| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| FOR |
| GP DEVELOPERS LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| FOR |
| GP DEVELOPERS LTD |
| GP DEVELOPERS LTD (REGISTERED NUMBER: 09778671) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| GP DEVELOPERS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 85 Great Portland Street |
| London |
| W1W 7LT |
| GP DEVELOPERS LTD (REGISTERED NUMBER: 09778671) |
| BALANCE SHEET |
| 30TH SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GP DEVELOPERS LTD (REGISTERED NUMBER: 09778671) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 1. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
| Debtors |
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
| Creditors |
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method |
| Investment property |
| The investment property is measured at fair value in accordance with FRS 102, recorded at cost of acquistion plus attributable costs. The fair value at the year end was determined by the directors, based on market evidence and comparable sales data. The revaluation has resulted in an increase in fair value of £31,575, which has been recognised in the income statement for the year. |
| Taxation |
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| GP DEVELOPERS LTD (REGISTERED NUMBER: 09778671) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 1. | Accounting policies - continued |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis : |
| Motor Vehicles - 25% Written Down Value |
| Equipments - 33.33% SLM |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| 2. | Employees and directors |
| The average number of employees during the year was |
| 3. | Tangible fixed assets |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| Cost |
| At 1st October 2023 |
| and 30th September 2024 |
| Depreciation |
| At 1st October 2023 |
| Charge for year |
| At 30th September 2024 |
| Net book value |
| At 30th September 2024 |
| At 30th September 2023 |
| 4. | Investment property |
| Total |
| £ |
| Fair value |
| At 1st October 2023 |
| Revaluations | 31,575 |
| At 30th September 2024 |
| Net book value |
| At 30th September 2024 |
| At 30th September 2023 |
| GP DEVELOPERS LTD (REGISTERED NUMBER: 09778671) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 4. | Investment property - continued |
| Fair value at 30th September 2024 is represented by: |
| £ |
| Valuation in 2024 | 31,575 |
| Cost | 488,425 |
| 520,000 |
| 5. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 8. | Other financial commitments |
| The loan of £145,289 is repayable on 14th June 2044 at a rate of interest of 2.79% for the first 24 months and then 5.93% for 276 months and is secured over the Investment Property. The balance outstanding as at year end is £145,282. |
| The loan of £29,513 is repayable on 23rd August 2026 at a rate of interest of 2.5% and is an unsecured loan. The balance outstanding as at year end is £22,732. |
| The loan of £350,000 is repayable 1st December 2032 at a rate of interest of 6.43% and is secured over the Investment Property. The balance outstanding as at year end is £350,000. |
| 9. | Related party disclosures |
| As at the year-end date of 30th September 2024 the balance due from G Sugarman who is the director of the company was £110,174 (2023: £99,541) and is still outstanding. |
| As at the year-end date of 30th September 2023 the balance due from P Sugarman who is the director of the company was £131,009 (2023: £104,109) and is still outstanding. |