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REGISTERED NUMBER: 12016697 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

GI Real Estate Ltd

GI Real Estate Ltd (Registered number: 12016697)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


GI Real Estate Ltd (Registered number: 12016697)

Statement of Financial Position
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Investments 5 12,436,619 12,435,933

CURRENT ASSETS
Debtors 6 152,055 52,167
Cash at bank and in hand 106,941 115,286
258,996 167,453
CREDITORS
Amounts falling due within one year 7 1,677 7,594
NET CURRENT ASSETS 257,319 159,859
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,693,938

12,595,792

CREDITORS
Amounts falling due after more than
one year

8

12,452,814

12,452,814
NET ASSETS 241,124 142,978

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 241,114 142,968
241,124 142,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

GI Real Estate Ltd (Registered number: 12016697)

Statement of Financial Position - continued
31 December 2021


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2022 and were signed by:





M Nuzzo - Director


GI Real Estate Ltd (Registered number: 12016697)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

GI Real Estate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12016697

Registered office: 48 Dover Street
London
W1S 4FF

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 prepared in sterling, which is the functional currency of the entity.

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.

Turnover
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.


GI Real Estate Ltd (Registered number: 12016697)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

3. ACCOUNTING POLICIES - continued
Taxation
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

5. FIXED ASSET INVESTMENTS

2021 2020
£    £   
Shares in group undertakings 3,700,634 3,615,728
Loans to group undertakings 8,735,985 8,820,205
12,436,619 12,435,933

GI Real Estate Ltd (Registered number: 12016697)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. FIXED ASSET INVESTMENTS - continued

Additional information is as follows:
Shares in
group
undertakings
£   
COST
At 1 January 2021 3,615,728
Additions 84,906
At 31 December 2021 3,700,634
NET BOOK VALUE
At 31 December 2021 3,700,634
At 31 December 2020 3,615,728
Loans to
group
undertakings
£   
At 1 January 2021 8,820,205
Other movement (84,220 )
At 31 December 2021 8,735,985

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
VAT - 112
Prepayments and accrued income 152,055 52,055
152,055 52,167

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Corporation Tax - 4,327
Other creditors 228 680
Accruals and deferred income 1,449 2,587
1,677 7,594

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2021 2020
£    £   
Amounts owed to group undertakings 12,452,814 12,452,814

GI Real Estate Ltd (Registered number: 12016697)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

9. RELATED PARTY TRANSACTIONS

At the end of the period, an amount of £8,735,985 (31.12.2020: £8,820,205) was due from the subsidiary undertaking. At the end of the period, an amount of £12,452,814 (31.12.2020: £12,452,814) was owed to the parent company.
The above balances are non-interest bearing.

10. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is G.I. Globinvestment Limited, a company incorporated in the UK.