Glp London Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09048106 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2019

FOR

GLP LONDON LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

J St J Philipps

C A Guyer

M A Levinson

REGISTERED OFFICE:

16 Wenlock Road

London

N1 7TA

REGISTERED NUMBER:

09048106 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,012

1,736

Investment property

5

1,759,599

1,720,260

1,761,611

1,721,996

CURRENT ASSETS

Debtors

6

78,755

77,495

Cash at bank

56,691

18,243

135,446

95,738

CREDITORS

Amounts falling due within one year

7

258,298

189,345

NET CURRENT LIABILITIES

(122,852

)

(93,607

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,638,759

1,628,389

CREDITORS

Amounts falling due after more than one year

8

(1,388,011

)

(1,428,578

)

PROVISIONS FOR LIABILITIES

(142

)

(330

)

NET ASSETS

250,606

199,481

CAPITAL AND RESERVES

Called up share capital

2,850

2,850

Retained earnings

247,756

196,631

SHAREHOLDERS' FUNDS

250,606

199,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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 on 26 February 2020 and were signed on its behalf by:

J St J Philipps - Director

1.	STATUTORY INFORMATION

Glp London Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 represents rents receivable for the accounting period, exclusive of value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2018

1,893

Additions

999

At 31 May 2019

2,892

DEPRECIATION

At 1 June 2018

157

Charge for year

723

At 31 May 2019

880

NET BOOK VALUE

At 31 May 2019

2,012

At 31 May 2018

1,736

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

1,720,260

Additions

39,339

At 31 May 2019

1,759,599

NET BOOK VALUE

At 31 May 2019

1,759,599

At 31 May 2018

1,720,260

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

72,500

72,500

Other debtors

6,255

4,995

78,755

77,495

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

41,100

41,550

Trade creditors

432

6,795

Taxation and social security

16,120

14,220

Other creditors

200,646

126,780

258,298

189,345

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

1,388,011

1,428,578

2019

2018

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,223,611

1,262,378

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,429,111

1,470,128

The bank loans are secured by fixed and floating charge on the assets of the company. Interest is chargeable on

the loans at between 2% and 3% over the base rate of Lloyds Bank PLC.

10.	RELATED PARTY DISCLOSURES

As at 31 May 2019 there were balances with entities in which the company and/or one or more of the members

and directors of the company have a participating interest as follows:

Amounts due from related parties £75,350 (2018: £75,350).

Amounts due to related parties £39,696 (2018: £23,507).

At the balance sheet date the company owed the directors £150,717 (2018: £93,166) which is included in other

creditors due within one year.

11.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.