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REGISTERED NUMBER: 02986288 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023


FOR


GYDA PROPERTIES LIMITED


GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023











Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4




GYDA PROPERTIES LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2023









DIRECTORS:

G Cohen


Y Cohen


A Kohen







SECRETARY:

Y Cohen







REGISTERED OFFICE:

50 Seymour Street


London


W1H 7JG







REGISTERED NUMBER:

02986288 (England and Wales)







GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)


BALANCE SHEET

30 SEPTEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

4,877


6,503



Investments

5

202


202



Investment property

6

17,567,477


17,561,511



17,572,556


17,568,216




CURRENT ASSETS

Debtors

7

4,748,582


4,721,560



Cash at bank

12,455


74,105



4,761,037


4,795,665



CREDITORS

Amounts falling due within one year

8

5,233,268


4,686,722



NET CURRENT (LIABILITIES)/ASSETS

(472,231

)

108,943



TOTAL ASSETS LESS CURRENT

LIABILITIES

17,100,325


17,677,159




CREDITORS

Amounts falling due after more than

one year

9

(7,152,313

)

(7,401,187

)



PROVISIONS FOR LIABILITIES

(1,291,841

)

(1,291,841

)


NET ASSETS

8,656,171


8,984,131




CAPITAL AND RESERVES

Called up share capital

120


120



Fair value reserve

11

8,174,715


8,174,715



Retained earnings

11

481,336


809,296



SHAREHOLDERS' FUNDS

8,656,171


8,984,131




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.  


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.


GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)


BALANCE SHEET - continued

30 SEPTEMBER 2023



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.  


The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





Y Cohen - Director

G Cohen - Director





A Kohen - Director



GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023



1.

STATUTORY INFORMATION



Gyda Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These 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 under the historical cost convention.    



The accounts have been prepared on the going concern basis which is dependant upon continued support from the directors and the group companies.  The directors and the group companies have validated to support the working capital requirements of the company for the foreseeable future.



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Turnover


Turnover represents rents receivable from the company's investment properties.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Fixtures and fittings

-

25% on reducing balance



Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



Investment properties


Investment properties are included at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was NIL (2022 - NIL).


GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023



4.

TANGIBLE FIXED ASSETS


Fixtures


and


fittings

£   



COST


At 1 October 2022


and 30 September 2023

115,360




DEPRECIATION


At 1 October 2022

108,857




Charge for year

1,626




At 30 September 2023

110,483




NET BOOK VALUE


At 30 September 2023

4,877




At 30 September 2022

6,503





5.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 October 2022


and 30 September 2023

202




NET BOOK VALUE


At 30 September 2023

202




At 30 September 2022

202




6.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 October 2022

17,561,511




Additions

5,966




At 30 September 2023

17,567,477




NET BOOK VALUE


At 30 September 2023

17,567,477




At 30 September 2022

17,561,511




GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023



6.

INVESTMENT PROPERTY - continued



The investment property was valued by the directors on a fair value basis as at 30 September 2023.



On historical basis these would have been included at an original cost of £8,100,920 ( 2022: £8,094,954).


7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

449,231


574,303




Amounts owed by group undertakings

2,193,293


1,961,541




Amounts owed by participating interests

1,892,284


1,972,284




Other debtors

213,774


213,432



4,748,582


4,721,560




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade creditors

38,386


31,930




Amounts owed to group undertakings

652,435


473,435




Amounts owed to participating interests

3,979,530


3,680,334




Tax

50,322


46,260




Other creditors

248,422


248,423




Shareholder loans

12,473


10,448




Accruals and deferred income

251,700


195,892



5,233,268


4,686,722




9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR


2023

2022


£   

£   



Bank loans

7,152,313


7,401,187




10.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022


£   

£   



Bank loans

7,152,313


7,401,187





Bank loans are secured by fixed charges over the investment property, floating charges over the other assets and undertakings of the company, a £36,000 security deposit and guarantees of the directors.



Shareholder loans and other creditors are unsecured.


GYDA PROPERTIES LIMITED (REGISTERED NUMBER: 02986288)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2023



11.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 October 2022

809,296


8,174,715


8,984,011




Deficit for the year

(147,960

)

(147,960

)



Dividends

(180,000

)

(180,000

)



At 30 September 2023

481,336


8,174,715


8,656,051




12.

RELATED PARTY DISCLOSURES



During the year, total dividends of £180,000 (2022 - £990,000) were paid to the directors .



Included in amounts due to participating interests (note 10) are amounts of £2,392,672 (2022: £2,190,2227), £581,400 (2022: £510,569) and £1,005,486 (2022: £979,538) owed to Summit Hotels Limited, Avenue Banqueting Limited and Wembley City Hix Limited, respectively, being companies in which the directors are also directors.



Included in amounts owed by participating interests (note 9) are amounts due from Property Participation Cell C2106D PC and Risinghurst Limited of £1,545,283 (2022: £1,545,283) and £347,001 (2022: £427,001) respectively, companies in which members of the Cohen family have an interest.



During the year the company charged rent on normal commercial terms of £130,000 (2021: £130,000) to Bonds of Mayfair, a partnership in which the directors are partners, of which £130,000 was outstanding at the balance sheet date.


13.

ULTIMATE CONTROLLING PARTY



The ultimate controlling parties of the company are Y Cohen,G Cohen and A Kohen.