GLOBAL PROPERTY VENTURES LIMITED

Company Registration Number:
10328435 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2024

Period of accounts

Start date: 1 January 2024

End date: 31 December 2024

GLOBAL PROPERTY VENTURES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

GLOBAL PROPERTY VENTURES LIMITED

Directors' report period ended 31 December 2024

The directors present their report with the financial statements of the company for the period ended 31 December 2024

Principal activities of the company

The principal activity of the Group in the year under review was that of an insurance intermediary, including within the group an entity providing the provision of insurance backed guarantees.



Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Mr S Embley
Mr A Doyle
Mr S Reynolds
Mr R Twigg
Mr S Harriott


The director shown below has held office during the period of
31 May 2024 to 31 December 2024

Mr K Day


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
2 July 2025

And signed on behalf of the board by:
Name: Mr S Reynolds
Status: Director

GLOBAL PROPERTY VENTURES LIMITED

Profit And Loss Account

for the Period Ended 31 December 2024

2024 16 months to 31 December 2023


£

£
Turnover: 4,845,790 4,548,370
Cost of sales: ( 1,375,724 ) ( 1,457,696 )
Gross profit(or loss): 3,470,066 3,090,674
Distribution costs: 0 0
Administrative expenses: ( 2,934,275 ) ( 3,204,923 )
Other operating income: 191 777
Operating profit(or loss): 535,982 (113,472)
Interest receivable and similar income: 42,893 7,977
Interest payable and similar charges: 0 ( 16,787 )
Profit(or loss) before tax: 578,875 (122,282)
Tax: 0 82
Profit(or loss) for the financial year: 578,875 (122,200)

GLOBAL PROPERTY VENTURES LIMITED

Balance sheet

As at 31 December 2024

Notes 2024 16 months to 31 December 2023


£

£
Called up share capital not paid: 234 234
Fixed assets
Intangible assets: 3 68,909 0
Tangible assets: 4 20,570 12,879
Investments: 5 464,264 464,264
Total fixed assets: 553,743 477,143
Current assets
Stocks:   0 0
Debtors: 6 116,237 213,602
Cash at bank and in hand: 6,288,425 4,532,163
Investments:   0 0
Total current assets: 6,404,662 4,745,765
Prepayments and accrued income: 69,740 84,233
Creditors: amounts falling due within one year: 7 ( 2,289,326 ) ( 1,985,109 )
Net current assets (liabilities): 4,185,076 2,844,889
Total assets less current liabilities: 4,739,053 3,322,266
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: ( 2,506,610 ) ( 1,668,698 )
Total net assets (liabilities): 2,232,443 1,653,568
Capital and reserves
Called up share capital: 234 234
Share premium account: 9,617,445 9,617,445
Other reserves: (7,385,236) (7,964,111 )
Total Shareholders' funds: 2,232,443 1,653,568

The notes form part of these financial statements

GLOBAL PROPERTY VENTURES LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 2 July 2025
and signed on behalf of the board by:

Name: Mr S Reynolds
Status: Director

The notes form part of these financial statements

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for 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 any commissions or brokerage. Income is deferred as 15% of Gross Written Premium in the month in which income is recognised. The purpose of this is to be released as work performed on any claims which may have been raised against a policy. If no claims are raised, then this would be released upon the cessation of the guarantee. As not all guarantees have their end date communicated to Global Property Ventures Limited (GPVL), a rate of expected progress of cessation is taken, as calculated by GPVL's actuary, based on the corresponding underwriting year (UWY). This is necessary as otherwise some income may never be released if such an occurrence were not communicated to GPVL. In earlier years a small contingency was added to these rates, but as the product has become more mature and assumptions and data more detailed and reliable, the exact probabilities from the actuary have been used. If the rate which would be applied the following year is less than the prior year, then no amount is released for that particular UWY.

    Tangible fixed assets depreciation policy

    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: Fixtures and Fittings Computer Equipment 20% straight line 33% straight line 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 the statement of comprehensive income.

    Intangible fixed assets amortisation policy

    Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation 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: Development costs 33% straight line Capitalised development expenditure represents website development cost which is measured at cost less accumulated amortisation and impairments losses, if any.

    Other accounting policies

    Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax – continued The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities, and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

  • 2. Employees

    2024 16 months to 31 December 2023
    Average number of employees during the period 36 36

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2024 335,099 335,099
Additions 83,367 83,367
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 31 December 2024 418,466 418,466
Amortisation
At 1 January 2024 335,099 335,099
Charge for year 14,458 14,458
On disposals 0 0
Other adjustments 0 0
At 31 December 2024 349,557 349,557
Net book value
At 31 December 2024 68,909 68,909
At 31 December 2023 0 0

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2024 0 0 18,342 89,868 0 108,210
Additions 0 0 1,937 15,707 0 17,644
Disposals 0 0 0 0 0 0
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 December 2024 0 0 20,279 105,575 0 125,854
Depreciation
At 1 January 2024 0 0 15,684 79,647 0 95,331
Charge for year 0 0 1,578 8,375 0 9,953
On disposals 0 0 0 0 0 0
Other adjustments 0 0 0 0 0 0
At 31 December 2024 0 0 17,262 88,022 0 105,284
Net book value
At 31 December 2024 0 0 3,017 17,553 0 20,570
At 31 December 2023 0 0 2,658 10,221 0 12,879

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

5. Fixed assets investments note

Tangible fixed assets 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: Fixtures and Fittings Computer Equipment 20% straight line 33% straight line 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 the statement of comprehensive income.

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

6. Debtors

2024 16 months to 31 December 2023
£ £
Trade debtors 116,237 213,602
Prepayments and accrued income 0 0
Other debtors 0 0
Total 116,237 213,602
Debtors due after more than one year: 0 0

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

7. Creditors: amounts falling due within one year note

2024 16 months to 31 December 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 2,289,326 1,985,109
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 0 0
Total 2,289,326 1,985,109

GLOBAL PROPERTY VENTURES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2024

8. Financial Commitments

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. 2. COMPANY INFORMATION Global Ventures Property Limited is a private company incorporated in England and limited by shares. Its registered number is 10328435 and its registered address is Business & Technology Centre, Bessemer Drive, Stevenage, Hertfordshire, SG1 2DX. SIGNIFICANT ACCOUNTING POLICIES Basis of preparing the financial statements The consolidated financial statements are prepared under the historical cost convention, give a true and fair view, have been prepared in compliance with the United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland September 2015 ('FRS102'), Section 1A for Small Entities, issued by the Financial Reporting Council accounting standards and are in compliance with The Companies Act, 2006. In the opinion of the directors, the consolidated financial statements give a true and fair view of the state of the Group's affairs at 31 December 2024 and of its results for the year then ended. Basis of consolidation The group financial statements consolidate the financial statements of Global Property Ventures Limited and its subsidiary undertaking Equitable Rental Insurance Limited drawn up to 31 December. The financial statements incorporate the financial statements of the entity controlled by the group. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The group controls 100% of the voting rights of its subsidiary. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. The 2023 figures for Global Property Ventures Limited (Company), included in the consolidation cover the extended period 1 September 2022 to 31 December 2023. Going concern The business has successfully navigated the challenges presented by the Covid-19 pandemic and the unique rental market conditions that followed (characterised by the low numbers of available rental properties). Successfully trading through this period has built resiliency and confidence. The Directors expect that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Thus, the directors continue to adopt the going concern basis in preparing the annual financial statements. Turnover Turnover is recognised at the fair value of the consideration received or receivable for 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 any commissions or brokerage. Income is deferred as 15% of Gross Written Premium in the month in which income is recognised. The purpose of this is to be released as work performed on any claims which may have been raised against a policy. If no claims are raised, then this would be released upon the cessation of the guarantee. As not all guarantees have their end date communicated to Global Property Ventures Limited (GPVL), a rate of expected progress of cessation is taken, as calculated by GPVL's actuary, based on the corresponding underwriting year (UWY). This is necessary as otherwise some income may never be released if such an occurrence were not communicated to GPVL. In earlier years a small contingency was added to these rates, but as the product has become more mature and assumptions and data more detailed and reliable, the exact probabilities from the actuary have been used. If the rate which would be applied the following year is less than the prior year, then no amount is released for that particular UWY. Page 12 GLOBAL PROPERTY VENTURES LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 2. SIGNIFICANT ACCOUNTING POLICIES - continued Intangible assets Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation 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: Development costs 33% straight line Capitalised development expenditure represents website development cost which is measured at cost less accumulated amortisation and impairments losses, if any. Tangible fixed assets 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: Fixtures and Fittings Computer Equipment 20% straight line 33% straight line 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 the statement of comprehensive income. Financial instruments The Company has chosen to adopt Sections 11 and 12 of FRS 102 Section 1A in respect of financial instruments. Financial assets Basic financial assets, including cash and cash equivalents and debtors are initially recognised at transaction price. 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 any objective evidence of impairment. Financial liabilities Basic financial liabilities, including creditors, are initially recognised at the transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Taxation Current tax Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Page 13 GLOBAL PROPERTY VENTURES LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 2. SIGNIFICANT ACCOUNTING POLICIES - continued Deferred tax – continued The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities, and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. Leases Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed. Cash and cash equivalents Cash and cash equivalents represent those balances held within the Group’s bank accounts and in term deposits of three months or less. Expenses Expenses are accounted for on an accruals basis. Employee benefits Short term employee benefits are recognised as an expense in the period in which they are incurred. Pensions Contributions to defined contribution plans are expensed in the period to which they relate. Insurance contracts classification The Group issues contracts that transfer insurance risk which are classified as insurance contracts. As a general guideline, the Group defines significant insurance risk as the possibility of having to compensate the policy holder if a specified uncertain future event (the insured event) adversely affects the policyholder. Premiums written Premiums written relate to business incepted during the period, together with any adjustments between booked premiums for price years and those previously accrued. Gross premiums written are calculated in accordance with the terms of each insurance agreement and accounted for in the period in which they are written. Unearned premiums Unearned premiums are based upon estimated earnings pattern. Claims paid Claims paid comprise claims and related expenses paid during the year and are calculated in accordance with the terms of each guarantee agreement and are recognised as an expense when due for payment to the insured. Claims recoveries Claims recoveries comprise claims and expenses recovered during the year and are recognised as income when received from the tenant. Commissions Commission, and other related expenses are recognised in the period in which the related premiums are written. They are based upon the underlying agreement with the relevant party. Page 14 GLOBAL PROPERTY VENTURES LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 2. 3. SIGNIFICANT ACCOUNTING POLICIES - continued Technical provisions Unexpired Risk Reserve The unexpired risk reserve comprises a provision for expected future claims in respect of policies incepted. It is shown net of a provision for recoveries on future claims. 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. Share premium Share premium is classified as equity. Share premium arises when ordinary shares are issued above the par value of the share. The difference between the issued value and the Par value is shown as Share premium. Prepayments Prepayments are initially recognised at the amount paid. They are subsequently amortised over the period in which the related goods or services are expected to be received or consumed. The amortisation is recognised as an expense in the income statement. Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Deferred income Deferred income is based on 15% of Gross Written Premium being deferred in the month in which the income is recognised. This percentage has been derived from actuarial analysis of the income and historical performance. The amount of deferred income is subject to change and is dependent on various risk-based factors. The actuarial analysis aims to provide for these risk factors in its calculation of the fee. Allowance for doubtful debt expense An allowance is made for doubtful debts when tenants stop paying their monthly premium creating an overdue debtor. Provision for unexpired risk reserve Provisions for claims reports (‘outstanding loss reserves’) and recoveries thereon are estimated using the latest available information which comprises up to date reports from claims handlers, and on that basis there are no significant assumptions or judgements impacting on the level of the claims other than the assumption that the information used in determining the value is complete and accurate. Unearned premium reserve The provision is an estimate of the duration of underlying tenancy agreements.