Company registration number 09254051 (England and Wales)
GDL (MILLHARBOUR) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GDL (MILLHARBOUR) LIMITED
COMPANY INFORMATION
Directors
S S Conway
G A Conway
J Cole
J Stelzer
Company number
09254051
Registered office
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
Business address
3rd Floor
Sterling House
Langston Road
Loughton
Essex
IG10 3TS
GDL (MILLHARBOUR) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Statement of Comprehensive Income
3
Statement of financial position
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 15
GDL (MILLHARBOUR) 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.

No ordinary dividends were paid in the year (2023: £nil). The directors do not recommend payment of a final dividend.

Directors

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

S S Conway
G A Conway
J Cole
J Stelzer
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 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.

Small companies exemption

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

GDL (MILLHARBOUR) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
S S Conway
Director
7 April 2025
GDL (MILLHARBOUR) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
2024
2023
Notes
£
£
Revenue
-
-
Cost of sales
(282,585)
(23,018)
Gross loss
(282,585)
(23,018)
Administrative expenses
(47,827)
(123,054)
Other operating income
122,295
241,651
Operating (loss)/profit
4
(208,117)
95,579
Investment income
3
115
Finance costs
(910)
-
0
(Loss)/profit before taxation
(209,024)
95,694
Tax on (loss)/profit
6
(13,104)
88,360
(Loss)/profit and total comprehensive income for the financial year
14
(222,128)
184,054

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

The notes on pages 7 to 15 form part of these financial statements.

GDL (MILLHARBOUR) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Inventories
7
3,832,712
3,610,394
Trade and other receivables
8
141,720
118,233
Cash and cash equivalents
40,817
174,395
4,015,249
3,903,022
Current liabilities
Trade and other payables
10
673,751
609,088
Taxation and social security
11,837
4,766
685,588
613,854
Net current assets
3,329,661
3,289,168
Total assets less current liabilities
3,329,661
3,289,168
Provisions for liabilities
Other provisions
11
(262,621)
-
0
Net assets
3,067,040
3,289,168
Equity
Called up share capital
12
2
2
Retained earnings
14
3,067,038
3,289,166
Total equity
3,067,040
3,289,168

The notes on pages 7 to 15 form part of these financial statements.

GDL (MILLHARBOUR) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 5 -

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 09254051 (England and Wales)
GDL (MILLHARBOUR) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
2
3,105,112
3,105,114
Year ended 31 December 2023:
Profit and total comprehensive income
-
184,054
184,054
Balance at 31 December 2023
2
3,289,166
3,289,168
Year ended 31 December 2024:
Loss and total comprehensive income
-
(222,128)
(222,128)
Balance at 31 December 2024
2
3,067,038
3,067,040

The notes on pages 7 to 15 form part of these financial statements.

GDL (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
1
Accounting policies
Company information

GDL (Millharbour) 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 100 Application of Financial Reporting Standards and 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 16.

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

1.2
Going concern

The directors have assessed the company’s cashflow forecasts and they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company. Accordingly, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

1.3
Borrowing costs related to non-current assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

1.4
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.

1.5
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 (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.6
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

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

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

1.7
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 (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax expense represents the sum of the tax currently payable and deferred tax.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

GDL (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the fair value of the assets at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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 areas where assumptions and estimates are significant to the financial statements are:

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.

Provisions

The Directors are required to make judgements, estimates and assumptions about the carrying amount of liabilities, for which provisions are held (note 11), that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GDL (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
3
Other operating income
2024
2023
£
£
Rent receivable
356,632
328,837
Expenses of rented property
(238,852)
(87,186)
Sundry income
4,515
-
122,295
241,651
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit 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
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2023: nil).

GDL (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
6
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
13,104
(88,360)

The charge for the year can be reconciled to the (loss)/profit per the statement of comprehensive income as follows:

2024
2023
£
£
(Loss)/profit before taxation
(209,024)
95,694
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2023: 19.00%)
(52,256)
18,182
Adjustment in respect of prior years
13,104
(88,360)
Group relief
52,256
(18,182)
Taxation charge/(credit) for the year
13,104
(88,360)
7
Inventories
2024
2023
£
£
Work in progress
3,832,712
3,610,394

There is no material difference between carrying value and replacement cost.

 

Included in the work in progress are borrowing costs of £96,247 (2023: £96,084).

8
Trade and other receivables
2024
2023
£
£
Trade receivables
47,316
79,731
Corporation tax recoverable
-
1,146
Other receivables
93,936
36,885
Prepayments and accrued income
468
471
141,720
118,233

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

 

All amounts due for payment fall within one year.

 

GDL (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
9
Liabilities
2024
2023
Notes
£
£
Trade and other payables
10
673,751
609,088
Taxation and social security
11,837
4,766
685,588
613,854
10
Trade and other payables
2024
2023
£
£
Trade payables
2,703
1,979
Amount owed to parent undertaking
471,254
219,640
Accruals and deferred income
129,570
307,404
Other payables
70,224
80,065
673,751
609,088
11
Provisions for liabilities
2024
2023
£
£
Provision for remediation works
213,562
-
Provision for remediation legal costs
49,059
-
262,621
-
0
Movements on provisions:
Provision for remediation works
Provision for remediation legal costs
Total
£
£
£
Provisions in the year
213,562
49,059
262,621

Provisions for remediation works comprise estimated costs for the company to meet the company’s commitment to improving building safety standards on its current and historic developments. The provision at 31 December 2024 reflects management’s best estimate of the company’s obligation relating to the cost of completing works to ensure fire safety. These estimates may change over time as further information is assessed, remedial works progress and the interpretation of fire safety regulation further evolves. This is a highly complex area with judgements and estimates in respect of the costs of the remedial works and the scope of the properties requiring remedial works changing as regulation continues to evolve.

GDL (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
2
2
2
2
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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.

14
Retained earnings
£
At 31 December 2023
3,289,166
Loss for the year
(222,128)
At 31 December 2024
3,067,038
15
Other leasing information
Lessor

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

2024
2023
£
£
Within one year
122,550
239,590
Between two and five years
490,200
958,360
Over five years
120,914,545
121,479,306
Total undiscounted lease payments receivable
121,527,295
122,677,256
GDL (MILLHARBOUR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
16
Controlling party

The immediate parent undertaking is Galliard Developments Limited and the ultimate parent undertaking is GDL Holdco Limited whose both 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.

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