REGISTERED NUMBER: 13007814 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2025

for

GMCK ESTATES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Nicodemou

Mrs G Tsangaris

Mr C Tsangaris

REGISTERED OFFICE:

23 Greenwood Avenue

Cheshunt

Waltham Cross

Hertfordshire

EN7 5BZ

REGISTERED NUMBER:

13007814 (England and Wales)

ACCOUNTANTS:

CAS MCGEE LTD

Chartered Certified Accountants

130A Darkes Lane

Potters Bar

Hertfordshire

EN6 1AF

FIXED ASSETS

Tangible assets

4

307,852

307,852

CURRENT ASSETS

Debtors

5

716

339

Cash at bank

67

394

783

733

CREDITORS

Amounts falling due within one year

6

75,655

80,676

NET CURRENT LIABILITIES

(74,872

)

(79,943

)

TOTAL ASSETS LESS CURRENT LIABILITIES

232,980

227,909

CREDITORS

Amounts falling due after more than one year

7

(221,215

)

(221,215

)

PROVISIONS FOR LIABILITIES

10

(58,492

)

(58,492

)

NET LIABILITIES

(46,727

)

(51,798

)

CAPITAL AND RESERVES

Called up share capital

11

3

3

Retained earnings

12

(46,730

)

(51,801

)

SHAREHOLDERS' FUNDS

(46,727

)

(51,798

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 29 December 2025 and were signed on its behalf by:

Mr C Tsangaris - Director

1.	STATUTORY INFORMATION

GMCK ESTATES 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.

Turnover

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

The turnover also represents net rents receivable, excluding value added tax. Turnover is recognised when rent becomes due under the lease / rent agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Freehold property

The company policy is not to depreciate the freehold investment property over its useful life, once the refurbishment is completed and the freehold investment building is fully brought in use and land is not depreciable

Investment property

In accordance with the new requirements of the Financial Reporting Standards (FRS102), Investment property is carried at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

The effect of depreciation and amortisation on value is already reflected annually in the valuation of property, and the amount attributed to this factor by the valuers cannot reasonably be separately identified or quantified. FRS102 requires valuation at fair value, unless fair value cannot be obtained without undue cost or effort, gains to be recognised in profit and loss and deferred tax to be provided for.Under FRS102, the valuation would be under the fair value provisions of Companies Act 2006 (CA 2006), and is not a departure. In the balance sheet that gains should be included in a fair value reserves rather than the revaluation reserve.

Investment property comprises of freehold building. This comprise mainly of rental unit, and is measured initially at cost, including related transaction costs. This is held as an investment to earn rental income and for capital appreciation and is stated at fair value at the Balance Sheet date.

After initial recognition investment property is carried at fair value, based on amount paid, it is then determined annually by independent external valuers or held at Director's fair valuation if appropriate. The surplus or deficit arising from these valuations are transferred to or from fair value reserve. When an existing investment property is redeveloped or continue use as an investment property, it remains an investment property whilst in development.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

Subsequent expenditure is added to the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the costs of the item can be measured reliably. All other repairs and maintenance costs are charged to the Profit and Loss Account during the financial period in which they are incurred.

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.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Debtors

Short term debtors are measured at a transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised costs determined using the effective interest method, less any impairments losses for bad and doubtful debts

Provisions

Provisions (ie./ liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 April 2024

and 31 March 2025

307,852

NET BOOK VALUE

At 31 March 2025

307,852

At 31 March 2024

307,852

The value of the property which has been included at the original acquisition amount of £307,852 as decided by the directors during the period ended 31st March 2022 for which they believe that by their opinion the current market value of the property it is approximately the same. This it is a fair and appropriate valuation according to their opinion which it was based on valuation of similar properties in the area which the property it is situated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Prepayments

716

339

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Tax

1,763

1,608

Directors' current accounts

73,321

78,497

Accrued expenses

571

571

75,655

80,676

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans (see note 8)

221,215

221,215

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

221,215

221,215

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

221,215

221,215

9.	SECURED DEBTS

The bank has a security by way of a fixed legal charge over the company's freehold property.

10.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

Accelerated capital allowances

58,492

58,492

Deferred

tax

£

Balance at 1 April 2024

58,492

Balance at 31 March 2025

58,492

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

3

Ordinary

£1.00

3

3

12.

RESERVES

Retained

earnings

£

At 1 April 2024

(51,801

)

Profit for the year

5,071

At 31 March 2025

(46,730

)

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions.

14.	EVENTS AFTER THE REPORTING PERIOD

There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared. The impact of COVID-19 is described in the Going Concern Consideration Note.

The ongoing Russia-Ukraine conflict has resulted in going concern becoming a significant risk. The United States and Europe have avoided direct military conflict with Russia amid its conflict with Ukraine. They have however used a set of financial sanctions to limit Russia's access to financial resources. The impact of the sanctions may result in difficulties for the company to operate. Neither GMCK Estates Limited nor the owners are currently on the sanctions list at the time of this report, however this may change as the situation changes.

The ongoing Israel-Gaza conflict has resulted in no major impact to cause significant operational risks and that the company continues to assess the nature and extent of any risks and uncertainties arising from these events.

15.	GOING CONCERN CONSIDERATIONS

The Company's management does not see a severe impact of COVID-19 outbreak to its activity. The Company tested the financial impact on the following areas of financial statements that can be affected:

- Breach of trade contracts

- Revenue

- Cost of sales

- Expenditure

- Inventories fair value measurements

- Debt repayment