GBE Developments Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05533619

GBE Developments Ltd

Filleted Unaudited Financial Statements

31 August 2024

GBE Developments Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of GBE Developments Ltd

Year ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GBE Developments Ltd for the year ended 31 August 2024, which comprise the balance sheet 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of GBE Developments Ltd, as a body, in accordance with the terms of our engagement letter dated 24 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of GBE Developments Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GBE Developments Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GBE Developments Ltd 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 profit of GBE Developments Ltd. You consider that GBE Developments Ltd 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 GBE Developments Ltd. 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.

MILLER DAVIES LLP Chartered accountants

A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN

11 September 2025

GBE Developments Ltd

Balance Sheet

31 August 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		2,804,102	2,753,525

Current assets

Debtors	6	475,217	430,339
Cash at bank and in hand		78,206	59,593
		---------	---------
		553,423	489,932

Creditors: amounts falling due within one year	7	1,274,341		704,263
		------------		---------
Net current liabilities			720,918	214,331
			------------	------------
Total assets less current liabilities			2,083,184	2,539,194

Creditors: amounts falling due after more than one year	8		118,295	684,871

Provisions

Taxation including deferred tax	52,059	29,955
	------------	------------
Net assets	1,912,830	1,824,368
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,912,828	1,824,366
	------------	------------
Shareholders funds	1,912,830	1,824,368
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

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

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

GBE Developments Ltd

Balance Sheet (continued)

31 August 2024

These financial statements were approved by the board of directors and authorised for issue on 11 September 2025 , and are signed on behalf of the board by:

Mr K J Greenyer

Director

Company registration number: 05533619

GBE Developments Ltd

Notes to the Financial Statements

Year ended 31 August 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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.

Revenue recognition

Turnover is measured at the fair value of the rent received or receivable, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	20% straight line
Motor vehicles	-	25% straight line

No depreciation is provided on the properties as the directors consider that their repairs and maintenance policy ensures that there is no fall in the residual value below its carrying value.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: Nil).

5. Tangible assets

	Freehold property	Long leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 September 2023	2,205,082	390,784	634,032	11,250	3,241,148
Additions	–	–	184,804	–	184,804
	------------	---------	---------	--------	------------
At 31 August 2024	2,205,082	390,784	818,836	11,250	3,425,952
	------------	---------	---------	--------	------------
Depreciation
At 1 September 2023	–	–	476,373	11,250	487,623
Charge for the year	–	–	134,227	–	134,227
	------------	---------	---------	--------	------------
At 31 August 2024	–	–	610,600	11,250	621,850
	------------	---------	---------	--------	------------
Carrying amount
At 31 August 2024	2,205,082	390,784	208,236	–	2,804,102
	------------	---------	---------	--------	------------
At 31 August 2023	2,205,082	390,784	157,659	–	2,753,525
	------------	---------	---------	--------	------------

6. Debtors

	2024	2023
	£	£
Trade debtors	80,560	61,600
Other debtors	394,657	368,739
	---------	---------
	475,217	430,339
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	111,077	51,793
Trade creditors	2,338	2,086
Corporation tax	20,132	16,174
Social security and other taxes	74,603	19,900
Other creditors	1,066,191	614,310
	------------	---------
	1,274,341	704,263
	------------	---------

The bank loans are secured against the assets of the company.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	118,295	684,871
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £477,697) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors: amounts falling due after more than one year is an amount of £nil (2023 - £477,697) in respect of liabilities repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loans are secured against the assets of the company.

9. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	553,423	489,932
	---------	---------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	824,301	1,353,063
	---------	------------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr K J Greenyer	( 13,612)	10,860	( 2,752)
Mr S P Burrows	( 13,613)	10,861	( 2,752)
	--------	--------	-------
	( 27,225)	21,721	( 5,504)
	--------	--------	-------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr K J Greenyer	( 10,890)	( 2,722)	( 13,612)
Mr S P Burrows	( 10,890)	( 2,723)	( 13,613)
	--------	-------	--------
	( 21,780)	( 5,445)	( 27,225)
	--------	-------	--------

11. Related party transactions

During the year the company made sales of £693,467 (2023 - £216,482) to GBE Services Limited, a company in which both Mr Greenyer and Mr Burrows are directors and shareholders. At the year end the company was owed £60,000 (2023 - £41,040) by GBE Services Limited. During the year the company charged Modular Fabrications Limited, a company in which both Mr Greenyer and Mr Burrows are directors and shareholders, for rent of £205,600 (2023 - £205,600). The company also made purchases of £nil (2023 - £50,000) from Modular Fabrications Limited. At the year end the company was owed £20,560 (2023 - £20,560) by Modular Fabrications Limited. During the year the company made sales of £107,990 (2023 - £nil) to GBE Services London Limited, a company in which both Mr Greenyer and Mr Burrows are directors and shareholders. The company also made purchases of £nil (2023 - £190,000) from GBE Services London Limited. At the year end the company was owed £394,657 (2023 - £368,739) by GBE Services London Limited.