Company No:
Contents
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 |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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1,119,019 | 1,124,553 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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47,404 | 58,613 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Gavurin RC Limited (registered number:
P Miller
Director |
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.
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 £.
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.
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.
Plant and machinery etc. |
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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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
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As at 31 December 2023 |
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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.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured £
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured £
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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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).