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REGISTERED NUMBER: 01375973 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

GILESGATE PROPERTIES LIMITED

GILESGATE PROPERTIES LIMITED (REGISTERED NUMBER: 01375973)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GILESGATE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: K Johnson
P Johnson
RS Powell





SECRETARY: M Longstaff





REGISTERED OFFICE: 7 Old Elvet
Durham
Co. Durham
DH1 3HL





REGISTERED NUMBER: 01375973 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

GILESGATE PROPERTIES LIMITED (REGISTERED NUMBER: 01375973)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 603 881
Investments 5 1 1
Investment property 6 3,318,702 3,307,057
3,319,306 3,307,939

CURRENT ASSETS
Debtors 7 63,521 123,967
Cash at bank 38,469 15,846
101,990 139,813
CREDITORS
Amounts falling due within one year 8 1,171,487 143,164
NET CURRENT LIABILITIES (1,069,497 ) (3,351 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,249,809

3,304,588

CREDITORS
Amounts falling due after more than one
year

9

-

(1,039,942

)

PROVISIONS FOR LIABILITIES 11 (162,718 ) (162,718 )
NET ASSETS 2,087,091 2,101,928

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 2,086,991 2,101,828
SHAREHOLDERS' FUNDS 2,087,091 2,101,928

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

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

GILESGATE PROPERTIES LIMITED (REGISTERED NUMBER: 01375973)

BALANCE SHEET - continued
31 JULY 2023


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





K Johnson - Director


GILESGATE PROPERTIES LIMITED (REGISTERED NUMBER: 01375973)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Gilesgate 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 10% on reducing balance
Computer equipment - 33% on cost

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 Statement of Income and Retained Earnings, 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 1 (2022 - 1 ) .

GILESGATE PROPERTIES LIMITED (REGISTERED NUMBER: 01375973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 15,442
DEPRECIATION
At 1 August 2022 14,561
Charge for year 278
At 31 July 2023 14,839
NET BOOK VALUE
At 31 July 2023 603
At 31 July 2022 881

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2022
and 31 July 2023 1
NET BOOK VALUE
At 31 July 2023 1
At 31 July 2022 1

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 3,307,057
Additions 11,645
At 31 July 2023 3,318,702
NET BOOK VALUE
At 31 July 2023 3,318,702
At 31 July 2022 3,307,057

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2023 3,318,702

GILESGATE PROPERTIES LIMITED (REGISTERED NUMBER: 01375973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. INVESTMENT PROPERTY - continued

If Investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,272,582 2,260,937

On 17 July 2019, investment properties to the value of £2,020,000 were independently valued on an open market basis by Knight Frank, Chartered Surveyors. The directors consider this value to be the fair value of these properties at 31 July 2023.

Remaining investment properties to the value of £1,298,702 have been valued on an open market basis on 31 July 2023 by K Johnson MBA (Dunelm) FRICS, director.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 25,570 28,371
Other debtors 37,951 95,596
63,521 123,967

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,043,584 90,000
Trade creditors 96 84
Taxation and social security 12,260 23,238
Other creditors 115,547 29,842
1,171,487 143,164

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1,039,942

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,043,584 1,129,942

Bank loans are secured on a fixed and floating charge over the company's investment properties.

GILESGATE PROPERTIES LIMITED (REGISTERED NUMBER: 01375973)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences 162,718 162,718

Deferred
tax
£   
Balance at 1 August 2022 162,718
Charge/(credit) on deferred
tax due on fair value change
of investment property
Balance at 31 July 2023 162,718

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100

13. RESERVES

Retained earnings is comprised of £852,634 of distributable reserves and £1,234,357 of non-distributable reserves.

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
K Johnson
Balance outstanding at start of year 76,611 -
Amounts advanced - 81,968
Amounts repaid (60,357 ) (5,357 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,254 76,611

The loan was repaid in full on 8 August 2023.

15. RELATED PARTY DISCLOSURES

During the year the company provided an interest-free loan to a company under common control and management. As at 31 July 2023 the balance outstanding was £3,850 (2022: £5,238). There are no formal terms for repayment of this loan, which is included within Debtors: Amounts falling due within one year.

During the year the company received an interest-free loan from a company under common control and management. As at 31 July 2023 the balance outstanding was £65,000 (2022: £NIL).