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Registration number: 09135872

Gabbitas Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Gabbitas Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Gabbitas Property Limited

Company Information

Director

J Gabbitas

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Gabbitas Property Limited

(Registration number: 09135872)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,364,132

1,364,132

Current assets

 

Debtors

5

-

1,104

Cash at bank and in hand

 

53,255

79,166

 

53,255

80,270

Creditors: Amounts falling due within one year

6

(314,827)

(335,690)

Net current liabilities

 

(261,572)

(255,420)

Total assets less current liabilities

 

1,102,560

1,108,712

Creditors: Amounts falling due after more than one year

6

(394,116)

(474,584)

Net assets

 

708,444

634,128

Capital and reserves

 

Called up share capital

500

500

Retained earnings

707,944

633,628

Shareholders' funds

 

708,444

634,128

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

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2024
 

.........................................
J Gabbitas
Director

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 09135872.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

The principal place of business is:
2 Hallam Road
Priory Park East
Hull
East Yorkshire
HU4 7DY

These financial statements were authorised for issue by the director on 27 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover represents rents receivable, excluding value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Investment properties

2023
£

At 1 November

1,364,132

At 31 October

1,364,132

There has been no valuation of investment property by an independent valuer.

The director considers that the book value reasonably reflects the fair value.

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

1,104

 

-

1,104

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

183,972

171,321

Trade creditors

 

-

1,194

Taxation and social security

 

31,565

33,339

Accruals and deferred income

 

4,616

3,337

Other creditors

 

94,674

126,499

 

314,827

335,690

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

394,116

474,584

2023
£

2022
£

Due after more than five years

After more than five years by instalments

-

117,978

-

-

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

394,116

474,584

2023
£

2022
£

Current loans and borrowings

Bank borrowings

83,972

71,321

Other borrowings

100,000

100,000

183,972

171,321

The bank loan is secured by fixed and floating charges over the investment property.

8

Related party transactions

At the year end, the company owed the director £100,000 (2022: £100,000) in respect of a current account balance. Loans made to the company by the director are unsecured, interest free and repayable on demand.

At the year end, the company owed a company under common control £94,674 (2022: £126,498) in respect of a loan account balance.