Silverfin false false 31/03/2024 01/04/2023 31/03/2024 J Szlezinger 01/08/2017 J H Szlezinger L Szlezinger 03/02/2022 S Szlezinger 03/02/2022 16 October 2024 no description of principal activity 00925558 2024-03-31 00925558 bus:Director1 2024-03-31 00925558 bus:Director3 2024-03-31 00925558 bus:Director4 2024-03-31 00925558 2023-03-31 00925558 core:CurrentFinancialInstruments 2024-03-31 00925558 core:CurrentFinancialInstruments 2023-03-31 00925558 core:Non-currentFinancialInstruments 2024-03-31 00925558 core:Non-currentFinancialInstruments 2023-03-31 00925558 core:ShareCapital 2024-03-31 00925558 core:ShareCapital 2023-03-31 00925558 core:SharePremium 2024-03-31 00925558 core:SharePremium 2023-03-31 00925558 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 00925558 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00925558 core:RetainedEarningsAccumulatedLosses 2024-03-31 00925558 core:RetainedEarningsAccumulatedLosses 2023-03-31 00925558 core:LandBuildings 2023-03-31 00925558 core:PlantMachinery 2023-03-31 00925558 core:FurnitureFittings 2023-03-31 00925558 core:ComputerEquipment 2023-03-31 00925558 core:LandBuildings 2024-03-31 00925558 core:PlantMachinery 2024-03-31 00925558 core:FurnitureFittings 2024-03-31 00925558 core:ComputerEquipment 2024-03-31 00925558 2022-03-31 00925558 2023-04-01 2024-03-31 00925558 bus:FilletedAccounts 2023-04-01 2024-03-31 00925558 bus:SmallEntities 2023-04-01 2024-03-31 00925558 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00925558 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00925558 bus:Director1 2023-04-01 2024-03-31 00925558 bus:Director2 2023-04-01 2024-03-31 00925558 bus:Director3 2023-04-01 2024-03-31 00925558 bus:Director4 2023-04-01 2024-03-31 00925558 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 00925558 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 00925558 core:FurnitureFittings 2023-04-01 2024-03-31 00925558 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 00925558 2022-04-01 2023-03-31 00925558 core:LandBuildings 2023-04-01 2024-03-31 00925558 core:PlantMachinery 2023-04-01 2024-03-31 00925558 core:ComputerEquipment 2023-04-01 2024-03-31 00925558 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 00925558 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 00925558 (England and Wales)

GITA PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GITA PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GITA PROPERTIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
GITA PROPERTIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS J Szlezinger
J H Szlezinger
L Szlezinger
S Szlezinger
SECRETARY J Szlezinger
REGISTERED OFFICE Treviot House
186-192 High Road
Ilford
IG1 1LR
United Kingdom
COMPANY NUMBER 00925558 (England and Wales)
CHARTERED ACCOUNTANTS Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
GITA PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2024
GITA PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,481 9,322
Investment property 4 28,618,028 28,060,806
28,631,509 28,070,128
Current assets
Debtors 5 2,690,861 1,683,823
Cash at bank and in hand 104,260 1,190,011
2,795,121 2,873,834
Creditors: amounts falling due within one year 6 ( 730,169) ( 738,052)
Net current assets 2,064,952 2,135,782
Total assets less current liabilities 30,696,461 30,205,910
Creditors: amounts falling due after more than one year 7 ( 3,106,150) ( 2,876,068)
Provision for liabilities 8 ( 1,471,170) ( 1,471,170)
Net assets 26,119,141 25,858,672
Capital and reserves
Called-up share capital 1,011 1,011
Share premium account 10,224,490 10,224,490
Fair value reserve 5,877,773 5,877,773
Profit and loss account 10,015,867 9,755,398
Total shareholders' funds 26,119,141 25,858,672

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gita Properties Limited (registered number: 00925558) were approved and authorised for issue by the Board of Directors on 16 October 2024. They were signed on its behalf by:

J H Szlezinger
Director
GITA PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GITA PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gita Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Treviot House, 186-192 High Road, Ilford, IG1 1LR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents the total invoice value of rent receivable during the year, excluding VAT where it is charged.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 15 % reducing balance
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 0 1,303 241,718 4,464 247,485
Additions 6,736 0 0 0 6,736
At 31 March 2024 6,736 1,303 241,718 4,464 254,221
Accumulated depreciation
At 01 April 2023 0 421 234,352 3,390 238,163
Charge for the financial year 674 261 1,105 537 2,577
At 31 March 2024 674 682 235,457 3,927 240,740
Net book value
At 31 March 2024 6,062 621 6,261 537 13,481
At 31 March 2023 0 882 7,366 1,074 9,322

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 28,060,806
Additions 557,222
As at 31 March 2024 28,618,028

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 20,810,201 20,252,979

The investment properties were valued on a fair value basis on 31st March 2024 by the directors.

5. Debtors

2024 2023
£ £
Trade debtors 315,337 287,735
Amounts owed by associates 0 6,303
Other debtors 2,375,524 1,389,785
2,690,861 1,683,823

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 72,996 72,996
Trade creditors 16,657 15,325
Taxation and social security 303,107 302,833
Other creditors 337,409 346,898
730,169 738,052

The bank loans are secured over some of the properties held by the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 3,106,150 2,876,068

The bank loans are secured over some of the properties held by the company.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,471,170) ( 1,141,557)
Charged to the Profit and Loss Account 0 ( 329,613)
At the end of financial year ( 1,471,170) ( 1,471,170)

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts Advanced 227,246 285,720
Amounts Repaid (112,040) (131,520)

The above advances and credits to a director subsisted during the year ended 31 March 2024 and 31 March 2023.