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Company No: 14240133 (England and Wales)

# GGP (THREE) LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

GGP (THREE) LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

GGP (THREE) LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
GGP (THREE) LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 88,875 |  | 99,219
Investment property | 4 | 1,134,404 |  | 1,134,404
|  | 1,223,279 |  | 1,233,623
Current assets |  |  |  |
Debtors | 5 | 46,222 |  | 6,774
Cash at bank and in hand |  | 1,197 |  | 46,902
|  | 47,419 |  | 53,676
Creditors: amounts falling due within one year | 6 | ( 8,432) |  | ( 29,420)
Net current assets |  | 38,987 |  | 24,256
Total assets less current liabilities |  | 1,262,266 |  | 1,257,879
Net assets |  | 1,262,266 |  | 1,257,879
Capital and reserves |  |  |  |
Called-up share capital | 7 | 2 |  | 2
Share premium account |  | 1,249,999 |  | 1,249,999
Profit and loss account |  | 12,265 |  | 7,878
Total shareholder's funds |  | 1,262,266 |  | 1,257,879

For the financial year ending 31 March 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of GGP (Three) Limited (registered number: 14240133) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P B Koopman Director |

09 October 2025

GGP (THREE) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
GGP (THREE) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 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

GGP (Three) 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 35 Ballards Lane, London, N3 1XW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in Pounds Sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover comprises rent receivable on the investment property.
Revenue is recognised in the period to which the rental income relates.

##### 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 Statement of Financial Position 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 current 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.

##### Tangible fixed assets

Tangible fixed assets are stated at cost, 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, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings | 10 years straight line

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 Statement of Income and Retained Earnings.

##### 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 the Statement of Income and Retained Earnings. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investment property fair value is determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

##### 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.

##### Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

***Offsetting***
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the company during the year, including directors | 2 |  | 2

#### 3. Tangible assets

| Fixtures and fittings |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 115,596 |  | 115,596
Additions | 1,268 |  | 1,268
At 31 March 2025 | 116,864 |  | 116,864
Accumulated depreciation |  |  |
At 01 April 2024 | 16,377 |  | 16,377
Charge for the financial year | 11,612 |  | 11,612
At 31 March 2025 | 27,989 |  | 27,989
Net book value |  |  |
At 31 March 2025 | 88,875 |  | 88,875
At 31 March 2024 | 99,219 |  | 99,219

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 1,134,404
As at 31 March 2025 | 1,134,404

Valuation

The 2025 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 1,134,404 |  | 1,134,404

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by group undertakings | 45,000 |  | 0
Prepayments | 1,222 |  | 1,236
Other debtors | 0 |  | 5,538
| 46,222 |  | 6,774

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 234 |  | 385
Amounts owed to group undertakings | 1,268 |  | 7,549
Accruals | 1,800 |  | 1,648
Taxation and social security | 5,130 |  | 14,300
Other creditors | 0 |  | 5,538
| 8,432 |  | 29,420

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each | 2 |  | 2

#### 8. Related party transactions

The company has taken advantage of the exemption conferred by Section 33.1A of Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose transactions with wholly - owned group undertakings.

#### 9. Ultimate controlling party

The immediate parent undertaking is GGP (Two) Limited, a private company limited by shares incorporated in England and Wales. The registered office address of GGP (Two) Limited is at 221 Watling Street, Radlett, Hertfordshire, WD7 7AL.
The ultimate parent undertaking is Mikproud Assets Limited, a private company limited by shares incorporated in England and Wales. The registered office address of Mikproud Assets Limited is at 35 Ballards Lane, London, N3 1XW.