REGISTERED NUMBER: 12108929 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

GP1X Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Connolly

T G Harvey

J Linden

S Shaw

M R Gibbons

A S Ho

REGISTERED OFFICE:

Kenton House

Oxford Street

Moreton-in-Marsh

Gloucestershire

GL56 0LA

REGISTERED NUMBER:

12108929 (England and Wales)

ACCOUNTANTS:

Tayabali Tomlin

Chartered Accountants

Kenton House

Oxford Street

Moreton-in-Marsh

Gloucestershire

GL56 0LA

FIXED ASSETS

Intangible assets

4

5,068,597

6,215,086

Tangible assets

5

1,783,665

1,642,475

Investments

6

12,773

2,925

6,865,035

7,860,486

CURRENT ASSETS

Debtors

7

729,662

1,188,392

Cash at bank and in hand

333,715

183,529

1,063,377

1,371,921

CREDITORS

Amounts falling due within one year

8

13,785,621

14,581,253

NET CURRENT LIABILITIES

(12,722,244

)

(13,209,332

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,857,209

)

(5,348,846

)

CREDITORS

Amounts falling due after more than one year

9

-

158,706

NET LIABILITIES

(5,857,209

)

(5,507,552

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(5,858,209

)

(5,508,552

)

(5,857,209

)

(5,507,552

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

J Connolly - Director

1.	STATUTORY INFORMATION

GP1X Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors consider that in preparing the financial statements they have taken into account all information available, and on this basis the financial statements are prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

Straight line over 6 years

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Intangible assets

Development costs are capitalised where there is expected to be a benefit to future periods and the following conditions are met:

(i)It is technically feasible to complete the research or development so that the product will be available for use or sale;

(ii)It is intended to use or sell the product being developed;

(iii)The company is able to use or sell the product;

(iv)It can be demonstrated that the product will generate probable future economic benefits;

(v)Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold; and

(vi)Expenditure attributable to the research and development work can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life of 6 years.

Amortisation of development costs commence on the date of the first exhibition over the remaining useful life of the license agreement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

6,780,093

Additions

62,221

Reclassification/transfer

(74,535

)

At 31 December 2024

6,767,779

AMORTISATION

At 1 January 2024

565,007

Charge for year

1,140,386

Reclassification/transfer

(6,211

)

At 31 December 2024

1,699,182

NET BOOK VALUE

At 31 December 2024

5,068,597

At 31 December 2023

6,215,086

Development costs have been capitalised in respect of the production of a travelling exhibition. The costs will be amortised over the life of the exhibition of six years on a straight-line basis.

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

2,032,219

5,087

32,078

2,069,384

Additions

229,288

-

-

229,288

Reclassification/transfer

74,535

-

-

74,535

At 31 December 2024

2,336,042

5,087

32,078

2,373,207

DEPRECIATION

At 1 January 2024

406,444

2,873

17,592

426,909

Charge for year

152,248

554

3,620

156,422

Reclassification/transfer

6,211

-

-

6,211

At 31 December 2024

564,903

3,427

21,212

589,542

NET BOOK VALUE

At 31 December 2024

1,771,139

1,660

10,866

1,783,665

At 31 December 2023

1,625,775

2,214

14,486

1,642,475

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2024

201,369

Transfer to ownership

(201,369

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

40,274

Transfer to ownership

(40,274

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

161,095

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1 January 2024

2,925

Additions

9,848

At 31 December 2024

12,773

NET BOOK VALUE

At 31 December 2024

12,773

At 31 December 2023

2,925

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,813

13,517

Other debtors

726,849

1,174,875

729,662

1,188,392

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 10)

468,531

42,663

Trade creditors

749,161

1,292,579

Taxation and social security

-

54,952

Other creditors

12,567,929

13,191,059

13,785,621

14,581,253

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 10)

-

158,706

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

468,531

42,663

Between one and five years

-

158,706

468,531

201,369

Non-cancellable

operating leases

2024

2023

£

£

Within one year

234,030

212,004

Between one and five years

-

234,030

234,030

446,034

11.	RELATED PARTY DISCLOSURES