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Registered number: 08624754
GVO CAPITAL LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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GVO CAPITAL LTD
REGISTERED NUMBER: 08624754
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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GVO CAPITAL LTD
REGISTERED NUMBER: 08624754
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2025.
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L Waldner
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The notes on pages 3 to 11 form part of these financial statements.
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GVO Capital Limited is a private company limited by shares incorporated and registered in England (no. 08624754). The address of the registered office is Malverleys Fullers Lane, East End, Newbury, RG20 0AA.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Despite the net liabilities of £319,853, the Company made a profit in the year of £284,332. The property which was the principal trading address was sold during the year, but operations have continued after a reorganisation of management and the Company continues to trade. The company’s principal activity is to provide management services to another group undertaking. There is no specified end date to the related contract for this service, but the directors are satisfied that it will continue for a period of at least 12 months from the date of signing these financial statements
The directors have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future due to the financial support of its parent company. The parent company has provided a written letter of support indicating that it will continue to make sufficient funds available to the Company as needed to enable it to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. The Company's main creditor is the parent company, which has indicated it will not recall the debt for a period of at least 12 months following approval of these accounts. On this basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in the statement of income and retained earnings in the period to which it relates.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 7).
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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The bank loan was secured against the property known as 2 Aldford Street, London, W1K 2AB. The rate of interest charged on the loan was LIBOR + 1.8%. The loan was repaid during the year following the sale of the property against which it was secured.
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1 (2023 - 1) Ordinary share of £1
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1 (2023 - 1) Ordinary share of £2,000,000
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Defined contribution scheme
The Company operated a defined contribution scheme up until 31 December 2023. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £Nil (2023: £169,000). Contributions totalling £Nil (2023: £12,833) were payable to the fund at the balance sheet date and are included in other creditors.
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Transactions with directors
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During the previous year, the company sold furniture to a director for proceeds of £5,622. There were no transactions with directors during the year to 31 December 2024.
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GVO CAPITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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The Company has taken advantage of the exemption available in accordance with FRS 102 Section 33 (para 33.11) 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the Company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions. Consolidated financial statements are prepared by the ultimate parent company, and these are available from Hansa Aktiengesellschaft, Via Brattas 2, 7500 St. Moritz, Switzerland.
During the year, rents of £nil (2023 - £100,000) (exclusive of VAT) were charged by the Company to Athris UK Limited, a group company. Art rental services were also provided to the Company at a cost of £nil (2023 - £9,264) by Wilfram AG which is a related party of the Company.
During the prior year the Company entered into an agreement to provide services to the spouse of a person with significant influence over the Company. The Company incurred costs in respect of this agreement of £1,004,921 (2023 - £1,317,888). None of these costs were recharged to the related party.
During the year, the Company paid £150,000 (2023 - £31,140) to third parties on behalf of GVO B-1 Limited, a company related by virtue of the shareholder of GVO B-1 Limited being the spouse of a person with significant influence over GVO Capital Limited. The Company also made payments to GVO B-1 Limited of £690,000 (2023 - £80,000). During the year GVO B-1 Limited also made payments of £1,151,778 (2023 - £17,274) to third parties on behalf of GVO Capital Limited. At the year end, the Company owed £217,911 to GVO B-1 Limited (2023 - £93,866 owed from GVO B-1 Limited).
At the year end, the Company was owed £25,007 (2023 - £25,007) from GVO S-1 Limited, which is a related party of the Company by virtue of the director of GVO S-1 Limited having significant influence over GVO Capital Limited.
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The ultimate parent company is Hansa Aktiengesellschaft, a Swiss company limited by shares, by virtue of its 100% holding.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 4 September 2025 by Deborah Graham (Senior statutory auditor) on behalf of Ryecroft Glenton.
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