Company registration number 08979618 (England and Wales)
GM LONDON LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
GM LONDON LIMITED
COMPANY INFORMATION
Directors
Mr G P McHugh
Mrs G M McHugh
Mr I Sellars
Mrs C A Sellars
Mr A Sellars
Company number
08979618
Registered office
223 Dawes Road
London
SW6 7RD
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
223 Dawes Road
London
SW6 7RD
GM LONDON LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
GM LONDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of property development.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G P McHugh
Mrs G M McHugh
Mr I Sellars
Mrs C A Sellars
Mr A Sellars
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr G P McHugh
Director
9 October 2025
GM LONDON LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GM LONDON LIMITED FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GM London Limited for the year ended 31 March 2025 set out on pages 4 to 8 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 https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of GM London Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of GM London Limited and state those matters that we have agreed to state to the Board of Directors of GM London Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GM London Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that GM London Limited 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 GM London Limited. You consider that GM London Limited 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 GM London Limited. 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 f inancial statements.

Begbies
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
9 October 2025
GM LONDON LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
2025
2024
Notes
£
£
Turnover
-
-
Administrative expenses
(341,476)
(408,144)
Other operating income
32,082
69,164
Operating loss
(309,394)
(338,980)
Interest receivable and similar income
4
671,463
5,376,369
Amounts written off investments
(1,957)
(1,503,277)
Profit before taxation
360,112
3,534,112
Tax on profit
-
0
-
0
Profit for the financial year
360,112
3,534,112

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GM LONDON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 4 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
5
16
16
Current assets
Debtors
6
19,798,413
19,333,916
Cash at bank and in hand
17,334
131,674
19,815,747
19,465,590
Creditors: amounts falling due within one year
7
(79,528)
(89,483)
Net current assets
19,736,219
19,376,107
Total assets less current liabilities
19,736,235
19,376,123
Creditors: amounts falling due after more than one year
8
(16,846,535)
(16,846,535)
Net assets
2,889,700
2,529,588
Capital and reserves
Called up share capital
9
12
12
Profit and loss reserves
2,889,688
2,529,576
Total equity
2,889,700
2,529,588

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 9 October 2025 and are signed on its behalf by:
Mr G P McHugh
Mr I Sellars
Director
Director
Company registration number 08979618 (England and Wales)
GM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
Company information

GM London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 223 Dawes Road, London, SW6 7RD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.3
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 current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less any impairment.

Basic financial Liabilities

Basic financial liabilities, including trade and other payables are initially recognised at transaction price.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Leases
As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
4
Interest receivable and similar income
2025
2024
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
-
0
4,313,458
Interest receivable from group companies
671,401
1,062,628
GM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
16
16
Fixed asset investments not carried at market value

The directors have determined that the cost of obtaining the market value of the investments outweighs the benefits to the users of these accounts. Consequently no valuation exercise was undertaken.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
54,205
54,205
Amounts owed by group undertakings
19,639,428
19,168,253
Other debtors
104,780
111,458
19,798,413
19,333,916
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
33,360
25,670
Taxation and social security
4,552
8,186
Other creditors
41,616
55,627
79,528
89,483
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
16,846,535
16,846,535
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
12
12
12
12
GM LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the year end, the company owed £14,468,376 (2024 : £14,468,376) to Mr I Sellars and £2,378,159 (2024 : £2,378,159) to G McHugh Consultancy Ltd, a company controlled by Mr G P McHugh and Mrs G M McHugh. No interest has been charged to the company in respect of these loans and classified in creditors due after one year.

The company is a property development business. Construction services which constitute the majority of cost of sale are provided exclusively by GM Developments (Construction) Limited, a company controlled by GP McHugh and GM McHugh.

2025-03-31 2024-04-01 false false false 09 October 2025 CCH Software CCH Accounts Production 2025.100 The principal activity of the company continued to be that of property development.
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