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REGISTERED NUMBER: 02345243 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

GFI (Properties) Limited

GFI (Properties) Limited (Registered number: 02345243)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3

Notes to the financial statements 4 to 8


GFI (Properties) Limited

Company Information
for the Year Ended 31 December 2023







Directors: Mrs T N Studholme
J W Studholme





Registered office: Marsh Lane
Boston
Lincolnshire
PE21 7TX





Registered number: 02345243 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
GFI (Properties) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GFI (Properties) Limited for the year ended 31 December 2023 which comprise the Income statement, Other comprehensive income, Statement of financial position, Statement of changes in equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of GFI (Properties) Limited, as a body, in accordance with the terms of our engagement letter dated 12 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of GFI (Properties) Limited and state those matters that we have agreed to state to the Board of Directors of GFI (Properties) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GFI (Properties) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GFI (Properties) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GFI (Properties) Limited. You consider that GFI (Properties) Limited 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 financial statements of GFI (Properties) Limited. 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 financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


20 September 2024

GFI (Properties) Limited (Registered number: 02345243)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 4,021,003 3,658,908
Investment property 6 1,066,000 952,713
5,087,003 4,611,621

Current assets
Debtors 7 577,447 566,723
Cash at bank 705,997 1,178,322
1,283,444 1,745,045
Creditors
Amounts falling due within one year 8 13,128 51,759
Net current assets 1,270,316 1,693,286
Total assets less current liabilities 6,357,319 6,304,907

Capital and reserves
Called up share capital 9 1,000 1,000
Other reserves 10 75,835 -
Retained earnings 6,280,484 6,303,907
Shareholders' funds 6,357,319 6,304,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:




Mrs T N Studholme - Director


GFI (Properties) Limited (Registered number: 02345243)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

GFI (Properties) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
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.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

GFI (Properties) Limited (Registered number: 02345243)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

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.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property- Not depreciated
Plant and machinery- 25% straight line
Investment properties and assets- Not depreciated

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.

Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


GFI (Properties) Limited (Registered number: 02345243)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

5. Tangible fixed assets
Freehold Plant and Investment
property machinery assets Totals
£    £    £    £   
Cost
At 1 January 2023 3,273,598 596,790 356,778 4,227,166
Additions - - 882,076 882,076
Disposals - - (497,196 ) (497,196 )
At 31 December 2023 3,273,598 596,790 741,658 4,612,046
Depreciation
At 1 January 2023 - 568,258 - 568,258
Charge for year - 22,785 - 22,785
At 31 December 2023 - 591,043 - 591,043
Net book value
At 31 December 2023 3,273,598 5,747 741,658 4,021,003
At 31 December 2022 3,273,598 28,532 356,778 3,658,908

Freehold property is valued at cost and this is considered to be fair value by the directors. It is also considered unfeasible to obtain a valuation on the property.

Investment assets are included at cost however this is considered to be the market value.

GFI (Properties) Limited (Registered number: 02345243)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Investment property
Total
£   
Fair value
At 1 January 2023 952,713
Additions 12,173
Revaluations 101,114
At 31 December 2023 1,066,000
Net book value
At 31 December 2023 1,066,000
At 31 December 2022 952,713

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value by the directors at each reporting date and any changes in fair value are recognised in profit or loss.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2019 77,988
Valuation in 2023 101,114
Cost 886,898
1,066,000

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors - 2,263
Amounts owed by related company 463,976 537,540
VAT 105,287 -
Deferred tax asset 4,996 23,434
Prepayments and accrued income 3,188 3,486
577,447 566,723

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 4,740 385
Corporation tax - 16,262
Social security and other taxes 2,113 -
VAT - 30,847
Directors' current accounts 1,000 -
Accruals and deferred income 5,275 4,265
13,128 51,759

GFI (Properties) Limited (Registered number: 02345243)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

10. Reserves
Other
reserves
£   
Investment property
revaluation 75,835

At 31 December 2023 75,835

11. Related party transactions

During the year the company rented property to Dynamic Cassette International Limited, a company that the director has a material interest in. Rent was charged amounting to £100,000 (2022: £100,000) and equipment hire of £50,000 (2022: £50,000). The balance owed to GFI (Properties) Limited at 31 December 2023 was £463,976 (2022: £537,540).