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REGISTERED NUMBER: NI637789 (Northern Ireland)















G & M PROPERTY LIMITED

Financial Statements for the Year Ended 30 November 2024






G & M PROPERTY LIMITED (REGISTERED NUMBER: NI637789)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


G & M PROPERTY LIMITED

Company Information
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: Ann Monica Byrne
Mary Imelda McGrady
Steven Close





REGISTERED OFFICE: 1 Drumbuck Road
Castlewellan
BT31 9NG





REGISTERED NUMBER: NI637789 (Northern Ireland)





INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

G & M PROPERTY LIMITED (REGISTERED NUMBER: NI637789)

Statement of Financial Position
30 NOVEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 71,071 71,071

CURRENT ASSETS
Receivables: amounts falling due within
one year

6

25,402

25,402

PAYABLES
Amounts falling due within one year 7 (71,471 ) (71,471 )
NET CURRENT LIABILITIES (46,069 ) (46,069 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,002

25,002

CAPITAL AND RESERVES
Called up share capital 25,002 25,002
25,002 25,002

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 10 April 2025 and were signed on its behalf by:





Steven Close - Director


G & M PROPERTY LIMITED (REGISTERED NUMBER: NI637789)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. STATUTORY INFORMATION

G & M Property Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise Judgment in applying the company's accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following principal accounting policies have been applied consistently unless otherwise stated:

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives.

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

G & M PROPERTY LIMITED (REGISTERED NUMBER: NI637789)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

G & M PROPERTY LIMITED (REGISTERED NUMBER: NI637789)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES - continued

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. PROPERTY, PLANT AND EQUIPMENT
Freehold
property
£
COST
At 1 December 2023
and 30 November 2024 71,071
NET BOOK VALUE
At 30 November 2024 71,071
At 30 November 2023 71,071

6. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other receivables 25,402 25,402

7. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed to group undertakings 71,471 71,471

An intercompany cross guarantee is in place with regards to the group borrowings from Bank of Ireland. This is secured over the assets and undertakings of Corriewood Private Clinic Limited, Corriewood Estates (N.I.) Limited, Corriewood Lodge Limited, Corriewood Developments Limited, Corriewood Holdings and G&M Lodge Caring Limited.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

9. RELATED PARTY DISCLOSURES

During the year the company was under the control of its directors and parent company.

The company has taken advantage of the exemption available in FRS 102 and has not disclosed transactions with fellow group members.

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1A.

G & M PROPERTY LIMITED (REGISTERED NUMBER: NI637789)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

10. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Corriewood Holdings Limited, a company incorporated in Northern Ireland. The address of Corriewood Holdings Limited is 1 Drumbuck Road, Castlewellan, Northern Ireland, BT31 9NG.

The only group in which the results of the company are consolidated is that headed by Corriewood Holdings Limited. The consolidated accounts of the group are available to the public at:

Companies House
Second Floor
The Linenhall
32-38 Linenhall Street
Belfast

The directors consider there to be no single ultimate controlling party.