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Company No: 11078197 (England and Wales)

GAVURIN RC LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GAVURIN RC LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GAVURIN RC LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
GAVURIN RC LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS I W Appleby
M Lowenstein
P Miller
REGISTERED OFFICE The Racquets Court
College Street
Newcastle Upon Tyne
NE1 8JG
England
United Kingdom
COMPANY NUMBER 11078197 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
GAVURIN RC LIMITED

BALANCE SHEET

As at 31 December 2023
GAVURIN RC LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,019 9,553
Investment property 5 1,115,000 1,115,000
1,119,019 1,124,553
Current assets
Debtors 6 10,293 157
Cash at bank and in hand 37,111 58,456
47,404 58,613
Creditors: amounts falling due within one year 7 ( 75,127) ( 77,868)
Net current liabilities (27,723) (19,255)
Total assets less current liabilities 1,091,296 1,105,298
Creditors: amounts falling due after more than one year 8 ( 916,003) ( 945,415)
Provision for liabilities 9 ( 21,662) ( 27,150)
Net assets 153,631 132,733
Capital and reserves
Called-up share capital 10 10,000 110
Revaluation reserve 51,688 51,688
Profit and loss account 91,943 80,935
Total shareholders' funds 153,631 132,733

For the financial 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 financial statements of Gavurin RC Limited (registered number: 11078197) were approved and authorised for issue by the Board of Directors on 28 August 2024. They were signed on its behalf by:

P Miller
Director
GAVURIN RC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GAVURIN RC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gavurin RC Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Racquets Court, College Street, Newcastle Upon Tyne, NE1 8JG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

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.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 3

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 58,808 58,808
Additions 3,501 3,501
At 31 December 2023 62,309 62,309
Accumulated depreciation
At 01 January 2023 49,255 49,255
Charge for the financial year 9,035 9,035
At 31 December 2023 58,290 58,290
Net book value
At 31 December 2023 4,019 4,019
At 31 December 2022 9,553 9,553

5. Investment property

Investment property
£
Valuation
As at 01 January 2023 1,115,000
As at 31 December 2023 1,115,000

The fair value of the company's investment property at 31 December 2023 has been arrived at on the basis on valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents.

6. Debtors

2023 2022
£ £
Trade debtors 9,601 ( 1,774)
Other debtors 692 1,931
10,293 157

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured £ 14,400) 25,716 31,933
Trade creditors 0 123
Other taxation and social security 6,972 3,635
Other creditors 42,439 42,177
75,127 77,868

The company's mortgage is secured on the investment property to which it relates.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured £ 422,871) 439,845 459,367
Other creditors 476,158 486,048
916,003 945,415

The company's mortgage is secured on the investment property to which it relates.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 21,662 27,150

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each (2022: 110 shares of £ 1.00 each) 10,000 110

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director1 208,694 213,023
Director 2 208,698 213,023
Director 3 58,766 60,000

The directors are also due interest on the outstanding capital at a rate of 8%.

As at 31 December 2023 interest accrued but not paid amounted to £27,242 (2022 - £27,472) split as follows:
Director 1 - £12,936 (2022 - £12,936)
Director 2 - £12,936 (2022 - £12,936)
Director 3 - £1,600 (2022 - £1,600)

During the year, interest charged on the directors loan accounts totalled nil (2022 - nil).