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Registered number: 09660073









GANCO ASSETS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GANCO ASSETS LIMITED
REGISTERED NUMBER: 09660073

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Tangible fixed assets
 4 
-
-

Investment property
 5 
15,445,363
15,445,363

  
15,445,363
15,445,363

Current assets
  

Debtors: amounts falling due within one year
 6 
1,225,498
948,498

Cash at bank and in hand
 7 
94,479
7,274

  
1,319,977
955,772

Creditors: amounts falling due within one year
 8 
(1,119,258)
(1,062,520)

Net current assets/(liabilities)
  
 
 
200,719
 
 
(106,748)

Total assets less current liabilities
  
15,646,082
15,338,615

Provisions for liabilities
  

Deferred tax
 9 
(2,885,779)
(2,885,779)

Net assets
  
12,760,303
12,452,836


Capital and reserves
  

Called up share capital 
 10 
200
200

Profit and loss account
  
12,760,103
12,452,636

  
12,760,303
12,452,836


Page 1

 
GANCO ASSETS LIMITED
REGISTERED NUMBER: 09660073
    
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 ASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ganco Assets 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'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

As at 31 March 2024, the company had net current assets of £200,719 (2023 - £106,748 (net current liabilities)) which includes a liability of £752,456 (2023 - £752,456) due to related parties. The directors have confirmed that the related parties will not require repayment of the amount until the company has sufficient funds to do so without jeopardising the company's ability to continue to trade.
As a result, the directors believe that it is appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue recognition

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.

 
2.4

Interest income

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

 
2.5

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

2.Accounting policies (continued)

 
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 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.

 
2.7

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.

 
2.8

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

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
50%
Straight line

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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by 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. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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 the Statement of comprehensive income.

Page 5

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

3.


Employees

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


4.


Tangible fixed assets





Plant & machinery

£



Cost


At 1 April 2023
1,247



At 31 March 2024

1,247



Depreciation


At 1 April 2023
1,247



At 31 March 2024

1,247



Net book value



At 31 March 2024
-



At 31 March 2023
-


5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
15,445,363



At 31 March 2024
15,445,363

The 2024 valuations were made by the directors, who are not qualified surveyors, on an open market value for existing use basis.
At the year end, the historical cost of the properties was £3,507,958 
(2023 - £3,507,958).
The properties have a fixed charge held against them by Handelsbanken,  which is held pending release post year end. 


Page 6

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

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,187,298
-

Other debtors
38,200
948,498

1,225,498
948,498



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
94,479
7,274

94,479
7,274



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
101,442
62,172

Other creditors
996,869
994,518

Accruals and deferred income
20,947
5,830

1,119,258
1,062,520



9.


Deferred taxation




2024


£






At beginning of year
2,885,779



At end of year
2,885,779

Page 7

 
GANCO ASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Potential capital gains on investment properties
2,885,779
2,885,779

2,885,779
2,885,779


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1 each
200
200



11.


Related party transactions

Included within other debtors is an amount of £767,703 (2023 - £725,303) due from companies under common control.
 
Included within other creditors is an amount of £752,456 (2023 - £752,456) due to companies under common control.
 
During the year, the company paid management fees of £34,328 (2023 - £30,366) to a company under common control.
 
During the year, the company made a charitable donation of £17,500 (2023 - £20,000) to a charity for which the directors act as Trustees.


12.


Parent company and ultimate controlling party

From 24 May 2023, the parent company was Newell Limited, a company incorporated in England and Wales.
 
Throughout the current year, the ultimate controlling parties are N A Gani and R N Gani, the directors.


13.


Pension commitments

The company operates a defined contribution 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 £15,000 (2023 - £Nil).

 
Page 8