ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

GPS PROPCO LIMITED - Company Information

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Registered number: 09835871

GPS PROPCO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 29 OCTOBER 2019

GPS PROPCO LIMITED

REGISTERED NUMBER: 09835871

BALANCE SHEET

AS AT 29 OCTOBER 2019

	29 October	31 October
	2019	2018
Note	£	£


Current assets
Stocks		100,000		2,932,839
Debtors: amounts falling due within one year	4	182,344		159,280
Cash at bank and in hand		2,489,139		138,762
		2,771,483		3,230,881
Creditors: amounts falling due within one year	5	(2,547,240)		(2,985,533)
Net current assets			224,243		245,348
Total assets less current liabilities			224,243		245,348

Net assets			224,243		245,348

Capital and reserves
Called up share capital	1	1
Profit and loss account	224,242	245,347
	224,243	245,348

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GPS PROPCO LIMITED

REGISTERED NUMBER: 09835871

BALANCE SHEET (CONTINUED)

AS AT 29 OCTOBER 2019

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 period 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 29 January 2021.

Adam Hudaly

Director

The notes on pages 3 to 5 form part of these financial statements.

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GPS PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 OCTOBER 2019

1.	General information

GPS Propco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, EC4N 6AF. The company's main activity is that of property construction.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sales represents gross proceed received from sales of properties.

2.3

Stocks

Stock represents properties held in the course of development and is valued at the lower of cost and
net realisable value.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss.

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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GPS PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 OCTOBER 2019

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 only enters into basic financial instrument 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 related parties and investments in non-puttable ordinary shares.

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 period was 1 (2018 - 1).

Debtors

					29 October	31 October
					2019	2018
					£	£


Trade debtors	12,154	22,436
Amounts owed by group undertakings	61,975	68,409
Other debtors	108,215	68,435
	182,344	159,280

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GPS PROPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 OCTOBER 2019

Trade creditors	28,195	50,607
Amounts owed to group undertakings	320,000	1,000,000
Corporation tax	570,538	422,156
Other creditors	1,566,350	1,579
Accruals and deferred income	62,157	1,511,191
	2,547,240	2,985,533

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