REGISTERED NUMBER: |
GABRIEL INTERNATIONAL HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
REGISTERED NUMBER: |
GABRIEL INTERNATIONAL HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
GABRIEL INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 05979229) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GABRIEL INTERNATIONAL HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Second Floor |
34 Lime Street |
London |
EC3M 7AT |
GABRIEL INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 05979229) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GABRIEL INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 05979229) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
GABRIEL INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 05979229) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Gabriel International Holdings Limited is a |
The company and its subsidiary company have investment in equity shares, investment funds and real estate properties. The group's income consists of rent derived from the properties and income from the investment. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The 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 on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
The financial statements are prepared in US dollars, the company's functional currency. The functional currency of the subsidiary company is Euro. The financial statements for the year ended 31 December 2021 were prepared in Euro. The comparatives in these financial statements were retranslated from Euro to US dollars. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Preparation of consolidated financial statements |
The financial statements contain information about Gabriel International Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements in applying the entity's accounting policies |
The directors have used the Rental Yield method to estimate the fair value of the properties. The Yield used was based on the current investment market and also based on the average market purchase yield calculated from the property expected net rental income. The directors believe that they are qualified to make this judgement based on the extensive knowledge they have of the rental business and of the investment market. |
Accounting estimates and assumptions |
The company and its subsidiary company make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below. |
Impairment of debtors |
The company and its subsidiary company make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
GABRIEL INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 05979229) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Properties classified as investment properties are those what are held for long-term rental yields or for capital appreciation. |
Investment properties are initially measured at cost. After initial recognition, investment properties are carried at their fair value. Any adjustment to the fair value of the investment properties is recognised in the Income Statement for the year. |
In accordance with FRS 102 no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Foreign currencies |
Transactions in foreign currencies are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At the balance sheet date, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income statement. |
GABRIEL INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 05979229) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and amounts owed by group undertakings are initially recognised at transaction price, 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 are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from related parties 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 receipts discounted at a market rate of interest. |
Fees paid on the establishment of loan facilities are capitalised as pre-payment for liquidity services and amortised over the period of the facility. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
$ | $ | $ |
COST OR VALUATION |
At 1st January 2023 | 438,840,341 |
Additions | 252,157,683 |
Disposals | ( |
) | (189,276,649 | ) |
Impairments | ( |
) | (12,746,736 | ) |
Reversal of impairments | 38,991,312 |
Exchange differences | 1,287,649 |
At 31st December 2023 | 529,253,600 |
NET BOOK VALUE |
At 31st December 2023 | 529,253,600 |
At 31st December 2022 | 438,840,341 |
Cost or valuation at 31st December 2023 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
$ | $ | $ |
Valuation in 2021 | - | (73,992 | ) | (73,992 | ) |
Valuation in 2022 | - | (767,836 | ) | (767,836 | ) |
Valuation in 2023 | - | (12,397,023 | ) | (12,397,023 | ) |
Cost | 167 | 542,492,284 | 542,492,451 |
167 | 529,253,433 | 529,253,600 |
GABRIEL INTERNATIONAL HOLDINGS LIMITED (REGISTERED NUMBER: 05979229) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
5. | INVESTMENT PROPERTY |
Total |
$ |
FAIR VALUE |
At 1st January 2023 |
Additions |
Exchange differences |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | RESERVES |
Retained |
earnings |
$ |
At 1st January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31st December 2023 |
9. | RELATED PARTY DISCLOSURES |
During the year, total dividends of $130,000 (2022 - $12,054) were paid to the directors . |
Other Creditors include a balance of $16,232,369 (2022:- Nil) owed to Gabriel International Limited, a connected company by virtue of common ownership and control. |
At the Balance Sheet date a balance of $10,453,984 (2022:- Nil) was owed to Gabriel International Assets Limited, the wholly owned subsidiary company. |
Those loans are interest free and repayable on demand. |
At the balance sheet date, an amount of $18,013 (2022: $1,475) was owed to the directors. |
10. | ULTIMATE CONTROLLING PARTY |
During the year under review the Group was under the control of P and R Gabriel, directors of the Group. |