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FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GREATWHEEL LIMITED

GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 10

GREATWHEEL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: B J C Mire
S A Mire





SECRETARY: S A Mire





REGISTERED OFFICE: 55 Loudoun Road
St John's Wood
London
NW8 0DL





REGISTERED NUMBER: 05222835 (England and Wales)





ACCOUNTANTS: MGR Paris Limited
Chartered Accountants
55 Loudoun Road
St John's Wood
London
NW8 0DL

GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 12,731 202
Investment property 5 1,600,026 1,600,026
1,612,757 1,600,228

CURRENT ASSETS
Debtors 6 9,303 8,096
Cash at bank 53,798 89,157
63,101 97,253
CREDITORS
Amounts falling due within one year 7 (15,881 ) (14,758 )
NET CURRENT ASSETS 47,220 82,495
TOTAL ASSETS LESS CURRENT LIABILITIES 1,659,977 1,682,723

CREDITORS
Amounts falling due after more than one
year

8

(1,833,654

)

(1,835,901

)

PROVISIONS FOR LIABILITIES 10 (37,490 ) (37,490 )
NET LIABILITIES (211,167 ) (190,668 )

CAPITAL AND RESERVES
Called up share capital 11 1 1
Other reserves 12 237,870 237,870
Retained earnings 12 (449,038 ) (428,539 )
SHAREHOLDERS' FUNDS (211,167 ) (190,668 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2024


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 30 May 2025 and were signed on its behalf by:





B J C Mire - Director


GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Greatwheel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is now represented by gross rents received on investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

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 current liabilities.

Capitalisation of Finance Costs
The company has adopted the policy of capitalising finance costs incurred in the development of the investment properties.

Interest payable
Interest payable is charged to the profit and loss account on an accruals basis.

GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest .

Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Tax
Deferred tax represents the future consequences of transactions and events recognised in the financial statements of current tax and previous periods. It is recognised in respect in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Interest payable
Interest payable is charged to the profit and loss account on an accruals basis.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest .


GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method


3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 5,370 - 5,370
Additions - 15,724 15,724
At 31 December 2024 5,370 15,724 21,094
DEPRECIATION
At 1 January 2024 5,168 - 5,168
Charge for year 50 3,145 3,195
At 31 December 2024 5,218 3,145 8,363
NET BOOK VALUE
At 31 December 2024 152 12,579 12,731
At 31 December 2023 202 - 202

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,600,026
NET BOOK VALUE
At 31 December 2024 1,600,026
At 31 December 2023 1,600,026

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2022 1,600,026

GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. INVESTMENT PROPERTY - continued

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 1,344,399 1,344,399

Investment property was valued on an open market basis on 31 December 2018 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 2,500 1,243
Other debtors 6,803 6,853
9,303 8,096

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 9) 11,038 10,966
Other creditors 4,843 3,792
15,881 14,758

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 9) 885,458 897,110
Other creditors 948,196 938,791
1,833,654 1,835,901

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 850,957 859,698

9. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 11,038 10,966

GREATWHEEL LIMITED (REGISTERED NUMBER: 05222835)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. LOANS - continued
31.12.24 31.12.23
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,120 11,038

Amounts falling due between two and five years:
Bank loans - 2-5 years 24,381 26,374

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 850,957 859,698

10. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 37,490 37,490

Deferred
tax
£   
Balance at 1 January 2024 37,490
Balance at 31 December 2024 37,490

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1 Ordinary £1.00 1 1

12. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2024 (428,539 ) 237,870 (190,669 )
Deficit for the year (20,499 ) (20,499 )
At 31 December 2024 (449,038 ) 237,870 (211,168 )

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GREATWHEEL LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Greatwheel Limited for the year ended 31 December 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Greatwheel Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Greatwheel Limited and state those matters that we have agreed to state to the Board of Directors of Greatwheel Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greatwheel Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Greatwheel Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Greatwheel Limited. You consider that Greatwheel Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Greatwheel Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






MGR Paris Limited
Chartered Accountants
55 Loudoun Road
St John's Wood
London
NW8 0DL


30 May 2025