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REGISTERED NUMBER: 09798210 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

GULLWING SECURITIES LIMITED

GULLWING SECURITIES LIMITED (REGISTERED NUMBER: 09798210)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GULLWING SECURITIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: P Smith
D J Rollo





REGISTERED OFFICE: 495 Green Lanes
London
N13 4BS





REGISTERED NUMBER: 09798210 (England and Wales)





ACCOUNTANTS: Avraam Associates Limited
Chartered Accountants
495 Green Lanes
London
N13 4BS

GULLWING SECURITIES LIMITED (REGISTERED NUMBER: 09798210)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 284 379
Investment property 5 5,200,000 5,200,000
5,200,284 5,200,379

CURRENT ASSETS
Debtors 6 70,294 20,411
Investments 7 1 1
Cash at bank 46,827 64,425
117,122 84,837
CREDITORS
Amounts falling due within one year 8 137,281 97,951
NET CURRENT LIABILITIES (20,159 ) (13,114 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,180,125 5,187,265

CREDITORS
Amounts falling due after more than one
year

9

(403,239

)

-

PROVISIONS FOR LIABILITIES 12 (767,310 ) (767,310 )
NET ASSETS 4,009,576 4,419,955

CAPITAL AND RESERVES
Called up share capital 13 2 2
Non distributable reserve 2,301,931 2,301,931
Retained earnings 1,707,643 2,118,022
SHAREHOLDERS' FUNDS 4,009,576 4,419,955

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

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

GULLWING SECURITIES LIMITED (REGISTERED NUMBER: 09798210)

BALANCE SHEET - continued
31ST MARCH 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 20th November 2024 and were signed on its behalf by:




D J Rollo - Director



P Smith - Director


GULLWING SECURITIES LIMITED (REGISTERED NUMBER: 09798210)

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

1. STATUTORY INFORMATION

Gullwing Securities 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 as modified by the revaluation of certain assets.

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 - 25% 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).

GULLWING SECURITIES LIMITED (REGISTERED NUMBER: 09798210)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023
and 31st March 2024 1,596
DEPRECIATION
At 1st April 2023 1,217
Charge for year 95
At 31st March 2024 1,312
NET BOOK VALUE
At 31st March 2024 284
At 31st March 2023 379

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 5,200,000
NET BOOK VALUE
At 31st March 2024 5,200,000
At 31st March 2023 5,200,000

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2023 5,200,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,130,759 2,130,759

The investment properties were valued on an open market basis on 14th November 2023 by the directors .

GULLWING SECURITIES LIMITED (REGISTERED NUMBER: 09798210)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,946 20,063
Other debtors 60,348 348
70,294 20,411

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 1 1

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 70,971 -
Trade creditors 7,227 7,015
Taxation and social security 2,366 61,103
Other creditors 56,717 29,833
137,281 97,951

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 10) 403,239 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 119,355 -

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 70,971 -

Amounts falling due between one and two years:
Bank loans - 1-2 years 70,971 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 212,913 -

GULLWING SECURITIES LIMITED (REGISTERED NUMBER: 09798210)

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

10. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 119,355 -

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 474,210 -

The bank has a floating charge which covers all of the property and undertakings of the company.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 767,310 767,310

Deferred
tax
£   
Balance at 1st April 2023 767,310
Balance at 31st March 2024 767,310

13. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
1 A Ordinary £1 1 1
1 B Ordinary £1 1 1
2 2

14. RELATED PARTY DISCLOSURES

During the year £1,329,067 (2023 - £1,097,095) was received from Jetof Limited in dividends a company in which the two directors have a material interest.

During the period the company declared dividends in the sum of £879,067 (2023 - £575,000) to Perwin Investments Limited, a company in which the director Mr P Smith has an interest and £870,000 (2023 - £575,000) to Langley Hill Investments Limited, a company in which the director Mr D Rollo has an interest.