Company No: 08615617 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Investment property	3	2,420,000		2,420,000
		2,420,000		2,420,000
Current assets
Debtors	4	1,285		10,912
Cash at bank and in hand		61,630		12,350
		62,915		23,262
Creditors: amounts falling due within one year	5	( 355,687)		( 339,270)
Net current liabilities		(292,772)		(316,008)
Total assets less current liabilities		2,127,228		2,103,992
Creditors: amounts falling due after more than one year	6	( 632,683)		( 656,450)
Provision for liabilities		( 197,750)		( 197,750)
Net assets		1,296,795		1,249,792
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		1,296,695		1,249,692
Total shareholder's funds		1,296,795		1,249,792

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of GMD PROPERTIES (OXFORD) LIMITED (registered number: 08615617) were approved and authorised for issue by the Director on 09 December 2023. They were signed on its behalf by:

R J Rendell Director

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) LIMITED (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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Investment property

	Investment property
	£
Valuation
As at 01 August 2022	2,420,000
As at 31 July 2023	2,420,000

Valuation

The valuation is determined annually by the director, on an open market value for existing use basis.

4. Debtors

	2023		2022
	£		£
Trade debtors	100		8,127
Amounts owed by Group undertakings	1,185		2,785
	1,285		10,912

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	30,000		30,000
Trade creditors	290		290
Amounts owed to director	280,000		280,000
Accruals	4,378		1,600
Taxation and social security	41,019		27,380
	355,687		339,270

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

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

	2023		2022
	£		£
Bank loans (secured)	632,683		656,450

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.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2023		2022
	£		£
Bank loans (secured / repayable by instalments)	502,683		526,450

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

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 was owed £1,185 (2022: £2,785) by a company under common control and owed £280,000 (2022: £280,000 ) to directors of the company. These amounts are non-interest bearing and repayable upon demand.