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REGISTERED NUMBER: 10046941 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Gapuma Properties Limited

Gapuma Properties Limited (Registered number: 10046941)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Chartered Accountants' Report 1

Balance Sheet 2

Notes to the Financial Statements 4


Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Gapuma Properties Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gapuma Properties Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Gapuma Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gapuma Properties Limited and state those matters that we have agreed to state to the director of Gapuma Properties Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gapuma Properties Limited and its director for our work or for this report.

It is your duty to ensure that Gapuma Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gapuma Properties Limited. You consider that Gapuma Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gapuma Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haggards Crowther LLP
Chartered Accountants
2nd Floor, Heathmans House
19 Heathmans Road
London
SW6 4TJ


16 November 2023

Gapuma Properties Limited (Registered number: 10046941)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,900,000 2,760,000

CURRENT ASSETS
Debtors 5 11,059 -
Cash at bank 94,918 168,515
105,977 168,515
CREDITORS
Amounts falling due within one year 6 360,206 531,880
NET CURRENT LIABILITIES (254,229 ) (363,365 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,645,771

2,396,635

CREDITORS
Amounts falling due after more than one
year

7

(1,125,000

)

(1,140,000

)

PROVISIONS FOR LIABILITIES (57,253 ) (30,653 )
NET ASSETS 1,463,518 1,225,982

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 1,463,418 1,225,882
1,463,518 1,225,982

Gapuma Properties Limited (Registered number: 10046941)

Balance Sheet - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

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 director and authorised for issue on 16 November 2023 and were signed by:





Mr J Bardakjian - Director


Gapuma Properties Limited (Registered number: 10046941)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Gapuma Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 1004694 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, SW6 4TJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable to the Micro-entities Regime.

Significant judgements and estimates
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. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Turnover
Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Gapuma Properties Limited (Registered number: 10046941)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,760,000
Revaluations 140,000
At 31 March 2023 2,900,000
NET BOOK VALUE
At 31 March 2023 2,900,000
At 31 March 2022 2,760,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 2,760,000
Valuation in 2023 140,000
2,900,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
VAT 719 -
Prepayments 10,340 -
11,059 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 150,000 286,366
Tax 43,243 47,407
VAT - 15,238
Other creditors 165,000 165,000
Directors' loan accounts 469 16,469
Accruals and deferred income 1,494 1,400
360,206 531,880

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 150,000 240,000
Bank loans - 2-5 years 975,000 900,000
1,125,000 1,140,000

Gapuma Properties Limited (Registered number: 10046941)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 1,275,000 1,426,366

The bank loan of £1,275,000 is secured over the property by way of a charge and has an interest rate of 1.75% above base rate. The loan is payable over 4 years in equal instalments of £37,500 plus interest incurred during the quarter payable quarterly followed by a final balancing payment.

9. RESERVES
Retained
earnings
£   

At 1 April 2022 1,225,882
Profit for the year 296,536
Dividends (59,000 )
At 31 March 2023 1,463,418

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is a loan from Mr J Bardakjian, in the amount of £469 (2022: £16,469). The
outstanding balance is unsecured, not subject to interest and payable on demand.