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REGISTERED NUMBER: SC496353 (Scotland)















Unaudited Financial Statements for the Year Ended 31st January 2024

for

GAAP Property Ltd

GAAP Property Ltd (Registered number: SC496353)






Contents of the Financial Statements
for the Year Ended 31st January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GAAP Property Ltd

Company Information
for the Year Ended 31st January 2024







DIRECTORS: Mrs A Smith
P B Smith
Ms A J Hookway
G E Dutfield





REGISTERED OFFICE: Duneira Pier Road
Rhu
Helensburgh
G84 8LH





REGISTERED NUMBER: SC496353 (Scotland)





ACCOUNTANTS: OCG Accountants Ltd
Biz Hub Tees Valley
Belasis Hall Technology Park
Coxwold Way
Billingham
Co. Durham
TS23 4EA

GAAP Property Ltd (Registered number: SC496353)

Balance Sheet
31st January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 340 400
Investment property 5 4,270,935 1,636,195
4,271,275 1,636,595

CURRENT ASSETS
Debtors 6 11,790 228,698
Cash at bank 1,323 6,659
13,113 235,357
CREDITORS
Amounts falling due within one year 7 (798,913 ) (551,102 )
NET CURRENT LIABILITIES (785,800 ) (315,745 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,485,475 1,320,850

CREDITORS
Amounts falling due after more than one year 8 (3,185,007 ) (1,154,591 )

PROVISIONS FOR LIABILITIES (52,087 ) (52,087 )
NET ASSETS 248,381 114,172

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 222,054 222,054
Retained earnings 10 26,227 (107,982 )
248,381 114,172

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 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.

GAAP Property Ltd (Registered number: SC496353)

Balance Sheet - continued
31st January 2024


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 30th October 2024 and were signed on its behalf by:





Mrs A Smith - Director


GAAP Property Ltd (Registered number: SC496353)

Notes to the Financial Statements
for the Year Ended 31st January 2024

1. STATUTORY INFORMATION

GAAP Property Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

GAAP Property Ltd (Registered number: SC496353)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st February 2023
and 31st January 2024 489
DEPRECIATION
At 1st February 2023 89
Charge for year 60
At 31st January 2024 149
NET BOOK VALUE
At 31st January 2024 340
At 31st January 2023 400

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st February 2023 1,636,195
Additions 2,634,740
At 31st January 2024 4,270,935
NET BOOK VALUE
At 31st January 2024 4,270,935
At 31st January 2023 1,636,195

The director sees no benefit in revaluing the assets.

Fair value at 31st January 2024 is represented by:
£   
Valuation in 2020 23,494
Valuation in 2022 227,031
Valuation in 2023 23,616
Cost 3,996,794
4,270,935

GAAP Property Ltd (Registered number: SC496353)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,238 7,025
Amounts owed by group undertakings - 164,508
Other debtors 4,073 56,660
Prepayments 479 505
11,790 228,698

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,226 6,351
Amounts owed to group undertakings 300,204 420,761
Tax 9,151 -
Directors' current accounts 485,452 122,550
Accrued expenses 2,880 1,440
798,913 551,102

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 3,185,007 1,154,591

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgage 3,134,797 1,104,383
Loans 50,210 50,208
3,185,007 1,154,591

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st February 2023 (107,982 ) 222,054 114,072
Profit for the year 134,209 134,209
At 31st January 2024 26,227 222,054 248,281