GARLIC PROPERTY LTD 13177421 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 13177421 2023-05-01 2024-04-30 13177421 2024-04-30 13177421 core:CurrentFinancialInstruments 2024-04-30 13177421 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 13177421 bus:SmallEntities 2023-05-01 2024-04-30 13177421 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 13177421 bus:FilletedAccounts 2023-05-01 2024-04-30 13177421 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 13177421 bus:RegisteredOffice 2023-05-01 2024-04-30 13177421 bus:Director1 2023-05-01 2024-04-30 13177421 bus:Director2 2023-05-01 2024-04-30 13177421 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13177421 countries:EnglandWales 2023-05-01 2024-04-30 13177421 2023-04-30 13177421 2022-05-01 2023-04-30 13177421 2023-04-30 13177421 core:CurrentFinancialInstruments 2023-04-30 13177421 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 13177421

GARLIC PROPERTY LTD

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

GARLIC PROPERTY LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

GARLIC PROPERTY LTD

Company Information

Directors

V Mervis

H Mervis

Registered office

Arnold & Porter Llp
Tower 42
25 Old Broad Street
London
EC2N 1HQ

Accountants

K&S Professionals Limited
Chartered Certified Accountants
41 Rivington Crescent
Mill Hill
London
NW7 2LF

 

GARLIC PROPERTY LTD

(Registration number: 13177421)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

897,995

897,995

Investments

5

1

1

 

897,996

897,996

Current assets

 

Debtors

6

86

498

Cash at bank and in hand

 

45,663

27,057

 

45,749

27,555

Creditors: Amounts falling due within one year

7

(926,039)

(951,319)

Net current liabilities

 

(880,290)

(923,764)

Net assets/(liabilities)

 

17,706

(25,768)

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

16,706

(26,768)

Shareholders' funds/(deficit)

 

17,706

(25,768)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

 

GARLIC PROPERTY LTD

(Registration number: 13177421)
Balance Sheet as at 30 April 2024

.........................................
V Mervis
Director

 

GARLIC PROPERTY LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Arnold & Porter Llp
Tower 42
25 Old Broad Street
London
EC2N 1HQ

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have considered the company’s financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue inoperational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

GARLIC PROPERTY LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

GARLIC PROPERTY LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Investment properties

2024
£

At 1 May

897,995

At 30 April

897,995

The investment properties were valued on an open market basis on 30 April 2024 by the directors.

5

Investments

2024
£

2023
£

Investments in associates

1

1

6

Debtors

Current

2024
£

2023
£

Other debtors

86

498

 

86

498

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

3,919

-

Accruals and deferred income

600

600

Other creditors

921,520

950,719

926,039

951,319