Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Caroline Bailey 20/03/2024 01/08/2023 Amy Griffiths 01/11/2022 George Griffiths 08/01/2019 05 June 2025 The principal activity of the Company during the financial year was the management of investment property. 11754562 2024-12-31 11754562 bus:Director1 2024-12-31 11754562 bus:Director2 2024-12-31 11754562 bus:Director3 2024-12-31 11754562 2023-12-31 11754562 core:CurrentFinancialInstruments 2024-12-31 11754562 core:CurrentFinancialInstruments 2023-12-31 11754562 core:ShareCapital 2024-12-31 11754562 core:ShareCapital 2023-12-31 11754562 core:RetainedEarningsAccumulatedLosses 2024-12-31 11754562 core:RetainedEarningsAccumulatedLosses 2023-12-31 11754562 core:Vehicles 2023-12-31 11754562 core:OfficeEquipment 2023-12-31 11754562 core:ComputerEquipment 2023-12-31 11754562 core:Vehicles 2024-12-31 11754562 core:OfficeEquipment 2024-12-31 11754562 core:ComputerEquipment 2024-12-31 11754562 bus:OrdinaryShareClass1 2024-12-31 11754562 2024-01-01 2024-12-31 11754562 bus:FilletedAccounts 2024-01-01 2024-12-31 11754562 bus:SmallEntities 2024-01-01 2024-12-31 11754562 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 11754562 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11754562 bus:Director1 2024-01-01 2024-12-31 11754562 bus:Director2 2024-01-01 2024-12-31 11754562 bus:Director3 2024-01-01 2024-12-31 11754562 core:Vehicles 2024-01-01 2024-12-31 11754562 core:OfficeEquipment core:TopRangeValue 2024-01-01 2024-12-31 11754562 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 11754562 2023-01-01 2023-12-31 11754562 core:OfficeEquipment 2024-01-01 2024-12-31 11754562 core:ComputerEquipment 2024-01-01 2024-12-31 11754562 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 11754562 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11754562 (England and Wales)

GMG COMMERCIAL LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

GMG COMMERCIAL LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

GMG COMMERCIAL LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
GMG COMMERCIAL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 94,721 4,887
Investment property 4 2,060,970 2,060,970
2,155,691 2,065,857
Current assets
Debtors 5 45,351 36,912
Cash at bank and in hand 7,996 36,783
53,347 73,695
Creditors: amounts falling due within one year 6 ( 2,248,438) ( 2,166,017)
Net current liabilities (2,195,091) (2,092,322)
Total assets less current liabilities (39,400) (26,465)
Net liabilities ( 39,400) ( 26,465)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 39,500 ) ( 26,565 )
Total shareholder's deficit ( 39,400) ( 26,465)

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

Directors' responsibilities:

The financial statements of GMG Commercial Ltd (registered number: 11754562) were approved and authorised for issue by the Board of Directors on 05 June 2025. They were signed on its behalf by:

George Griffiths
Director
GMG COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
GMG COMMERCIAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GMG Commercial Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 120 Watermoor Point Watermoor Road, Cirencester, GL7 1LF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £39,400. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Vehicles 15 % reducing balance
Office equipment 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2024 0 5,749 0 5,749
Additions 99,850 0 1,398 101,248
At 31 December 2024 99,850 5,749 1,398 106,997
Accumulated depreciation
At 01 January 2024 0 862 0 862
Charge for the financial year 9,985 1,149 280 11,414
At 31 December 2024 9,985 2,011 280 12,276
Net book value
At 31 December 2024 89,865 3,738 1,118 94,721
At 31 December 2023 0 4,887 0 4,887

4. Investment property

Investment property
£
Valuation
As at 01 January 2024 2,060,970
As at 31 December 2024 2,060,970

Valuation

The 2024 valuations were made by the directors, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Trade debtors 26,318 23,479
Amounts owed by Group undertakings 10,037 5,105
Prepayments 5,633 6,231
VAT recoverable 3,363 1,901
Other debtors 0 196
45,351 36,912

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 14,968
Amounts owed to Group undertakings 20,500 0
Amounts owed to directors 2,180,680 2,100,000
Accruals and deferred income 47,226 50,517
Taxation and social security 32 532
2,248,438 2,166,017

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

At the period end, the balance owed to the director was £2,180,680 (2023: £2,100,000). Interest was charged at 4.5% until September 2024. After September 2024 this balance was interest free.