GMD PROPERTIES (OXFORD) LTD
GMD PROPERTIES (OXFORD) LTD
Company No:
GMD PROPERTIES (OXFORD) LTD
Unaudited Financial Statements
For the financial year ended 31 July 2021
Pages for filing with the registrar
For the financial year ended 31 July 2021
Pages for filing with the registrar
Unaudited Financial Statements
Contents
COMPANY INFORMATION
COMPANY INFORMATION (continued)
DIRECTOR | R J Rendell |
REGISTERED OFFICE | 78 Cumnor Road |
Boars Hill | |
Oxford | |
OX1 5JP | |
United Kingdom |
COMPANY NUMBER | 08615617 (England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (continued)
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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2,420,000 | 2,420,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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39,608 | 65,016 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (346,081) | (369,667) | ||
Total assets less current liabilities | 2,073,919 | 2,050,333 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
-
The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of GMD Properties (Oxford) Ltd (registered number:
R J Rendell
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
GMD Properties (Oxford) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 78 Cumnor Road, Boars Hill, Oxford, OX1 5JP, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investment property
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Trade and other debtors
Cash and cash equivalents
Trade and other creditors
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2. Employees
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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3. Investment property
Investment property | |
£ | |
Valuation | |
As at 01 August 2020 |
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As at 31 July 2021 |
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4. Debtors
2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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5. Creditors: amounts falling due within one year
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts owed to Group undertakings |
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Amounts owed to director |
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Accruals |
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Corporation tax |
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The amount included in bank loans and overdrafts is secured by way of a fixed and floating charge over the property and other assets of the company, in favour of Lloyds Bank PLC. Interest is charged on these loans at 2.4% above the Bank of England Base Rate.
6. Creditors: amounts falling due after more than one year
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2021 | 2020 | ||
£ | £ | ||
Bank loans (secured / repayable by instalments) |
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7. Called-up share capital
2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Included in the profit and loss account is non-distributable reserves of £769,710 (2020: £769,710) representing the cumulative fair value movements of the Investment property, net of deferred tax. The remaining amount is distributable.
8. Related party transactions
The company is a wholly owned subsidiary of GMD Estates Limited and has therefore taken advantage of the exemption under Section 33 to not disclose transactions with other group companies.
At the year end the company owed £7,840 (2020: £5,832) to a company under common control and £312,000 (2020: £372,000) to directors of the company. These amounts are non-interest bearing and repayable upon demand.