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REGISTERED NUMBER: 09903646 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GANNICUS PROPERTIES LIMITED

GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Investments 4 731,834 24,468
Investment property 5 7,050,655 5,777,421
7,782,489 5,801,889

CURRENT ASSETS
Debtors 6 1,346,373 1,195,417
Cash at bank 434,647 138,908
1,781,020 1,334,325
CREDITORS
Amounts falling due within one year 7 (4,622,810 ) (3,876,571 )
NET CURRENT LIABILITIES (2,841,790 ) (2,542,246 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,940,699

3,259,643

CREDITORS
Amounts falling due after more than one
year

8

(2,730,961

)

(1,072,184

)

PROVISIONS FOR LIABILITIES (39,466 ) (39,466 )
NET ASSETS 2,170,272 2,147,993

CAPITAL AND RESERVES
Called up share capital 2,165,767 2,165,767
Share premium 32,179 32,179
Non-distributable reserve 168,247 168,247
Retained earnings (195,921 ) (218,200 )
2,170,272 2,147,993

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 director acknowledges his 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.

GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 director and authorised for issue on 26 September 2024 and were signed by:





L D Cox - Director


GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

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


1. STATUTORY INFORMATION

GANNICUS PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09903646

Registered office: Nicholson House
Shakespeare Way
Whitchurch Business Park
Whitchurch
Shropshire
SY13 1LJ

The principal activity of the company during the year was that of an investment property company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Significant judgements and estimates
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.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment properties

The open market value of the investment properties has been determined by the directors, based on their experience of the market and the selling price of similar properties.

Going concern
The accounts have been prepared on the going concern basis. The directors believe this to be appropriate as due to the ongoing financial support of the lenders and a connected company, Springcare Limited.

Revenue recognition
Turnover represents rental income due for the year exclusive of Value Added Tax. Rental income is recognised in the period of rental.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

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


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

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


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. FIXED ASSET INVESTMENTS

31.12.23 31.12.22
£    £   
Shares in group undertakings 200 200
Other investments not loans 731,634 24,268
731,834 24,468

Additional information is as follows:
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 200
NET BOOK VALUE
At 31 December 2023 200
At 31 December 2022 200

Investments (neither listed nor unlisted) were as follows:
31.12.23 31.12.22
£    £   
Other investments 731,634 24,268

GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

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


4. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Tullius Properties Limited
Registered office: 20 Watergate Mansions St. Marys Place, Shrewsbury, England, SY1 1DW
Nature of business: property management services
%
Class of shares: holding
Ordinary 100.00

5. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 January 2023 5,777,421
Additions 1,863,287
Disposals (590,053 )
At 31 December 2023 7,050,655
NET BOOK VALUE
At 31 December 2023 7,050,655
At 31 December 2022 5,777,421

The investment properties are included at cost. The director believes this to be an accurate reflection of the current fair value at 31 December 2023.

Cost or valuation at 31 December 2023 is represented by:
£   
Valuation in 2020 207,713
Cost 6,842,942
7,050,655

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 8,557 1,508
Amounts owed by group undertakings 39,994 19,980
Other debtors 138,670 243,058
Other loans receivable 42,053 41,894
Directors' current accounts 392,831 123,548
Prepayments and accrued income 10,760 9,868
632,865 439,856

GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

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


6. DEBTORS - continued
31.12.23 31.12.22
£    £   
Amounts falling due after more than one year:
Other loans receivable 713,508 755,561

Aggregate amounts 1,346,373 1,195,417

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

The other loan is a loan due to the company's subsidiary Tullius Properties Limited. The loan is unsecured and interest is charged at 3.39% per annum.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 56,124 35,016
Trade creditors 8,064 13,710
Tax 138,774 -
Other creditors 160,530 159,095
Amounts due to connected
companies 4,236,972 3,661,404
Accruals and deferred income 22,346 7,346
4,622,810 3,876,571

Amounts owed to group undertakings and connected companies are unsecured, interest free and are repayable on demand.

The company has benefited from a government bounce bank loan. The loan is repayable by June 2026 and it bears a fixed interest rate of 2.5% per annum.

The bank loans are secured by a fixed charge over all investment properties.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 50,170 33,762
Bank loans - 2-5 years 133,270 87,122
Bank loans due over 5 years 2,547,521 951,300
2,730,961 1,072,184

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due over 5 years 2,547,521 951,300

The company has a government bounce bank loan. The loan is repayable by June 2026 and it bears a fixed interest rate of 2.5% per annum.

GANNICUS PROPERTIES LIMITED (REGISTERED NUMBER: 09903646)

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


9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
L D Cox
Balance outstanding at start of year 123,548 236,576
Amounts advanced 684,942 151,524
Amounts repaid (415,659 ) (264,552 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 392,831 123,548

The director had an interest free loan during the year. By virtue of the loan account, a liability to taxation exists under section 455 CTA 2010 in the sum of £132,580 which has been provided for in full.

10. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.

11. GOING CONCERN

The accounts have been prepared on the going concern basis. The directors believe this to be appropriate due to the ongoing financial support of the lenders and a connected company, Springcare Limited.