ACCOUNTS - Final Accounts preparation

Registered number: 07925968

GENERAL ASSET MANAGEMENT LEASING LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

GENERAL ASSET MANAGEMENT LEASING LTD

REGISTERED NUMBER: 07925968

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	384,035		1,010,403
Cash at bank and in hand	6	31,607		47,185
		415,642		1,057,588
Creditors: amounts falling due within one year	7	(404,659)		(1,038,483)
Net current assets			10,983		19,105
Total assets less current liabilities			10,983		19,105

Net assets			10,983		19,105

Capital and reserves
Called up share capital	200	200
Profit and loss account	10,783	18,905
	10,983	19,105

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GENERAL ASSET MANAGEMENT LEASING LTD

REGISTERED NUMBER: 07925968

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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 statement of comprehensive income 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 20 October 2025.

G Willis

Director

The notes on pages 3 to 6 form part of these financial statements.

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GENERAL ASSET MANAGEMENT LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

General Asset Management Leasing Ltd is a private company, limited by shares, incorporated in England and Wales. United Kingdom, with a registration number 07925968. The address of the registered office is Mill Green House, Mill Green Road, Haywards Heath, West Sussex, RH16 1XJ. The nature of the company's operations and principal activities is financial leasing.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of income from finance leasing contracts, being the excess of total rentals received over the cost of the net investment in finance leasing contracts, is allocated to accounting periods over the life of the lease using the actuarial before tax method, in order to give a smooth rate of return on the investment in the lease agreements. Commission costs are written off over the life of the agreement using actuarial before tax method.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Taxation

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.

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GENERAL ASSET MANAGEMENT LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

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GENERAL ASSET MANAGEMENT LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 April 2024	4,067
	At 31 March 2025	4,067
	Depreciation
	At 1 April 2024	4,067
	At 31 March 2025	4,067
	Net book value
	At 31 March 2025	-
	At 31 March 2024	-

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GENERAL ASSET MANAGEMENT LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Trade debtors	5,254	10,040
Other debtors	350,000	1,000,000
Prepayments and accrued income	28,781	363
	384,035	1,010,403

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	31,607	47,185
	31,607	47,185

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	-	276
Corporation tax	2,272	14,968
Other taxation and social security	2,557	2,227
Other creditors	380,586	1,001,367
Accruals and deferred income	19,244	19,645
	404,659	1,038,483

8.	Related party transactions
	During the year there were no material transactions not concluded under normal market conditions with related parties.

9.	Controlling party

The ultimate parent undertaking is Nexus Funding Ltd, a company registered in England and Wales. There is no ultimate controlling party.

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