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Registration number: 07357610

Gulfvisa Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Gulfvisa Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Gulfvisa Ltd

Company Information

Director

Mr Soufyan Hammoudi Abbas

Registered office

17 Hanover Square
London
W1S 1HU

Accountants

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Gulfvisa Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gulfvisa Ltd for the year ended 31 August 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Gulfvisa Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gulfvisa Ltd and state those matters that we have agreed to state to the Board of Directors of Gulfvisa Ltd, 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 Gulfvisa Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gulfvisa Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gulfvisa Ltd. You consider that Gulfvisa Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gulfvisa Ltd. 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 accounts.

......................................

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

30 August 2024

 

Gulfvisa Ltd

(Registration number: 07357610)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,515

54,084

Investment property

5

515,567

515,567

Other financial assets

6

172,240

-

 

733,322

569,651

Current assets

 

Debtors

7

337,938

22,490

Cash at bank and in hand

 

819,937

476,151

 

1,157,875

498,641

Creditors: Amounts falling due within one year

8

(373,057)

(164,070)

Net current assets

 

784,818

334,571

Total assets less current liabilities

 

1,518,140

904,222

Provisions for liabilities

(11,379)

-

Net assets

 

1,506,761

904,222

Capital and reserves

 

Called up share capital

9

130

120

Retained earnings

1,506,631

904,102

Shareholders' funds

 

1,506,761

904,222

For the financial year ending 31 August 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.

 

Gulfvisa Ltd

(Registration number: 07357610)
Balance Sheet as at 31 August 2023

Approved and authorised by the director on 30 August 2024
 

.........................................
Mr Soufyan Hammoudi Abbas
Director

 

Gulfvisa Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
17 Hanover Square
London
W1S 1HU
England

These financial statements were authorised for issue by the director on 30 August 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

 

Gulfvisa Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Electric vehicle

25% reducing balance

Furniture, Fixtures, Fittings and Office equipment

25% straight line

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.

 

Gulfvisa Ltd

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

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 and subsequently measured at amortised cost using the effective interest method.

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 4 (2022 - 5).

 

Gulfvisa Ltd

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

4

Tangible assets

Furniture, Fixtures, Fittings and Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

16,701

56,090

72,791

Additions

7,909

-

7,909

At 31 August 2023

24,610

56,090

80,700

Depreciation

At 1 September 2022

11,696

7,011

18,707

Charge for the year

4,208

12,270

16,478

At 31 August 2023

15,904

19,281

35,185

Carrying amount

At 31 August 2023

8,706

36,809

45,515

At 31 August 2022

5,005

49,079

54,084

5

Investment properties

2023
£

At 1 September

515,567

At 31 August

515,567

The director consider the value of the investment property to be similar to its market value at the balance sheet date.

 

Gulfvisa Ltd

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

172,240

172,240

At 31 August 2023

172,240

172,240

Impairment

Carrying amount

At 31 August 2023

172,240

172,240

The director consider the value of the investment made on other financial assets to be similar to its market value at the balance sheet date.

7

debtors

Current

2023
£

2022
£

Trade debtors

-

6,816

Other debtors

337,938

15,674

 

337,938

22,490

Other debtor includes £321,000 which is in relation to Nester peer-to-peer investment in various development projects and this is repayable back to the company's portfolio on maturity.

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

257,364

129,505

Other creditors

115,693

34,565

373,057

164,070

 

Gulfvisa Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

ordinary shares of £1 each

100

100

100

100

ordinary B shares of £1 each

20

20

20

20

Ordinary C shares of £1 (2022 - £0) each

10

10

-

-

130

130

120

120

10

Related party transactions

During the year, the company made the following related party transactions:

Director / Shareholders
During the year, the Director / Shareholders received further loans of £84,610 and repaid £155,696. Interest was charged at an annual rate of 2.00%. At the balance sheet date, the amount due to the Director was £107,902 (2022 - £36,816).