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Registration number: 13587576

GMPM Property Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

GMPM Property Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

GMPM Property Limited

(Registration number: 13587576)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

350

700

Investment property

5

1,150,000

1,100,000

 

1,150,350

1,100,700

Current assets

 

Debtors

6

20,670

24,627

Cash at bank and in hand

 

74,443

156,384

 

95,113

181,011

Creditors: Amounts falling due within one year

7

(1,070,963)

(1,239,658)

Net current liabilities

 

(975,850)

(1,058,647)

Total assets less current liabilities

 

174,500

42,053

Provisions for liabilities

(24,311)

-

Net assets

 

150,189

42,053

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

73,470

35,970

Profit and loss account

76,619

5,983

Shareholders' funds

 

150,189

42,053

 

GMPM Property Limited

(Registration number: 13587576)
Balance Sheet as at 31 August 2024

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

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 May 2025
 



 

Mr Geoffrey Middleton
Director

 

GMPM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern
The financial statements have been prepared on a going concern basis.
 

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax

The tax expense for the period comprises deferred tax and is recognised in the profit and loss account.

Deferred tax
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.

 

GMPM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. 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.

Trade 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 at the transaction price.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

 

GMPM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 September 2023

1,400

1,400

At 31 August 2024

1,400

1,400

Depreciation

At 1 September 2023

700

700

Charge for the year

350

350

At 31 August 2024

1,050

1,050

Net book value

At 31 August 2024

350

350

At 31 August 2023

700

700

5

Investment property

2024
£

2023
£

At 1 September

1,100,000

1,052,040

Fair value adjustments

50,000

47,960

At 31 August

1,150,000

1,100,000

The property was valued by the director at its market value using current market data for similar properties in the same area.

6

Debtors

2024
£

2023
£

Other debtors

18,810

23,030

Prepayments

1,860

1,597

20,670

24,627

 

GMPM Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Other creditors

44,378

48,601

Other loans

1,024,440

1,024,128

Accruals

2,145

166,929

1,070,963

1,239,658

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

Director's loan

The director provided the company with a loan on which interest was charged at a market rate.