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Registered number: 10497254










GABI HOUSING LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 

















 
GABI HOUSING LIMITED
 

COMPANY INFORMATION


Directors
Mr N S Parker 
Mr P W Kent 
Mrs S J Johnston (resigned 8 December 2023)
Mr A W F Curl (appointed 8 December 2023)




Registered number
10497254



Registered office
24 Savile Row

London

United Kingdom

W1S 2ES




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
GABI HOUSING LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1
Notes to the Financial Statements
 
 
2 - 7


 
GABI HOUSING LIMITED
REGISTERED NUMBER:10497254

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
18,040,000
19,898,265

Current assets
  

Debtors: amounts falling due within one year
 6 
238,769
246,604

Cash at bank and in hand
  
231,226
138,541

  
469,995
385,145

  

Creditors: amounts falling due within one year
 7 
(16,078)
(13,151)

Net current assets
  
 
 
453,917
 
 
371,994

Total assets less current liabilities
  
18,493,917
20,270,259

Creditors: amounts falling due after more than one year
 8 
(17,475,717)
(17,473,980)

Provisions for liabilities
  

Deferred tax
 9 
(92,815)
(557,382)

Net assets
  
 
 
925,385
 
 
2,238,897


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
 11 
924,385
2,237,897

  
925,385
2,238,897


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr A W F Curl
Director

Date: 23 July 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
GABI HOUSING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GABI Housing Limited is a private company, limited by shares, incorporated in England and Wales, registered number 10497254. The registered office is 24 Savile Row, London, W1S 2ES.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling, which is the functional currency of the Company rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

  
2.3

Going concern

The financial statements have been prepared on a going concern basis. Though the Company has been loss making in the period, it is in a net asset position at the year end date and has generated sufficient cash from its operations to meet its liabilities as they fall due.
On 20 May 2024, the Compay's ultimate parent GCP Asset Backed Income Fund Ltd (“GABI”) announced that shareholders had voted to discontinue the Fund and for an orderly realisation of its assets, resulting in a return of capital to the shareholders. It is expected that the Company will continue to operate until this event takes place. 
The Company is part of a financing structure, the underlying loan structured to ensure that rental income exceeds the Company's cash outflows to service the loan creditor and overheads over the loan term. The Directors have prepared financial models over the life of the loan which support this position. Having undertaken this assessment the Directors consider that the Company will generate sufficient cash flow to meet its liabilities as they fall due for payment and it is therefore appropriate to prepare the financial statements on a going concern basis.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The revenue shown in the profit and loss account represents rent receivable during the year. Rent is recognised over the contract period. Where rental income is invoiced in advance, the proportion of rent relating to the period after the balance sheet date is included as deferred income in other creditors.

Page 2

 
GABI HOUSING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair value determined annually by management and derived from forecast market rents discounted at an appropriate rate of interest. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
GABI HOUSING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Fair value of investment properties
The fair value of the investment properties is calculated by management in line with the accounting policy stated in note 2.7. In calculating the fair value management make judgements regarding the applicable discount rate, market rent levels and forecast future cashflows including the impact of inflation indexation based on CPI and RPI on forecast rentals.


4.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL).

Page 4

 
GABI HOUSING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
19,898,265


Loss on revaluation
(1,858,265)



At 31 December 2023
18,040,000

Investment property is carried at fair value determined annually by management and derived from forecast market rents discounted at an appropriate rate of interest.
The loss on revaluation of investment property arising of £1,858,265 (2022 - surplus £649,064) has been debited to the profit or loss for the year.





6.


Debtors

2023
2022
£
£


Trade debtors
97,276
96,033

Other debtors
960
-

Prepayments and accrued income
140,533
150,571

238,769
246,604



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Accruals and deferred income
16,078
13,151


Page 5

 
GABI HOUSING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Loans from a group undertaking
17,475,717
17,473,980


Loans from a group undertaking comprise loan notes accounted for at amortised cost and are repayable by bullet repayment at maturity.
The loan notes are secured by a debenture over all assets of the Company, present and future.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Loans
17,475,717
17,473,980




9.


Deferred taxation




2023
2022


£

£






At beginning of year
(557,382)
(300,288)


Charged to profit or loss
464,566
(257,094)



At end of year
(92,816)
(557,382)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Timing differences arising from fair value adjustments
(92,815)
(557,382)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 6

 
GABI HOUSING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


12.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS 102) paragraph 33.1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group.


13.


Controlling party

The Company's immediate parent company is GCP Asset Backed Income (UK) Limited, a company registered in England and Wales. The ultimate parent undertaking is GCP Asset Backed Income Fund Limited, registered office 12 Castle Street, St Helier, Jersey, JE2 3RT


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 July 2024 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


Page 7