GJP_(CARLISLE)_LIMITED - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

GJP (Carlisle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old House, 64 The Avenue, Egham, TW20 9AD.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents amounts attributable to the year, exclusive of Value Added Tax, in respect of rents receivable for the period.

Freehold investment properties, which represent completed care homes held for use in an operating lease, are included in the balance sheet at their open market value and are not depreciated.

Cash and cash equivalents are basic financial assets and represent cash in hand and deposits held at call with banks.

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.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation, other than in respect of permanent differences arising from non-depreciation of investment property.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. This represents a departure from the requirements of FRS 102 to use tax rates substantively enacted at the balance sheet date, as explained below.

In light of the UK Government Growth Plan announcement on 23 September 2022 cancelling the planned rise in corporation tax rates, the tax rate that is expected to be in effect when the timing difference reverses is 19%, as opposed to the tax rate substantively enacted as at the balance sheet date of 25%.  As such in the opinion of the director the departure is necessary in order to form a true and fair view of the deferred tax assets and liabilities at the date of approval of these financial statements.

Deferred tax assets and liabilities are not discounted.

During the current and preceding periods, the average monthly number of persons employed by the company was nil.

The company's sole investment property was revalued by professional valuers, CBRE in August 2016 at £5,675,000. It is the opinion of the directors that the carrying value stated above is a fair reflection of the market value of the property at the balance sheet date.

The bank loan is secured by a fixed and floating charge on the assets of the company. The bank loan is repayable in quarterly instalments with a bullet repayment in February 2023 and interest is repayable on a quarterly basis.

The bank loan is secured by a fixed and floating charge on the assets of the company. The bank loan is repayable in quarterly instalments with a bullet repayment in February 2023 and interest is repayable on a quarterly basis.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Deferred tax assets and liabilities have been calculated at a rate of 19% in accordance with the accounting policy to use the expected rate at the date of reversal rather than the substantively enacted rate at the balance sheet date, as the substantively enacted rate is no longer expected to come into effect.

Within retained earnings is a non distributable amount of £1,114,801 (2020: £1,091,216) which relates to the revaluation of investment property, stated net of the related deferred taxation liability.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company's parent undertaking is Dalton Court Investments Limited, a company controlled by Mr A and Mrs M Oberoi.