Company registration number 10492265 (England and Wales)
GIGA PROPERTY CARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GIGA PROPERTY CARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GIGA PROPERTY CARE LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,974
12,400
Current assets
Debtors
5
10,800
-
0
Cash at bank and in hand
22,369
10,155
33,169
10,155
Creditors: amounts falling due within one year
6
(161,671)
(53,114)
Net current liabilities
(128,502)
(42,959)
Total assets less current liabilities
(118,528)
(30,559)
Creditors: amounts falling due after more than one year
7
(169,121)
(52,940)
Net liabilities
(287,649)
(83,499)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(287,749)
(83,599)
Total equity
(287,649)
(83,499)

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 13 November 2024
Mr G Akhalashvili
Director
Company registration number 10492265 (England and Wales)
GIGA PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Giga Property Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kalamu House, 11 Coldbath Square, London, EC1R 5LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% reducing balance method
Motor Vehicles
25% reducing balance method
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GIGA PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
1
GIGA PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
4
Tangible fixed assets
Computers
Motor Vehicles
Total
£
£
£
Cost
At 1 March 2023
-
0
29,930
29,930
Additions
900
-
0
900
At 28 February 2024
900
29,930
30,830
Depreciation and impairment
At 1 March 2023
-
0
17,530
17,530
Depreciation charged in the year
225
3,101
3,326
At 28 February 2024
225
20,631
20,856
Carrying amount
At 28 February 2024
675
9,299
9,974
At 28 February 2023
-
0
12,400
12,400

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,800
-
0
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,222
2,646
Corporation tax
272
-
0
Other taxation and social security
10,105
44,518
Other creditors
149,072
5,950
161,671
53,114
GIGA PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
11,445
13,243
Obligations under finance leases
-
0
1,117
Other borrowings
157,676
38,580
169,121
52,940
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions

At the balance sheet date, included in creditors due after one year is a related party loan due to Berlingtons London Limited amounting to £157,676 (2023: £38,580).

 

At the balance sheet date, the balance due from related parties, Abbey Rooms London Limited, amounted to £10,800 (2023: £Nil).

 

The companies are related by virtue of common director/shareholder.

 

At the balance sheet date, the balance due to the director, Mr G Akhalashvili, amounted to £145,180 (2023: £1,125).

 

The loan is unsecured, interest free, and due on demand.

 

2024-02-282023-03-01false13 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr G Akhalashvilifalsefalse104922652023-03-012024-02-28104922652024-02-28104922652023-02-2810492265core:ComputerEquipment2024-02-2810492265core:MotorVehicles2024-02-2810492265core:ComputerEquipment2023-02-2810492265core:MotorVehicles2023-02-2810492265core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2810492265core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2810492265core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2810492265core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2810492265core:CurrentFinancialInstruments2024-02-2810492265core:CurrentFinancialInstruments2023-02-2810492265core:Non-currentFinancialInstruments2024-02-2810492265core:Non-currentFinancialInstruments2023-02-2810492265core:ShareCapital2024-02-2810492265core:ShareCapital2023-02-2810492265core:RetainedEarningsAccumulatedLosses2024-02-2810492265core:RetainedEarningsAccumulatedLosses2023-02-2810492265bus:Director12023-03-012024-02-2810492265core:ComputerEquipment2023-03-012024-02-2810492265core:MotorVehicles2023-03-012024-02-28104922652021-12-012023-02-2810492265core:ComputerEquipment2023-02-2810492265core:MotorVehicles2023-02-28104922652023-02-2810492265core:WithinOneYear2024-02-2810492265core:WithinOneYear2023-02-2810492265bus:PrivateLimitedCompanyLtd2023-03-012024-02-2810492265bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2810492265bus:FRS1022023-03-012024-02-2810492265bus:AuditExemptWithAccountantsReport2023-03-012024-02-2810492265bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP