Gidea Park (Rental) Properties Limited 11102445 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is residential letting Digita Accounts Production Advanced 6.30.9574.0 true true 11102445 2023-01-01 2023-12-31 11102445 2023-12-31 11102445 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-12-31 11102445 core:OtherReservesSubtotal 2023-12-31 11102445 core:RetainedEarningsAccumulatedLosses 2023-12-31 11102445 core:ShareCapital 2023-12-31 11102445 core:SharePremium 2023-12-31 11102445 core:CurrentFinancialInstruments 2023-12-31 11102445 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11102445 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 11102445 core:AdditionsToInvestments 2023-12-31 11102445 core:CostValuation 2023-12-31 11102445 core:DisposalsRepaymentsInvestments 2023-12-31 11102445 core:RevaluationsIncreaseDecreaseInInvestments 2023-12-31 11102445 core:MoreThanFiveYears 2 2023-12-31 11102445 core:FurnitureFittingsToolsEquipment 2023-12-31 11102445 bus:SmallEntities 2023-01-01 2023-12-31 11102445 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11102445 bus:FullAccounts 2023-01-01 2023-12-31 11102445 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11102445 bus:RegisteredOffice 2023-01-01 2023-12-31 11102445 bus:Director1 2023-01-01 2023-12-31 11102445 bus:Director2 2023-01-01 2023-12-31 11102445 bus:Director3 2023-01-01 2023-12-31 11102445 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-01 2023-12-31 11102445 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11102445 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 11102445 countries:EnglandWales 2023-01-01 2023-12-31 11102445 2022-12-31 11102445 core:FurnitureFittingsToolsEquipment 2022-12-31 11102445 2022-01-01 2022-12-31 11102445 2022-12-31 11102445 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-31 11102445 core:OtherReservesSubtotal 2022-12-31 11102445 core:RetainedEarningsAccumulatedLosses 2022-12-31 11102445 core:ShareCapital 2022-12-31 11102445 core:SharePremium 2022-12-31 11102445 core:CurrentFinancialInstruments 2022-12-31 11102445 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11102445 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 11102445 core:MoreThanFiveYears 2 2022-12-31 11102445 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11102445

Gidea Park (Rental) Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Gidea Park (Rental) Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Gidea Park (Rental) Properties Limited

Company Information

Directors

P T Ekers

S J Brewis

K Brewis

Registered office

1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

Accountants

Pacific Limited
1st Floor, Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

 

Gidea Park (Rental) Properties Limited

(Registration number: 11102445)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,028

3,934

Investment property

5

1,011,708

3,032,605

Investments

6

2,096,482

-

 

3,114,218

3,036,539

Current assets

 

Debtors

7

61,511

45,098

Cash at bank and in hand

 

25,239

2,047,766

 

86,750

2,092,864

Creditors: Amounts falling due within one year

8

(374,278)

(412,280)

Net current (liabilities)/assets

 

(287,528)

1,680,584

Total assets less current liabilities

 

2,826,690

4,717,123

Creditors: Amounts falling due after more than one year

8

(33,561)

(1,436,435)

Provisions for liabilities

-

(984)

Net assets

 

2,793,129

3,279,704

Capital and reserves

 

Called up share capital

9

200

200

Share premium reserve

-

3,841,053

Other reserves

-

123,252

Profit and loss account

2,792,929

(684,801)

Shareholders' funds

 

2,793,129

3,279,704

 

Gidea Park (Rental) Properties Limited

(Registration number: 11102445)
Balance Sheet as at 31 December 2023

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 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 



 

P T Ekers
Director

 

Gidea Park (Rental) Properties Limited

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

1

General information

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

The address of its registered office is:
1st Floor Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

Going concern

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

Revenue recognition
Turnover comprises rental income received or receivable and the proceeds of property sales in the ordinary course of the company's activities.

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.

Foreign currency transactions and balances

Transactions in currencies other than the functional currency of the company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Gidea Park (Rental) Properties Limited

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

Deferred Tax
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 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Investments

Investment assets are measured at fair value at each reporting date with the changes in fair value recognised in profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Gidea Park (Rental) Properties Limited

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

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

10,631

10,631

Additions

4,425

4,425

At 31 December 2023

15,056

15,056

Depreciation

At 1 January 2023

6,697

6,697

Charge for the year

2,331

2,331

At 31 December 2023

9,028

9,028

Net book value

At 31 December 2023

6,028

6,028

At 31 December 2022

3,934

3,934

5

Investment property

2023
£

2022
£

At 1 January

3,032,605

9,222,112

Disposals

(1,832,605)

(5,839,470)

Fair value adjustments

(188,292)

(350,037)

At 31 December

1,011,708

3,032,605

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

6

Investments

2023
£

2022
£

Listed investments

2,096,482

-

2,096,482

-

 

Gidea Park (Rental) Properties Limited

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

Listed investments

£

Cost

Additions

2,379,260

Disposals

(119,847)

Revaluation

(162,931)

At 31 December 2023

2,096,482

7

Debtors

2023
£

2022
£

Trade debtors

-

18,585

Other debtors

61,457

21,862

Prepayments

54

4,651

61,511

45,098

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

3,520

6,668

Trade creditors

770

828

Taxation and social security

771

1,243

Other loans

362,272

396,088

Accruals

6,945

7,453

374,278

412,280

Creditors include a bank loan in the sum of £3,520 (2022 - £6,668) which is secured by a government backed guarantee.

 

Gidea Park (Rental) Properties Limited

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

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loan

33,561

35,833

Mortgages

-

1,400,602

33,561

1,436,435

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

-

1,400,602

-

1,400,602

Creditors include a bank loan in the sum of £33,561 (2022 - £35,833) which is secured by a government backed guarantee.

Creditors include mortgages in the sum of £Nil (2022 - £615,002) which are secured by a fixed charge and negative pledge over the company's investment propeties.

Creditors also include other mortgages which are secured on the properties they relate to in the sum of £Nil (2022 - £785,600).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200