GPM Group Holdings Limited Filleted accounts for Companies House (small and micro)

GPM GROUP HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10201456

GPM Group Holdings Limited

Filleted Unaudited Financial Statements

31 March 2018

GPM Group Holdings Limited

Statement of Financial Position

31 March 2018

	31 Mar 18		31 May 17
Note	£	£	£	£

Fixed Assets

Investments	6		372,829		372,829

Current Assets

Debtors	7	163	235
Cash at bank and in hand		9,218	10,869
		-------	---------
		9,381	11,104

Creditors: amounts falling due within one year	8	38,870		26,875
		---------		---------
Net Current Liabilities			29,489		15,771
			----------		----------
Total Assets Less Current Liabilities			343,340		357,058

Creditors: amounts falling due after more than one year	9		161,081		192,622

Provisions

Taxation including deferred tax	7,819	7,819
	----------	----------
Net Assets	174,440	156,617
	----------	----------

Capital and Reserves

Called up share capital	11	2	2
Profit and loss account		174,438	156,615
		----------	----------
Shareholders Funds		174,440	156,617
		----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GPM Group Holdings Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 3 October 2018 , and are signed on behalf of the board by:

Mr G P Mills
Director

Company registration number: 10201456

GPM Group Holdings Limited

Notes to the Financial Statements

Period from 1st June 2017 to 31st March 2018

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Garret, 15c Swan Hill, Shrewsbury, Shropshire, SY1 1NL.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment properties are revalued to their fair values at each reporting date and any changes in fair value are recognised in profit or loss.

Investments in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a 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 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 including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. 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 arrangement 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payments is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

4. Staff Costs

The average number of persons employed by the company during the year, including the director, amounted to 1 (2017: 1).

5. Tax on Profit

Major components of tax expense

	Period from	Period from
	1 Jun 17 to	26 May 16 to
	31 Mar 18	31 May 17
	£	£

Current tax:

UK current tax expense	2,539	1,986

Deferred tax:

Origination and reversal of timing differences	–	7,819
	-------	-------
Tax on profit	2,539	9,805
	-------	-------

6. Investments

	Shares in group undertakings	Investment property	Total
	£	£	£
Cost
At 1st June 2017 and 31st March 2018	2	372,827	372,829
	----	----------	----------
Impairment
At 1st June 2017 and 31st March 2018	–	–	–
	----	----------	----------

Carrying amount
At 31st March 2018	2	372,827	372,829
	----	----------	----------
At 31st May 2017	2	372,827	372,829
	----	----------	----------

On 31st March 2018 the investment properties were valued by Mr G P Mills , a director of the company on an open market value basis in the sum of £372,827 (2017 - £372,827).

7. Debtors

	31 Mar 18	31 May 17
	£	£
Other debtors	163	235
	----	----

8. Creditors: amounts falling due within one year

	31 Mar 18	31 May 17
	£	£
Bank loans and overdrafts	35,729	24,287
Corporation tax	2,539	1,986
Other creditors	602	602
	---------	---------
	38,870	26,875
	---------	---------

The bank loan is secured against all assets of the company.

9. Creditors: amounts falling due after more than one year

	31 Mar 18	31 May 17
	£	£
Bank loans and overdrafts	161,081	192,622
	----------	----------

The bank loan is secured against all assets of the company.

Included within creditors: amounts falling due after more than one year is an amount of £18,163 (2017 - £95,476) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Deferred Tax

The deferred tax included in the statement of financial position is as follows:

	31 Mar 18	31 May 17
	£	£
Included in provisions	7,819	7,819
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	31 Mar 18	31 May 17
	£	£
Fair value adjustment of investment property	7,819	7,819
	-------	-------

11. Called Up Share Capital

Issued, called up and fully paid

	31 Mar 18		31 May 17
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

12. Director's Advances, Credits and Guarantees

During the period the director entered into the following advances and credits with the company:

	31 Mar 18
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr G P Mills	( 2)	–	( 2)
	----	----	----

	31 May 17
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr G P Mills	–	( 2)	( 2)
	----	----	----

The non-interest bearing loan is repayable on demand.

13. Related Party Transactions

Transactions with other companies in the group have not been disclosed in accordance with section 33.1A of FRS102.