Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31800042023-04-01falseNo description of principal activity4falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08497002 2023-04-01 2024-03-31 08497002 2022-04-01 2023-03-31 08497002 2024-03-31 08497002 2023-03-31 08497002 2022-04-01 08497002 c:Director3 2023-04-01 2024-03-31 08497002 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 08497002 d:FreeholdInvestmentProperty 2024-03-31 08497002 d:FreeholdInvestmentProperty 2023-03-31 08497002 d:CurrentFinancialInstruments 2024-03-31 08497002 d:CurrentFinancialInstruments 2023-03-31 08497002 d:Non-currentFinancialInstruments 2024-03-31 08497002 d:Non-currentFinancialInstruments 2023-03-31 08497002 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08497002 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08497002 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08497002 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08497002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 08497002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 08497002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08497002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08497002 d:ShareCapital 2023-04-01 2024-03-31 08497002 d:ShareCapital 2024-03-31 08497002 d:ShareCapital 2022-04-01 2023-03-31 08497002 d:ShareCapital 2023-03-31 08497002 d:ShareCapital 2022-04-01 08497002 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 08497002 d:CapitalRedemptionReserve 2024-03-31 08497002 d:CapitalRedemptionReserve 2022-04-01 2023-03-31 08497002 d:CapitalRedemptionReserve 2023-03-31 08497002 d:CapitalRedemptionReserve 2022-04-01 08497002 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 08497002 d:RetainedEarningsAccumulatedLosses 2024-03-31 08497002 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08497002 d:RetainedEarningsAccumulatedLosses 2023-03-31 08497002 d:RetainedEarningsAccumulatedLosses 2022-04-01 08497002 c:FRS102 2023-04-01 2024-03-31 08497002 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08497002 c:FullAccounts 2023-04-01 2024-03-31 08497002 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08497002 2 2023-04-01 2024-03-31 08497002 6 2023-04-01 2024-03-31 08497002 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08497002 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08497002 e:PoundSterling 2023-04-01 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel1 2023-04-01 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel1 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel2 2023-04-01 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel2 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel3 2023-04-01 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel3 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel4 2023-04-01 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel4 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel5 2023-04-01 2024-03-31 08497002 d:EntityControlledByKeyManagementPersonnel5 2024-03-31 08497002 d:EntitiesControlledByKeyManagementPersonnel 2023-04-01 2024-03-31 08497002 d:EntitiesControlledByKeyManagementPersonnel 2024-03-31 08497002 d:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-04-01 2024-03-31 08497002 d:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 08497002









GANCO (HOLDINGS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GANCO (HOLDINGS) LIMITED
REGISTERED NUMBER: 08497002

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
50,000
50,000

Investment property
 5 
53,087,346
51,152,917

  
53,137,346
51,202,917

Current assets
  

Debtors: amounts falling due within one year
 6 
1,366,422
66,790

Cash at bank and in hand
 7 
334,234
394,927

  
1,700,656
461,717

Creditors: amounts falling due within one year
 8 
(12,134,916)
(12,277,490)

Net current liabilities
  
 
 
(10,434,260)
 
 
(11,815,773)

Total assets less current liabilities
  
42,703,086
39,387,144

Creditors: amounts falling due after more than one year
 9 
(22,281,457)
(19,528,257)

Provisions for liabilities
  

Deferred tax
 11 
(5,316,369)
(5,343,522)

Net assets
  
15,105,260
14,515,365


Capital and reserves
  

Called up share capital 
 12 
30,000
30,000

Capital redemption reserve
 13 
20,000
20,000

Profit and loss account
 13 
15,055,260
14,465,365

  
15,105,260
14,515,365


Page 1

 
GANCO (HOLDINGS) LIMITED
REGISTERED NUMBER: 08497002
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 comprehensive income 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 on 8 October 2024.




M S Gani
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
GANCO (HOLDINGS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
30,000
20,000
14,465,365
14,515,365


Comprehensive income for the year

Profit for the year
-
-
669,895
669,895
Total comprehensive income for the year
-
-
669,895
669,895


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(80,000)
(80,000)


At 31 March 2024
30,000
20,000
15,055,260
15,105,260


The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
GANCO (HOLDINGS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
30,000
20,000
12,531,441
12,581,441


Comprehensive income for the year

Profit for the year
-
-
1,933,924
1,933,924
Total comprehensive income for the year
-
-
1,933,924
1,933,924


At 31 March 2023
30,000
20,000
14,465,365
14,515,365


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ganco (Holdings) Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 1 Commonside West, Mitcham, Surrey, CR4 4HA.
The company acted as an intermediate holding and investment property company during the year.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements are prepared on a going concern basis, despite the balance sheet showing net current liabilities of £10,434,260 (2023 – £11,815,773). The directors have also taken consideration of the impact of inflationary pressures on the business and the withdrawal of the United Kingdom from the European Union. The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts 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. Revenue represents rents and charges receivable in respect of properties held by the company.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

Page 5

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.

 
2.9

Investment property

Investment property is carried at fair value determined annually by a mixture of  external and internal valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

Page 6

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Creditors

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost and net book value


At 1 April 2023
50,000



At 31 March 2024
50,000




Page 7

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
51,152,917


Additions at cost
2,496,019


Disposals
(561,590)



At 31 March 2024
53,087,346

The 2024 valuations were made by the directors and professional valuers, on an open market value for existing use basis. The directors are not qualified valuers. At the year end, the historical cost of the properties was £29,824,202 (2023 - £27,889,852).






6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
22,166
-

Other debtors
1,291,228
3,000

Prepayments and accrued income
53,028
63,790

1,366,422
66,790



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
334,234
394,927

334,234
394,927


Page 8

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
414,000
414,000

Trade creditors
51,126
40,081

Amounts owed to group undertakings
10,686,145
10,602,758

Corporation tax
176,446
-

Other taxation and social security
4,287
37,174

Other creditors
731,597
1,098,981

Accruals and deferred income
71,315
84,496

12,134,916
12,277,490


The bank loans are secured by fixed and floating charge against the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
20,239,500
17,482,500

Other creditors
2,041,957
2,045,757

22,281,457
19,528,257


The bank loans are secured by fixed and floating charge against the assets of the company.

Page 9

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
414,000
414,000


414,000
414,000

Amounts falling due 1-2 years

Bank loans
414,000
414,000


414,000
414,000

Amounts falling due 2-5 years

Bank loans
19,825,500
17,068,500


19,825,500
17,068,500


20,653,500
17,896,500


Page 10

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
5,343,522


Charged to the Statement of comprehensive income
27,153



At end of year
5,316,369

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Potential capital gain on investment properties
5,316,369
5,343,522

5,316,369
5,343,522


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 Ordinary shares of £1 each
30,000
30,000



13.


Reserves

Capital redemption reserve

The capital redemption reserve is a non distributable reserve which has been created further to the cancellation of preference shares.

Profit & loss account

Included in the profit and loss account is an amount of £17,946,707 (2023 - £17,919,542) of non distributable reserves.

Page 11

 
GANCO (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Related party transactions

Included within amounts due to group undertakings is an amount of £10,147,765 (2023 - £10,602,758) due to a wholly owned subsidiary company
 
Included within amounts due to group undertakings is an amount of £80,00 (2023 - £Nil) due to a holding company
 
Included within other creditors is an amount of £556,883 (2023 - £690,887) due to companies under common control.
 
Included within other debtors is an amount of £1,288,227 (2023 - £Nil) due from companies under common control.
 
Included within amounts due to group undertakings is an amount of £458.380 (2023 - £223,280) due to a fellow subsdiary
 
Included within amounts due from group undertakings is an amount of £22,166 (2023 - £Nil) due from a fellow subsdiary
 
Included within other debtors is an amount of £3,000 (2023- £3,000) to a charitable trust which is a registered charity that is under common control. During the year, the company donated properties with a value of £Nil (2023 - £Nil) to the registered charity.


15.


Ultimate parent company and controlling party

The ultimate parent undertaking and ultimate controlling party is Newell Limited by virtue of holding 100% shareholding in the company.

Throughout the year, the company was controlled by its directors.

 
Page 12