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REGISTERED NUMBER: 03489949 (England and Wales)










GAINWELL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






GAINWELL LIMITED (REGISTERED NUMBER: 03489949)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GAINWELL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J C Dobson
C E Dobson
M Dobson





SECRETARY: M Dobson





REGISTERED OFFICE: 3 Rivergate
Temple Quay
Bristol
BS1 6GD





REGISTERED NUMBER: 03489949 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Suite 4
Britannia House
Penny Lane
Cowbridge
Vale of Glamorgan
CF71 7EG

GAINWELL LIMITED (REGISTERED NUMBER: 03489949)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,116 10,393
Investments 5 5,159,941 4,904,491
Investment property 6 40,916,003 39,811,003
46,084,060 44,725,887

CURRENT ASSETS
Debtors 7 223,157 253,374
Investments 8 9,168,005 7,000,005
Cash at bank 2,465,032 3,014,250
11,856,194 10,267,629
CREDITORS
Amounts falling due within one year 9 613,045 397,044
NET CURRENT ASSETS 11,243,149 9,870,585
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,327,209

54,596,472

PROVISIONS FOR LIABILITIES 54,693 48,870
NET ASSETS 57,272,516 54,547,602

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 4,000 4,000
Fair value reserve 10 4,101,538 2,996,538
Retained earnings 53,165,978 51,546,064
57,272,516 54,547,602

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

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

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 18 November 2024 and were signed on its behalf by:




J C Dobson - Director


GAINWELL LIMITED (REGISTERED NUMBER: 03489949)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Gainwell 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.

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 represents gross value of services and is recognised on an accrual basis.

Income received from investment property is recognised over the period of occupation.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% straight line

Investment property
Investment property for which fair value can be measured reliably are measured at fair value annually with any change recognised in the Profit and Loss Account.

The directors review the value of the properties annually based on their significant experience of current rents and lease terms as well as market observation and professional judgement. In addition to this, the Company elects third party independent surveyors to periodically value the investment properties and the directors reflect any significant gains or losses identified from the professional valuation through the Income Statement.

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.

GAINWELL LIMITED (REGISTERED NUMBER: 03489949)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Going Concern
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements due to the significant level of net assets and cash reserves available. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign Currency
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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 classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

GAINWELL LIMITED (REGISTERED NUMBER: 03489949)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023 30,708
Additions 4,651
Disposals (2,966 )
At 31 March 2024 32,393
DEPRECIATION
At 1 April 2023 20,315
Charge for year 6,764
Eliminated on disposal (2,802 )
At 31 March 2024 24,277
NET BOOK VALUE
At 31 March 2024 8,116
At 31 March 2023 10,393

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2023 4,904,491
Additions 84,985
Disposals (806 )
Revaluations 171,271
At 31 March 2024 5,159,941
NET BOOK VALUE
At 31 March 2024 5,159,941
At 31 March 2023 4,904,491

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2023 4,904,491
Valuation in 2024 255,450
5,159,941

GAINWELL LIMITED (REGISTERED NUMBER: 03489949)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 39,811,003
Revaluations 1,105,000
At 31 March 2024 40,916,003
NET BOOK VALUE
At 31 March 2024 40,916,003
At 31 March 2023 39,811,003

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 39,811,003
Valuation in 2024 1,105,000
40,916,003

Investment properties are held at the directors' valuation annually, which is supported through periodical valuations performed by Independent Chartered Surveyors, in accordance with the Royal Institution of Chartered Surveyors Valuations Standards. using Market Value and Market Rent values as a basis. If the investment properties had not been revalued they would have been included at cost of £36,814,468 (2023: £36,814,468).

Included in capital and reserves is an amount of £4,101,538 (2023: £2,996,538) relating to surplus on revaluations.

Linden Limited holds a fixed and floating charge over certain Company assets.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 223,157 253,374

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 9,168,005 7,000,005

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 40,530 30,587
Taxation and social security 459,885 235,413
Other creditors 112,630 131,044
613,045 397,044

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023 2,996,538
Fair Value Adjustment 1,105,000

At 31 March 2024 4,101,538

GAINWELL LIMITED (REGISTERED NUMBER: 03489949)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. RELATED PARTY DISCLOSURES

The company is letting one of its properties to Voodoo Designworks Ltd, a company under common control. Rent charged in respect of the current year is £50,000 (2023: £50,000).

No remuneration was paid to the directors in the current or prior year. The directors are the only key management personnel of the Company.

12. ULTIMATE CONTROLLING PARTY

The directors control the Company by virtue of their shareholding and there is no one ultimate controlling party.