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REGISTERED NUMBER: 06930003 (England and Wales)















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: A Savory
M Blandford
P Eynon
N Hutchings
B C Pope





Secretary: Mrs S Savory





Registered office: Mill House
Lugg Bridge Mill
Worcester Road
Hereford
HR1 3NA





Registered number: 06930003 (England and Wales)





Auditors: Acre Accountancy Limited
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 42,696 42,423
Investments 5 407 407
43,103 42,830

CURRENT ASSETS
Stocks 3,303 2,798
Debtors 6 42,516,226 42,311,331
Cash at bank 3,161,304 3,316,744
45,680,833 45,630,873
CREDITORS
Amounts falling due within one year 7 (3,455,407 ) (3,210,569 )
NET CURRENT ASSETS 42,225,426 42,420,304
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,268,529

42,463,134

CREDITORS
Amounts falling due after more than one
year

8

(53,083,455

)

(53,261,787

)

PROVISIONS FOR LIABILITIES (4,578 ) (10,606 )
NET LIABILITIES (10,819,504 ) (10,809,259 )

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 (10,819,604 ) (10,809,359 )
SHAREHOLDERS' FUNDS (10,819,504 ) (10,809,259 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:





A Savory - Director


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 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.

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.

Turnover
Turnover represents amounts receivable from the rental of properties owned by the company's subsidiaries.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 33% on cost

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 17 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Cost
At 1 July 2023 79,850 90,262 170,112
Additions 33,186 - 33,186
At 30 June 2024 113,036 90,262 203,298
Depreciation
At 1 July 2023 43,427 84,262 127,689
Charge for year 28,113 4,800 32,913
At 30 June 2024 71,540 89,062 160,602
Net book value
At 30 June 2024 41,496 1,200 42,696
At 30 June 2023 36,423 6,000 42,423

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 407
Net book value
At 30 June 2024 407
At 30 June 2023 407

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Gotim 1 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,482,592 2,482,592

Gotim 2 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 368,383 368,383

Gotim 3 Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 196,002 196,002

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

Gotim 4 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,631,115 1,631,115

Gotim 5 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 9,007,117 9,007,117

Gotim 6 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,355,220 2,355,220

Gotim 7 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,567,296 2,570,701

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

Gotim 8 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 5,659,280 5,659,280

Gotim 9 Limited
Registered office: England & Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 835,287 835,287

Gotim 10 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 310,925 310,925

Gotim 11 Limited
Registered office: England & Wales
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 110,915 110,915

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 42,248,393 42,130,342
Other debtors 267,833 180,989
42,516,226 42,311,331

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 1,013,576 963,974
Trade creditors 14,940 40,846
Amounts owed to group undertakings 1,031,289 1,031,289
Taxation and social security 382,553 192,257
Other creditors 1,013,049 982,203
3,455,407 3,210,569

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 22,429,523 23,454,502
Other creditors 30,653,932 29,807,285
53,083,455 53,261,787

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 3,000 3,000

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: £    £   
100 Ordinary £1 100 100

12. RESERVES
Retained
earnings
£   

At 1 July 2023 (10,809,359 )
Deficit for the year (10,245 )
At 30 June 2024 (10,819,604 )

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Anthony Bevan FCCA (Senior Statutory Auditor)
for and on behalf of Acre Accountancy Limited

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