Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseproperty trading, development, investment and providing management services.66falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04658911 2023-04-01 2024-03-31 04658911 2022-04-01 2023-03-31 04658911 2024-03-31 04658911 2023-03-31 04658911 2022-04-01 04658911 c:Director3 2023-04-01 2024-03-31 04658911 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04658911 d:OtherPropertyPlantEquipment 2024-03-31 04658911 d:OtherPropertyPlantEquipment 2023-03-31 04658911 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04658911 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 04658911 d:FreeholdInvestmentProperty 2024-03-31 04658911 d:FreeholdInvestmentProperty 2023-03-31 04658911 d:CurrentFinancialInstruments 2024-03-31 04658911 d:CurrentFinancialInstruments 2023-03-31 04658911 d:Non-currentFinancialInstruments 2024-03-31 04658911 d:Non-currentFinancialInstruments 2023-03-31 04658911 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04658911 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04658911 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04658911 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04658911 d:ShareCapital 2023-04-01 2024-03-31 04658911 d:ShareCapital 2024-03-31 04658911 d:ShareCapital 2022-04-01 2023-03-31 04658911 d:ShareCapital 2023-03-31 04658911 d:ShareCapital 2022-04-01 04658911 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04658911 d:RetainedEarningsAccumulatedLosses 2024-03-31 04658911 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04658911 d:RetainedEarningsAccumulatedLosses 2023-03-31 04658911 d:RetainedEarningsAccumulatedLosses 2022-04-01 04658911 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04658911 c:OrdinaryShareClass1 2024-03-31 04658911 c:OrdinaryShareClass2 2023-04-01 2024-03-31 04658911 c:OrdinaryShareClass2 2024-03-31 04658911 c:OrdinaryShareClass3 2023-04-01 2024-03-31 04658911 c:OrdinaryShareClass3 2024-03-31 04658911 c:OrdinaryShareClass4 2023-04-01 2024-03-31 04658911 c:OrdinaryShareClass4 2024-03-31 04658911 c:OrdinaryShareClass5 2023-04-01 2024-03-31 04658911 c:OrdinaryShareClass5 2024-03-31 04658911 c:FRS102 2023-04-01 2024-03-31 04658911 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04658911 c:FullAccounts 2023-04-01 2024-03-31 04658911 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04658911 2 2023-04-01 2024-03-31 04658911 e:PoundSterling 2023-04-01 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel1 2023-04-01 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel1 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel2 2023-04-01 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel2 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel3 2023-04-01 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel3 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel4 2023-04-01 2024-03-31 04658911 d:EntityControlledByKeyManagementPersonnel4 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04658911









GANCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GANCO LIMITED
REGISTERED NUMBER: 04658911

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
2,664
3,504

Investment property
 6 
10,078,740
9,149,307

  
10,081,404
9,152,811

Current assets
  

Stocks
 7 
10,121,241
10,121,241

Debtors: amounts falling due within one year
 8 
10,506,851
10,957,137

Cash at bank and in hand
 9 
179,788
191,349

  
20,807,880
21,269,727

Creditors: amounts falling due within one year
 10 
(8,338,756)
(8,006,549)

Net current assets
  
 
 
12,469,124
 
 
13,263,178

Total assets less current liabilities
  
22,550,528
22,415,989

Creditors: amounts falling due after more than one year
 11 
(6,567,583)
(6,642,333)

  

Net assets
  
15,982,945
15,773,656


Capital and reserves
  

Called up share capital 
 12 
50,000
50,000

Profit and loss account
  
15,932,945
15,723,656

  
15,982,945
15,773,656


Page 1

 
GANCO LIMITED
REGISTERED NUMBER: 04658911
    
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 4 to 12 form part of these financial statements.

Page 2

 
GANCO LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
50,000
15,723,656
15,773,656


Comprehensive income for the year

Profit for the year
-
209,289
209,289
Total comprehensive income for the year
-
209,289
209,289


At 31 March 2024
50,000
15,932,945
15,982,945



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
50,000
15,278,516
15,328,516


Comprehensive income for the year

Profit for the year
-
445,140
445,140
Total comprehensive income for the year
-
445,140
445,140


At 31 March 2023
50,000
15,723,656
15,773,656


The notes on pages 4 to 12 form part of these financial statements.

Page 3

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

1.


General information

Ganco 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 specialises in property trading, development, investment and providing management services.

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 have 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.

 
2.3

Turnover

The turnover of the company is represented by the sales proceeds of properties held for trading purposes, rents and charges receivable in respect of properties held by the company and management services provided.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts for on-going services is recognised by reference to their stage of completion.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Other fixed assets
-
25% Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors 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.

 
2.6

Stocks

Stock is comprised of freehold and leasehold properties held for trading and is included in the financial statements at the lower of cost and net realisable value.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

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.

 
2.9

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 5

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.12

Interest income

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

 
2.13

Borrowing costs

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

 
2.14

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 profit or loss 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.

Page 6

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

2.Accounting policies (continued)

 
2.15

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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 6).


4.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
21,000
21,000

Company contributions to defined contribution pension schemes
150,443
-

171,443
21,000


Page 7

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

5.


Tangible fixed assets





Other fixed assets

£



Cost 


At 1 April 2023
85,261



At 31 March 2024

85,261



Depreciation


At 1 April 2023
81,757


Charge for the year
840



At 31 March 2024

82,597



Net book value



At 31 March 2024
2,664



At 31 March 2023
3,504


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
9,149,307


Additions at cost
929,433



At 31 March 2024
10,078,740

The 2024 valuations were made by the directors, 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 £10,018,706 (2023 - £9,131,523).




Page 8

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

7.


Stocks

2024
2023
£
£

Stock property
10,121,241
10,121,241

10,121,241
10,121,241


The estimated open market value of the stock of properties as at 31 March 2024 is £19.6 million (2023 - £19.1 million).


8.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
10,147,846
10,602,759

Other debtors
320,316
314,316

Prepayments and accrued income
38,689
40,062

10,506,851
10,957,137



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
179,788
191,349

179,788
191,349


Page 9

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

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
149,500
149,500

Trade creditors
216,576
232,255

Amounts owed to group undertakings
1,432,024
-

Corporation tax
62,444
38,221

Other taxation and social security
5,398
15,925

Other creditors
6,338,435
7,425,008

Accruals and deferred income
134,379
145,640

8,338,756
8,006,549


Bank loans are secured on one of the company's development properties.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,496,250
6,571,000

Other creditors
71,333
71,333

6,567,583
6,642,333


Bank loans are secured on one of the company's development properties.

Page 10

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

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 Ordinary A shares of £1 each
30,000
30,000
4,000 B Preference shares of £1 each
4,000
4,000
4,000 C Preference shares of £1 each
4,000
4,000
3,000 D Preference shares of £1 each
3,000
3,000
3,000 E Preference shares of £1 each
3,000
3,000
3,000 F Preference shares of £1 each
3,000
3,000
3,000 G Preference shares of £1 each
3,000
3,000

50,000

50,000


The company's share capital is £50,000 divided into 30,000 ordinary "A" shares of £1 each, 4,000 "B" preference shares of £1 each, 4,000 "C" preference shares of £1 each, 3,000 "D" preference shares of £1 each,  3,000 "E" preference shares of £1 each, 3,000 "F" preference shares of £1 each and 3,000 "G" preference shares of £1 each. Preference shareholders are not entitled to attend and vote at any general meeting of the company. The company may declare a dividend on any of the classes of preference shares without conferring any rights to declare dividends on any other class of shares.



13.


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 £151,635 (2023 - £3,816).


14.


Related party transactions

Included within other creditors is an amount of £1,853,323 (2023 - £1,835,341) due to companies under common control.
 
Included within amounts due from group undertakings is an amount of £10,147,846 (2023 - £10,602,759) due from the parent company
 
Included within amounts due to group undertakings is an amount of £1,432,024 (2023 - £Nil) due to the fellow subsidiaries.
 
Included within other creditors due within one year is an amount of £371,793 (2023 - £329,793) due to a company under common control.
 
During the year, the company was charged interest at a rate of 5% on a loan from a company with a common director. The interest included in the Statement of comprehensive income was £45,557 (2023 - £44,011).

Page 11

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

15.


Ultimate parent company and controlling party

The ultimate parent undertaking is Newell Limited, a company registered in England and Wales.
 
The ultimate controlling party are the directors.
 
Page 12