Silverfin false 31/03/2023 01/04/2022 31/03/2023 J C Dobson 18/08/2001 M Dobson 12/03/1988 C E Dobson 12/03/1998 27 November 2023 The principal activity of the Company during the financial year was that of an investment company holding and making commercial investments. 03489949 2023-03-31 03489949 bus:Director1 2023-03-31 03489949 bus:Director2 2023-03-31 03489949 bus:Director3 2023-03-31 03489949 2022-03-31 03489949 core:CurrentFinancialInstruments 2023-03-31 03489949 core:CurrentFinancialInstruments 2022-03-31 03489949 core:ShareCapital 2023-03-31 03489949 core:ShareCapital 2022-03-31 03489949 core:SharePremium 2023-03-31 03489949 core:SharePremium 2022-03-31 03489949 core:RetainedEarningsAccumulatedLosses 2023-03-31 03489949 core:RetainedEarningsAccumulatedLosses 2022-03-31 03489949 core:ComputerEquipment 2022-03-31 03489949 core:ComputerEquipment 2023-03-31 03489949 core:CostValuation 2022-03-31 03489949 core:AdditionsToInvestments 2023-03-31 03489949 core:DisposalsRepaymentsInvestments 2023-03-31 03489949 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 03489949 core:CostValuation 2023-03-31 03489949 core:ProvisionsForImpairmentInvestments 2022-03-31 03489949 core:ProvisionsForImpairmentInvestments 2023-03-31 03489949 2022-04-01 2023-03-31 03489949 bus:FullAccounts 2022-04-01 2023-03-31 03489949 bus:SmallEntities 2022-04-01 2023-03-31 03489949 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03489949 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03489949 bus:Director1 2022-04-01 2023-03-31 03489949 bus:Director2 2022-04-01 2023-03-31 03489949 bus:Director3 2022-04-01 2023-03-31 03489949 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 03489949 2021-04-01 2022-03-31 03489949 core:ComputerEquipment 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 03489949 (England and Wales)

GAINWELL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

GAINWELL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

GAINWELL LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
GAINWELL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS J C Dobson
M Dobson
C E Dobson
SECRETARY M Dobson
REGISTERED OFFICE 3 Rivergate
Temple Quay
Bristol
BS1 6GD
United Kingdom
COMPANY NUMBER 03489949 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GAINWELL LIMITED

For the financial year ended 31 March 2023

ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GAINWELL LIMITED (continued)

For the financial year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gainwell Limited for the financial year ended 31 March 2023 which comprise the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

It is your duty to ensure that Gainwell 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 Gainwell Limited. You consider that Gainwell Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Gainwell 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.

This report is made solely to the Board of Directors of Gainwell Limited, as a body, in accordance with the terms of our engagement letter dated 24 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Gainwell Limited and state those matters that we have agreed to state to the Board of Directors of Gainwell Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gainwell Limited and its Board of Directors as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

29 November 2023

GAINWELL LIMITED

BALANCE SHEET

As at 31 March 2023
GAINWELL LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 10,393 17,506
Investment property 4 39,811,003 40,188,234
Investments 5 4,904,491 10,090,599
44,725,887 50,296,339
Current assets
Debtors 6 253,374 178,253
Investments 7,000,005 2,000,005
Cash at bank and in hand 3,014,250 985,266
10,267,629 3,163,524
Creditors: amounts falling due within one year 7 ( 397,045) ( 410,113)
Net current assets 9,870,584 2,753,411
Total assets less current liabilities 54,596,471 53,049,750
Provision for liabilities ( 48,869) ( 92,789)
Net assets 54,547,602 52,956,961
Capital and reserves
Called-up share capital 1,000 1,000
Share premium account 4,000 4,000
Profit and loss account 54,542,602 52,951,961
Total shareholders' funds 54,547,602 52,956,961

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gainwell Limited (registered number: 03489949) were approved and authorised for issue by the Board of Directors on 27 November 2023. They were signed on its behalf by:

J C Dobson
Director
GAINWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
GAINWELL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gainwell Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Rivergate, Temple Quay, Bristol, BS1 6GD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and investments at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements due to the significant level of net assets and cash reserves available. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property for which fair value can be measured reliably are measured at fair value annually with any change recognised in the Profit and Loss Account.

The directors review the value of the properties annually based on their significant experience of current rents and lease terms as well as market observation and professional judgement. In addition to this, the Company elects third party independent surveyors to periodically value the investment properties and the directors reflect any significant gains or losses identified from the professional valuation through the Income Statement.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial 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 payment 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2022 29,701 29,701
Additions 1,007 1,007
At 31 March 2023 30,708 30,708
Accumulated depreciation
At 01 April 2022 12,195 12,195
Charge for the financial year 8,120 8,120
At 31 March 2023 20,315 20,315
Net book value
At 31 March 2023 10,393 10,393
At 31 March 2022 17,506 17,506

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 40,188,234
Additions 18,722
Fair value movement 1,304,047
Disposals (1,700,000)
As at 31 March 2023 39,811,003

Investment properties are held at the directors valuation annually, which is supported through periodical valuations performed by Independent Chartered Surveyors, in accordance with the Royal Institution of Chartered Surveyors Valuation Standards, using Market Value and Market Rent values as a basis. If the investment properties had not been revalued they would have been included at cost of £36,814,468 (2022: £39,115,885).

Included within the profit and loss account in capital and reserves is an amount of £2,785,803 (2022: £861,617) relating to surpluses on revaluations.

Linden Limited holds a fixed and floating charge over certain Company assets

5. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 April 2022 10,090,599 10,090,599
Additions 2,481,207 2,481,207
Disposals ( 7,242,136) ( 7,242,136)
Movement in fair value ( 425,179) ( 425,179)
At 31 March 2023 4,904,491 4,904,491
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 4,904,491 4,904,491
Carrying value at 31 March 2022 10,090,599 10,090,599

6. Debtors

2023 2022
£ £
Trade debtors 0 33,671
Other debtors 116,541 142,943
Prepayments and accrued income 136,833 1,639
253,374 178,253

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 30,587 0
Amounts owed to directors 0 4,000
Accruals and deferred income 124,983 100,833
Corporation tax 232,954 215,817
Other taxation and social security 2,459 851
Other creditors 6,062 88,612
397,045 410,113

8. Related party transactions

The Company is letting one of its properties to Voodoo Designworks Limited, a Company under common control. Rent charged in respect of the current year is £50,000 (2022: £50,000).

No remuneration was paid to the directors in the current or prior year. The directors are the only key management personnel of the Company.

9. Ultimate controlling party

The directors control the Company by virtue of their shareholding and there is no one ultimate controlling party.