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REGISTERED NUMBER: 02986288 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

GYDA PROPERTIES LIMITED

GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GYDA PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2022







DIRECTORS: G Cohen
Y Cohen
A Kohen





SECRETARY: Y Cohen





REGISTERED OFFICE: 50 Seymour Street
London
W1H 7JG





REGISTERED NUMBER: 02986288 (England and Wales)






GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)

BALANCE SHEET
30 SEPTEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,503 8,671
Investments 5 202 202
Investment property 6 17,561,511 20,546,339
17,568,216 20,555,212

CURRENT ASSETS
Debtors 7 4,721,560 4,564,016
Cash at bank 74,105 12
4,795,665 4,564,028
CREDITORS
Amounts falling due within one year 8 4,686,722 4,415,208
NET CURRENT ASSETS 108,943 148,820
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,677,159

20,704,032

CREDITORS
Amounts falling due after more than
one year

9

(7,401,187

)

(9,697,414

)

PROVISIONS FOR LIABILITIES (1,291,841 ) (1,155,858 )
NET ASSETS 8,984,131 9,850,760

CAPITAL AND RESERVES
Called up share capital 120 120
Fair value reserve 11 8,174,715 8,310,698
Retained earnings 11 809,296 1,539,942
SHAREHOLDERS' FUNDS 8,984,131 9,850,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)

BALANCE SHEET - continued
30 SEPTEMBER 2022


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 Board of Directors and authorised for issue on 27 October 2023 and were signed on its behalf by:




Y Cohen - Director G Cohen - Director




A Kohen - Director


GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022


1. STATUTORY INFORMATION

Gyda Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents rents receivable from the company's investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment properties
Investment properties are included at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2022


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 October 2021
and 30 September 2022 115,360
DEPRECIATION
At 1 October 2021 106,689
Charge for year 2,168
At 30 September 2022 108,857
NET BOOK VALUE
At 30 September 2022 6,503
At 30 September 2021 8,671


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2021
and 30 September 2022 202
NET BOOK VALUE
At 30 September 2022 202
At 30 September 2021 202

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2021 20,546,339
Additions 332,611
Sale of 109-111 GGN Rd (3,317,439 )
At 30 September 2022 17,561,511
NET BOOK VALUE
At 30 September 2022 17,561,511
At 30 September 2021 20,546,339

GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2022


6. INVESTMENT PROPERTY - continued

The investment property was valued by the directors on a fair value basis as at 30 September 2022.

On historical basis these would have been included at an original cost of £8,094,954 ( 2021: £11,079,783).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 574,303 506,160
Amounts owed by group undertakings 1,961,541 1,785,363
Amounts owed by participating interests 1,972,284 2,242,284
Other debtors 213,432 30,209
4,721,560 4,564,016

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 4,970
Trade creditors 31,930 59,887
Amounts owed to group undertakings 473,435 447,085
Amounts owed to participating interests 3,680,334 3,428,457
Tax 46,260 35,371
Other creditors 248,423 206,204
Shareholder loans 10,448 642
Accrued expenses 195,892 232,592
4,686,722 4,415,208

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans 7,401,187 9,697,414

GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2022


10. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 7,401,187 9,697,414

Bank loans are secured by fixed charges over the investment property, floating charges over the other assets and undertakings of the company, a £36,000 security deposit and guarantees of the directors.

Shareholder loans and other creditors are unsecured.

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 October 2021 1,539,942 8,310,698 9,850,640
Profit for the year 259,354 259,354
Dividends (990,000 ) (990,000 )
Deferred tax adjustment - (135,983 ) (135,983 )
At 30 September 2022 809,296 8,174,715 8,984,011

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £990,000 (2021 - £630,000) were paid to the directors .

Included in amounts due to participating interests (note 10) are amounts of £2,190,227 (2021: £2,094,240), £510,569 (2021: £400,388) and £979,538 (2021: £933,829) owed to Summit Hotels Limited, Avenue Banqueting Limited and Wembley City Hix Limited, respectively, being companies in which the directors are also directors.

Included in amounts owed by participating interests (note 9) are amounts due from Property Participation Cell C2106D PC and Risinghurst Limited of £1,545,283 (2021: £1,545,283) and £697,001 (2021: £697,001) respectively, companies in which members of the Cohen family have an interest.

During the year the company charged rent on normal commercial terms of £130,000 (2021: £130,000) to Bonds of Mayfair, a partnership in which the directors are partners, of which £130,000 was outstanding at the balance sheet date.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the company are Y Cohen,G Cohen and A Kohen.