GMC Property Investments Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC617468 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

GMC PROPERTY INVESTMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G Campbell

REGISTERED OFFICE:

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC617468 (Scotland)

ACCOUNTANTS:

Cornerstone Accountants

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Investment property

4

122,535

121,804

CURRENT ASSETS

Cash at bank

963

660

CREDITORS

Amounts falling due within one year

5

53,228

34,350

NET CURRENT LIABILITIES

(52,265

)

(33,690

)

TOTAL ASSETS LESS CURRENT LIABILITIES

70,270

88,114

CREDITORS

Amounts falling due after more than one year

6

86,250

86,250

NET (LIABILITIES)/ASSETS

(15,980

)

1,864

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(16,080

)

1,764

(15,980

)

1,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 February 2023 and were signed by:

G Campbell - Director

1.	STATUTORY INFORMATION

GMC Property Investments Ltd is a private company, limited by shares , registered in Scotland. 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.

Going Concern Note

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company's liabilities exceeded its assets by £15,980 at 31 May 2022. The company is thus dependent on the continued financial support of its creditors. The directors are confident of this continuing support and of the company's long term trading prospects and on this basis considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of financial support.

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 1 (2021 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2021

121,804

Additions

731

At 31 May 2022

122,535

NET BOOK VALUE

At 31 May 2022

122,535

At 31 May 2021

121,804

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

-

148

Other creditors

53,228

34,202

53,228

34,350

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other creditors

86,250

86,250

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

86,250

86,250