REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
GYDA PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288) |
BALANCE SHEET |
30 SEPTEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
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 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2021 |
Additions |
Sale of 109-111 GGN Rd | ( |
) |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
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 |
Amounts owed by group undertakings |
Amounts owed by participating interests | 1,972,284 | 2,242,284 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 3,680,334 | 3,428,457 |
Tax |
Other creditors |
Shareholder loans | 10,448 | 642 |
Accrued expenses |
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 | 9,850,640 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Deferred tax adjustment | - | (135,983 | ) | (135,983 | ) |
At 30 September 2022 | 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. |