Company No: 07669927 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	5,375,000		10,905,000
		5,375,000		10,905,000
Current assets
Debtors	4	84,254		115,151
Cash at bank and in hand	5	844,996		969,511
		929,250		1,084,662
Creditors: amounts falling due within one year	6	( 801,523)		( 838,691)
Net current assets		127,727		245,971
Total assets less current liabilities		5,502,727		11,150,971
Creditors: amounts falling due after more than one year	7	( 6,900,696)		( 7,281,752)
Net (liabilities)/assets		( 1,397,969)		3,869,219
Capital and reserves
Called-up share capital	8	4		4
Revaluation reserve		0		87,094
Profit and loss account		( 1,397,973 )		3,782,121
Total shareholder's (deficit)/funds		( 1,397,969)		3,869,219

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

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of GLPD Property Limited (registered number: 07669927) were approved and authorised for issue by the Board of Directors on 30 June 2025. They were signed on its behalf by:

P D Dane Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GLPD Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O S&W Partners, First Floor, 2 Collingwood Street, England, NE1 1JF, Newcastle Upon Tyne, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of GLPD Property Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and forecasted cash flows covering a period of 12 months from the date of approval these financial statements. The directors note that the Company has net assets of £1,397,969. The Company is supported through loans from a company under common control. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. After making enquiries, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

The turnover shown in the profit and loss account represents rental income, which is recognised on a straight line basis over the term of the lease. Incentives to sign an operating lease are similarly spread on a straight line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Investment property

not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

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 creditors: amounts falling due within one year.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	1		0

3. Tangible assets

	Investment property		Total
	£		£
Cost/Valuation
At 01 January 2024	10,905,000		10,905,000
Impairment	( 5,530,000)		( 5,530,000)
At 31 December 2024	5,375,000		5,375,000
Accumulated depreciation
At 01 January 2024	0		0
At 31 December 2024	0		0
Net book value
At 31 December 2024	5,375,000		5,375,000
At 31 December 2023	10,905,000		10,905,000

Investment properties

The historical cost of assets included in investment property held at valuation is £10,817,906 (2023: £10,817,906). An independent valuation of the investment property portfolio was carried out by Knight Frank LLP on 23 September 2024 and the fair value above is based on this. The directors have appraised the fair value of the investment properties and the assumptions therein and believe the valuation is still appropriate as at 31 December 2024.

4. Debtors

	2024		2023
	£		£
Trade debtors	0		18,381
Amounts owed by Group undertakings	3,000		3,000
Other debtors	81,254		93,770
	84,254		115,151

5. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	576,969		710,945
Short-term deposits	268,027		258,566
	844,996		969,511

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	381,057		381,057
Trade creditors	32,478		32,916
Taxation and social security	98,003		104,687
Other creditors	289,985		320,031
	801,523		838,691

Bank and other loans are secured by fixed and floating charges over all assets of the company. The fixed charges relate to the investment properties and at the year end an amount of £381,057 (2023: £381,057) is secured.

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

	2024		2023
	£		£
Bank loans	2,471,124		2,852,180
Other creditors	4,429,572		4,429,572
	6,900,696		7,281,752

Bank and other loans are secured by fixed and floating charges over all assets of the company. The fixed charges relate to the investment properties and at the year end an amount of £6,900,696 (2023: £7,281,752) is secured.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each	4		4

9. Ultimate controlling party

Parent Company:

GLPD Holdings Limited

C/O S&W Partners, First Floor, 2 Collingwood Street, Newcastle Upon Tyne, NE1 1JF.