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COMPANY REGISTRATION NUMBER: 672102
Gilted Investments Limited
Unaudited Financial Statements
For the year ended
31 December 2023
Gilted Investments Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Notes to the financial statements
5
Gilted Investments Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of this Company during the year was that of building development.
Directors
The directors who served the company during the year were as follows:
Mr N Kotecha
Mrs P Kotecha
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 July 2024 and signed on behalf of the board by:
Mr N Kotecha
Director
Company Secretary
Registered office:
Fulford Lodge
1 Heslington Lane
Fulford
York
YO10 4HW
Gilted Investments Limited
Income Statement
Year ended 31 December 2023
2023
2022
Note
£
£
Administrative expenses
( 7,038)
( 6,709)
Other operating income
41,794
41,092
--------
--------
Operating profit
34,756
34,383
Other interest receivable and similar income
4
9,914
556
Interest payable and similar expenses
5
( 2,050)
( 1,502)
--------
--------
Profit before taxation
42,620
33,437
Tax on profit
( 8,098)
( 6,353)
--------
--------
Profit for the financial year
34,522
27,084
--------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Gilted Investments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
500,000
500,000
Current assets
Debtors
7
29,379
10,950
Cash at bank and in hand
17,320
61,772
--------
--------
46,699
72,722
Creditors: amounts falling due within one year
8
127,046
184,591
----------
----------
Net current liabilities
80,347
111,869
----------
----------
Total assets less current liabilities
419,653
388,131
Provisions
Taxation including deferred tax
50,192
50,192
----------
----------
Net assets
369,461
337,939
----------
----------
Gilted Investments Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
30
30
Other reserves
220,969
220,969
Profit and loss account
148,462
116,940
----------
----------
Shareholders funds
369,461
337,939
----------
----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr N Kotecha
Director
Company registration number: 672102
Gilted Investments Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fulford Lodge, 1 Heslington Lane, Fulford, York, YO10 4HW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(e) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Other interest receivable and similar income
2023
2022
£
£
Interest on loans and receivables
9,700
535
Interest on cash and cash equivalents
214
21
-------
----
9,914
556
-------
----
5. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
2,050
1,502
-------
-------
6. Tangible assets
Freehold property
£
Cost
At 1 January 2023 and 31 December 2023
500,000
----------
Depreciation
At 1 January 2023 and 31 December 2023
----------
Carrying amount
At 31 December 2023
500,000
----------
At 31 December 2022
500,000
----------
7. Debtors
2023
2022
£
£
Other debtors
29,379
10,950
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
59,289
Trade creditors
973
974
Corporation tax
8,098
6,353
Directors loan account
117,975
117,975
----------
----------
127,046
184,591
----------
----------
9. Related party transactions
During the year the company was in receipt of loans from the directors. The loans are interest free and repayable on demand. At the year end date, the balance owing to the directors totalled £117,975 (2022: £117,975). During the year the company made available a loan to Purlys Dental Care Partnership, of which the Director Nitin Kotecha is a Partner. Interest has been charged on this loan and the balance at the year end totalled £29,380 (2022: £10,950).