year Galliard Construction Limited (reimbursed)/charged the company a total of (£13,096) (2023 - £11,319), for construction costs with amounts outstanding as at 31 December 2024 of £nil (2023 - £nil). Galliard Construction Limited is a subsidiary of Galliard Group Limited.

 

Galliard Estates Management Limited paid the company £16,786 (2023: £1,092) during the year for rental collection with amounts held in receivables at the reporting date of £5,062 (2023: £546).

15
Controlling party

The immediate parent undertaking is Galliard Developments Limited and the ultimate parent undertaking is GDL Holdco Limited both whose principal place of business is London, United Kingdom.

 

The largest and smallest group of undertakings for which group accounts are drawn up and of which the company is a member is the group headed by GDL Holdco Limited.

 

Copies of the group financial statements of GDL Holdco Limited are available from 3rd Floor Sterling House, Langston Road, Loughton, IG10 3TS.

 

The directors are of the opinion that there is no ultimate controlling party.

16
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
GDL (ROMFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Prior period adjustment
(Continued)
- 13 -
Reconciliation of changes in loss for the previous financial period
2023
£
Loss as previously reported
(202,816)
Notes to reconciliation

Operating Leases - lessor

It has come to the attention of the directors that the information used to compile the financial statements for the year ended 31 December 2023 incorrectly omitted information relating to the note operating leases - lessor. This information was disclosed in the notes to the financial statements and has no impact in the Consolidated Statement of Comprehensive Income.

 

In light of the significant amounts involved, the directors have corrected this in the current financial statements and accordingly the prior year comparatives have been restated in these financial statements.

 

There has been no impact on the loss or net assets previously reported.

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