Company Registration No. 08515629 (England and Wales)
GPF ONE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GPF ONE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GPF ONE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,313,454
971,835
Tangible assets
4
103,021
115,841
1,416,475
1,087,676
Current assets
Stocks
77,620
48,618
Debtors
5
229,014
228,895
Cash at bank and in hand
9,224
201,047
315,858
478,560
Creditors: amounts falling due within one year
6
(326,529)
(233,735)
Net current (liabilities)/assets
(10,671)
244,825
Total assets less current liabilities
1,405,804
1,332,501
Creditors: amounts falling due after more than one year
7
(33,750)
(62,750)
Net assets
1,372,054
1,269,751
Capital and reserves
Called up share capital
8
330
297
Share premium account
3,166,298
2,709,738
Capital redemption reserve
52
52
Other reserves
262,000
Profit and loss reserves
(1,794,626)
(1,702,336)
Total equity
1,372,054
1,269,751
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GPF ONE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Marc Cohen
Director
Company Registration No. 08515629
GPF ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
GPF one Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B2 Tolpits Lane, Rickmandsworth, Watford, Hertfordshire, England, WD18 9QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods sold in the normal course of business, and is shown net of VAT.
1.3
Patents, Research and development
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their remaining useful lives on the following bases:
Patents
10 Years from 1 October 2018
Development costs
10 Years from 1 October 2018
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% Straight line method
Fixtures, fittings & equipment
33.33% Straight line method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
GPF ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks 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 stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the tax currently payable.
GPF ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expense on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.13
Government grants
Government grants, which includes amount received under the Coronavirus Job Retention Scheme and CIBIL loan scheme, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in the other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
GPF ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Intangible fixed assets
Patents, Research and development
£
Cost
At 1 October 2023
2,362,100
Additions
545,581
At 30 September 2024
2,907,681
Amortisation and impairment
At 1 October 2023
1,390,265
Amortisation charged for the year
203,962
At 30 September 2024
1,594,227
Carrying amount
At 30 September 2024
1,313,454
At 30 September 2023
971,835
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 October 2023
195,261
29,711
224,972
Additions
6,998
6,998
At 30 September 2024
202,259
29,711
231,970
Depreciation and impairment
At 1 October 2023
83,597
25,534
109,131
Depreciation charged in the year
17,262
2,556
19,818
At 30 September 2024
100,859
28,090
128,949
Carrying amount
At 30 September 2024
101,400
1,621
103,021
At 30 September 2023
111,664
4,177
115,841
GPF ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
73,282
96,592
Corporation tax recoverable
116,438
91,785
Other debtors
23,952
24,959
Prepayments
15,342
15,559
229,014
228,895
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
29,000
29,000
Obligations under finance leases
19,763
Other borrowings
79,878
Trade creditors
101,969
124,569
Other taxation and social security
61,142
26,503
Other creditors
25,208
10,293
Accruals
29,332
23,607
326,529
233,735
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
33,750
62,750
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares A of 0.01p each
3,301,008
2,971,300
330
297
On 25 January 2024, the company issued 174312 ordinary A shares of £0.0001 each for an aggregate consideration of £261,983.
on 23 April 2024, the company further issued 155396 ordinary A shares of £0.0001 each for an aggregate consideration of £194,593.
GPF ONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
33,292
73,242