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Registered number: 11328968









GANCO INVESTMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GANCO INVESTMENTS LIMITED
REGISTERED NUMBER: 11328968

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
10,944,455
10,944,455

Current assets
  

Debtors: amounts falling due within one year
 5 
1,668,727
1,686,100

Cash at bank and in hand
 6 
30,401
-

  
1,699,128
1,686,100

Creditors: amounts falling due within one year
 7 
(1,293,904)
(1,254,778)

Net current assets
  
 
 
405,224
 
 
431,322

Creditors: amounts falling due after more than one year
 8 
(4,339,137)
(4,480,957)

Net assets
  
7,010,542
6,894,820


Capital and reserves
  

Called up share capital 
 10 
10,000
10,000

Share premium account
  
6,891,090
6,891,090

Profit and loss account
  
109,452
(6,270)

  
7,010,542
6,894,820


Page 1

 
GANCO INVESTMENTS LIMITED
REGISTERED NUMBER: 11328968
    
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 3 to 8 form part of these financial statements.

Page 2

 
GANCO INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ganco Investment Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 1 Commonside West, Mitcham, Surrey, United Kingdom, CR4 4HA.

The company's principal activity is that of property investment.

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

Going concern

The directors of the company are of the opinion that the company will continue to generate sufficient rental income and will also have the support of its shareholders for at least another 12 months from the date of approval of the financial statements. Therefore, the directors deem it appropriate to prepare the financial statements on a going concern basis.

 
2.3

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 following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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 3

 
GANCO INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external 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.

 
2.9

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.

 
2.10

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.

Page 4

 
GANCO INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.


3.


Employees

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


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
10,944,455



At 31 March 2024
10,944,455

The 2024 valuations were made by the directors, on an open market value for existing use basis.




5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
508,000
-

Other debtors
1,160,727
1,686,100

1,668,727
1,686,100


Page 5

 
GANCO INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
30,401
-

Less: bank overdrafts
-
(864)

30,401
(864)



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
864

Bank loans
177,250
177,250

Amounts owed to group undertakings
8,555
-

Corporation tax
42,594
1,151

Other taxation and social security
-
2,270

Other creditors
1,062,905
1,070,643

Accruals and deferred income
2,600
2,600

1,293,904
1,254,778


Bank overdraft and loans are secured by a fixed and floating charge against the investment properties at other assets of the company.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,339,137
4,480,957

4,339,137
4,480,957


Bank loans are secured by a fixed and floating charge against the investment properties at other assets of the company.

Page 6

 
GANCO INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
177,250
177,250


177,250
177,250

Amounts falling due 1-2 years

Bank loans
177,250
177,250


177,250
177,250

Amounts falling due 2-5 years

Bank loans
4,161,887
4,303,707


4,161,887
4,303,707


4,516,387
4,658,207



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 Ordinary shares of £1 each
10,000
10,000



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,763 (2023 - £Nil).

Page 7

 
GANCO INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Related party transactions

At the year end, included under other debtors is an amount of £1,668,000 (2023 - £1,686,000) due from companies under common control.

At the year end, included under other creditors is an amount of £8,200 (2023 - £8,200) due to companies under common control
 
At the year end, included under other creditors is an amount of £1,060,193 (2023 - £1,060,193) due to the shareholders of the company.

During the year, management fees of £32,898 (2023 - £23,767) was charged by the company under common control. 


13.


Controlling party

From 23 May 2023, the immediate and ultimate parent company is Newell Limited.
 
The ultimate controlling parties are NA Gani & RN Gani by virtue of their 100% shareholding in the company.


 
Page 8