Company Registration No. 03641547 (England and Wales)
GENTIAN (CAMBRIDGE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GENTIAN (CAMBRIDGE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GENTIAN (CAMBRIDGE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
308,600
990,000
Current assets
Debtors
5
386,151
425,326
Cash at bank and in hand
328,661
58,242
714,812
483,568
Creditors: amounts falling due within one year
6
(555,996)
(465,202)
Net current assets
158,816
18,366
Total assets less current liabilities
467,416
1,008,366
Creditors: amounts falling due after more than one year
7
-
0
(397,769)
Net assets
467,416
610,597
Capital and reserves
Called up share capital
1
1
Other reserves
-
0
403,591
Profit and loss reserves
467,415
207,005
Total equity
467,416
610,597

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 August 2024 and are signed on its behalf by:
G Beazley-Long
Director
Company Registration No. 03641547
GENTIAN (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Gentian (Cambridge) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have prepared forecasts and considered the rent contracts in preparing those. trueThe cash reserves are expected to remain positive. They are therefore confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. They also have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.

 

Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rental income and service charges receivable excluding VAT.

 

Recognition of rental income takes into account the terms of the lease including any lease incentives which are spread over the length of the lease.

 

Service charge income represents service charges receivable excluding VAT. Recognition of service charge income is on an accruals basis.

1.4
Investment properties

Investment property, which is property held to earn rentals, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is initially recognised in the profit and loss account. Where the revaluation is above cost, it is then transferred from the profit and loss reserve to the investment property reserve.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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. Financial assets classified as receivable within one year are not amortised.

GENTIAN (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price. 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GENTIAN (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Deferred tax is not recognised for investment properties that are measured at fair value that have a limited useful life and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the property over time.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.9

Leasehold premium

Short leasehold investment properties' improvement expenditure, including initial build expenditure, are included in prepayments and amortised over the period of the lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Fair value of investment property

Investment property comprises of a retail complex at Addenbrooke's Hospital, Cambridge. The valuation of the investment property has been carried out by the directors and is based on discounting the future cash flows of the income-generating potential of the properties within the retail complex by a suitable discount rate. The discount rate applied is an estimate, and as such a change in the discount factor could result in a material change to the fair value of the property.

3
Employees

There were no employees during the year or in the previous year.

4
Investment property
2023
£
Fair value
At 1 January 2023
990,000
Revaluations
(681,400)
At 31 December 2023
308,600
GENTIAN (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 5 -

If investment properties were stated on an historical cost basis rather than a fair value basis, the value would have been £586,409 (2022: £586,409).

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
30,406
42,827
Amounts owed by group undertakings
90,790
-
0
Prepayments and accrued income
264,955
375,886
386,151
418,713
2023
2022
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
-
0
6,613
Total debtors
386,151
425,326

 

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
63,284
146,833
Corporation tax
73,253
94,182
Other taxation and social security
57,558
60,329
Accruals and deferred income
361,901
163,858
555,996
465,202
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
397,769
GENTIAN (CAMBRIDGE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Gary Miller.
The auditor was HW Fisher LLP.
9
Financial commitments, guarantees and contingent liabilities

The directors are not aware of any contingent liabilities or provisions that require disclosure to be made in these accounts.

10
Operating lease commitments
Lessee

The company has total leasing commitments for future minimum lease payments under non-cancellable operating leases of £53,686 (2022: £587,519).

 

Operating lease commitments is calculated on the basis of rents payable up to the end of the contract. The rents are subject to increment in accordance with the Retail Price Index which is estimated for periods over 1 year to the end of the lease.

11
Events after the reporting date

The company stopped trading in February 2024 when the lease of the site on which the company was operating came to an end.

12
Controlling party

The company's immediate parent company is Gentian Holdings Limited whose registered office address is: Acre House, 11-15 William Road, London, NW1 3ER. The ultimate parent company and controlling party is Innisfree M&G PPP LP, a limited partnership registered in England and Wales. The registered office address of Innisfree M&G PPP LP is: 1st Floor, Boundary House, 91-93 Charterhouse Street, London, United Kingdom, EC1M 6HR

 

2023-12-312023-01-01false13 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedG Beazley-LongP BanonS Fitzsimmonsfalsefalse0036415472023-01-012023-12-31036415472023-12-31036415472022-12-3103641547core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103641547core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103641547core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103641547core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103641547core:CurrentFinancialInstruments2023-12-3103641547core:CurrentFinancialInstruments2022-12-3103641547core:ShareCapital2023-12-3103641547core:ShareCapital2022-12-3103641547core:OtherMiscellaneousReserve2023-12-3103641547core:OtherMiscellaneousReserve2022-12-3103641547core:RetainedEarningsAccumulatedLosses2023-12-3103641547core:RetainedEarningsAccumulatedLosses2022-12-3103641547bus:Director12023-01-012023-12-31036415472022-12-3103641547core:Non-currentFinancialInstruments2023-12-3103641547core:Non-currentFinancialInstruments2022-12-3103641547bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103641547bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103641547bus:FRS1022023-01-012023-12-3103641547bus:Audited2023-01-012023-12-3103641547bus:Director22023-01-012023-12-3103641547bus:CompanySecretary12023-01-012023-12-3103641547bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP