REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
Gotim, Flats and Buildings Ltd |
T/A |
Condor Properties |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
Gotim, Flats and Buildings Ltd |
T/A |
Condor Properties |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Gotim, Flats and Buildings Ltd |
T/A Condor Properties |
Company Information |
for the year ended 30 June 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
Certified Accountants |
Unit 2 Foley Works |
Foley Industrial Estate |
Hereford |
Herefordshire |
HR1 2SF |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Gotim, Flats and Buildings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable from the rental of properties owned by the company's subsidiaries. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. No provision is made for deferred tax assets where there is uncertainty as to when the timing differences will reverse. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The company has financial support from its ultimate parent undertaking and continues to have this support for the foreseeable future. As a consequence the directors have a reasonable expectation that the company has adequate financial resources and as such have adopted the going concern basis for the preparation of the annual report and accounts. |
Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amount of its intangible assets to determine whether there is any indication that those asset have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates of joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Classification of financial liabilities |
Financial liabilities are equity instruments 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. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in financial costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Equity instruments |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Group accounts |
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: England & Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The bank loan is secured on the properties owned by the company's subsidiaries. An unlimited multilateral guarantee dated 25 April 2016 was given by Gotim Flats and Buildings Limited, Gotim 1 Limited, Gotim 2 Limited, Gotim 3 Limited, Gotim 4 Limited, Gotim 5 Limited, Gotim 6 Limited, Gotim 7 Limited, Gotim 8 Limited, Gotim 9 Limited, Gotim 10 Limited and Gotim 11 Limited. |
A debenture was granted including a fixed charge over all present freehold and leasehold property; a first fixed charge over book and other debtors, chattels, goodwill and uncalled capital, both present and future; and a first floating charge over all assets and undertakings both present and future, dated 6 December 2011. Security is held by the bank over a specific bank balance dated 6 December 2011. A memorandum of deposit between the bank and the parent company was granted over the share capital of the subsidiaries dated 6 December 2011. |
The bank also hold a second legal charge dated 30 June 2021. An unlimited multilateral guarantee dated 30 June 2021 was given by Gotim Flats and Buildings Limited, Gotim 1 Limited, Gotim 2 Limited, Gotim 3 Limited, Gotim 4 Limited, Gotim 5 Limited, Gotim 6 Limited, Gotim 7 Limited, Gotim 8 Limited, Gotim 9 Limited, Gotim 10 Limited and Gotim 11 Limited. |
In addition, a fixed charge is held over any hedging agreement entered into by the company dated on or after 1 July 2016. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
As at the year end the company, Gotim Flats and Buildings Limited, owed an amount of £30,653,932 (2023: £29,807,285) including £13,720,975 (2023: £12,874,327) of interest accrued to the ultimate parent company which was secured on the properties owned by Gotim 1 Limited, Gotim 2 Limited, Gotim 3 Limited, Gotim 4 Limited, Gotim 5 Limited, Gotim 6 Limited, Gotim 7 Limited, Gotim 8 Limited, Gotim 9 Limited, Gotim 10 Limited and Gotim 11 Limited. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
10. | FINANCIAL INSTRUMENTS |
At the year end the company has an unsettled interest rate SWAP agreement with HSBC to fix the interest rate payable on £21,660,000 (2023: £22,660,000) of the loan balance. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 | ( |
) |
Deficit for the year | ( |
) |
At 30 June 2024 | ( |
) |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Gotim, Flats and Buildings Ltd (Registered number: 06930003) |
T/A Condor Properties |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
14. | RELATED PARTY DISCLOSURES |
During the year the company received rental income on properties owned by the following subsidiary undertaking of: |
2024 | 2023 |
£ | £ |
Gotim 1 Limited | 819,600 | 773,768 |
Gotim 2 Limited | 76,934 | 66,448 |
Gotim 3 Limited | - | - |
Gotim 4 Limited | 434,359 | 326,561 |
Gotim 5 Limited | 1,322,316 | 1,236,244 |
Gotim 6 Limited | 897,258 | 808,963 |
Gotim 7 Limited | 771,141 | 749,939 |
Gotim 8 Limited | 1,056,771 | 1,025,838 |
Gotim 9 Limited | - | - |
Gotim 10 Limited | 217,392 | 208,334 |
Gotim 11 Limited | 91,695 | 87,500 |
5,687,466 | 5,283,595 |
At the year end the company was owed amounts from/ (owed amounts to) the following subsidiary undertakings of: |
2024 | 2023 |
£ | £ |
Gotim 1 Limited | 7,587,449 | 7,587,449 |
Gotim 2 Limited | 781,595 | 781,595 |
Gotim 3 Limited | (196,002 | ) | (196,002 | ) |
Gotim 4 Limited | 2,876,786 | 2,876,786 |
Gotim 5 Limited | 9,283,582 | 9,283,582 |
Gotim 6 Limited | 6,837,718 | 6,837,717 |
Gotim 7 Limited | 5,239,777 | 5,160,202 |
Gotim 8 Limited | 6,860,617 | 6,822,142 |
Gotim 9 Limited | (835,287 | ) | (835,287 | ) |
Gotim 10 Limited | 2,048,522 | 2,048,522 |
Gotim 11 Limited | 732,347 | 732,347 |
41,217,104 | 41,099,053 |