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Registered number: 03595103
G PROPERTY ASSET MANAGEMENT LIMITED
AUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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G PROPERTY ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 03595103
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 profit and loss account 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 28 July 2025.
The notes on pages 2 to 5 form part of these financial statements.
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G PROPERTY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
G Property Asset Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03595103 registered office is The Warehouse, Wyndham Arcade, St Mary Street, Cardiff, Wales, CF10 1FH.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.
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 following principal accounting policies have been applied:
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.
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Critical accounting judgements and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported relating to the fair value of investment properties. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents rental income, insurance and service charge income and management fees, after the deduction of value added tax. The turnover and pre-tax loss, all of which arises in the United Kingdom, is attributable to the company's principal activities.
Rental income is recognised evenly over the period to which it relates.
Insurance recharge income and service charge income are recognised evenly over the period to which they relates.
Other operating income represents the recharge of utility costs to tenants and is recognised in the period to which it relates.
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G PROPERTY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company's freehold land and building is treated as an investment property, as defined by the Financial Reporting Standard 102 Section 1A "Small Entities" accordingly, they are not depreciated. Investment properties are measured at fair value at each reporting date, with any changes in fair value recognised in the income statement and surpluses or deficits of individual properties charged to the statement of comprehensive income in the period to which they relate, such amounts are then credited to a separate non-distributable reserve in order to correctly disclose distributable amounts.
In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows. The company has reported a profit in the current financial year and has both net current assets and net assets at the statement of financial position date.
The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks. The directors believe that the company is well placed to manage its business risks successfully, despite the uncertain economic outlook.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.
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.
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The average monthly number of employees, including directors, during the year was 0 (2023 - 0).
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G PROPERTY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's freehold property is treated as an investment property under Section 1A "small entities"
of Financial Reporting Standard 102.
The 2024 valuations were made by Mr Nicholas John Clwyd Griffith, on an open market value for existing use basis.
The historical cost at the balance sheet date is £1,912,447 (2023 - £1,065,515).
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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G PROPERTY ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The parent company is G Capital Limited, a company incorporated in England and Wales. The ultimate controlling party is the director, Mr N J C Griffith.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 12 September 2025 by James Dobson BSc (Hons) FCA (Senior Statutory Auditor) on behalf of MHA.
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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