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Company No: 00461944 (England and Wales)

GAT INVESTMENTS LIMITED

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

GAT INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GAT INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
GAT INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Sarah Jane Levy
Dr David Paul Moss
Jill Moss
REGISTERED OFFICE 3rd Floor 5 Callaghan Square
Cardiff
CF10 5BT
United Kingdom
COMPANY NUMBER 00461944 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
GAT INVESTMENTS LIMITED

BALANCE SHEET

As at 31 March 2024
GAT INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 64,600
Tangible assets 4 692 1,129
Investment property 5 62,244,351 62,244,351
62,245,043 62,310,080
Current assets
Debtors 6 1,684,097 1,697,763
Investments 6,023,765 5,016,658
Cash at bank and in hand 2,695,428 3,902,553
10,403,290 10,616,974
Creditors: amounts falling due within one year 7 ( 26,523,402) ( 27,791,785)
Net current liabilities (16,120,112) (17,174,811)
Total assets less current liabilities 46,124,931 45,135,269
Provision for liabilities ( 1,070,993) ( 1,059,345)
Net assets 45,053,938 44,075,924
Capital and reserves
Called-up share capital 8,503,392 8,503,392
Profit and loss account 36,550,546 35,572,532
Total shareholder's funds 45,053,938 44,075,924

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 GAT Investments Limited (registered number: 00461944) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

Dr David Paul Moss
Director
GAT INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GAT INVESTMENTS 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

GAT Investments 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 3rd Floor, 5 Callaghan Square, Cardiff, CF10 5BT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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.

The functional currency of GAT Investments Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company has net current liabilities as of 31 March 2024 and is reliant on the loans from the directors and their trusts. The directors have confirmed that these loans will not be recalled within 12 months of the date of signing the financial statements. Although the investments properties market value suffered due to the impact initially of the pandemic and more recently due to rising borrowing interest rates and inflation, the Company continues to have both strong net assets and significant cash reserves as at the year end and continues to do so post year end. Based on this, the directors have concluded that the Company has adequate resources to meet its financial obligations as they fall due for least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is the amount derived from the collection of rents and falls within the Company's ordinary activities. Revenue is recognised in the period in which the rents are receivable. All revenue arises in the United Kingdom. Rental income from properties is credited to the Profit and Loss Account on a straight line basis over the lease term. Where payments are received from tenants in advance of services provided, the amounts recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
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:

Plant and machinery 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.

Leases


The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Deposits with an original maturity of between three and twelve months is classed as a current investment in the balance sheet.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 125,000 125,000
Disposals ( 125,000) ( 125,000)
At 31 March 2024 0 0
Accumulated amortisation
At 01 April 2023 60,400 60,400
Charge for the financial year 15,100 15,100
Impairment losses 49,500 49,500
Disposals ( 125,000) ( 125,000)
At 31 March 2024 0 0
Net book value
At 31 March 2024 0 0
At 31 March 2023 64,600 64,600

4. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 April 2023 3,450 3,450
At 31 March 2024 3,450 3,450
Accumulated depreciation
At 01 April 2023 2,321 2,321
Charge for the financial year 437 437
At 31 March 2024 2,758 2,758
Net book value
At 31 March 2024 692 692
At 31 March 2023 1,129 1,129

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 62,244,351
As at 31 March 2024 62,244,351

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 74,936,996 74,936,996

Investment properties were professionally valued by independent valuers, registered with the Royal Institution of Chartered Surveyors (RICS) with an effective date of 1 October 2022. As a result of this valuation exercise the directors recognised a downward fair value movement of £5.3m during the prior year. The directors do not believe there has been a significant change in the valuations since this date and up until the year end of 31 March 2024.

6. Debtors

2024 2023
£ £
Amounts owed by Parent undertakings 190,635 190,635
Prepayments and accrued income 227,005 355,856
Other taxation and social security 5,904 0
Other debtors 1,260,553 1,151,272
1,684,097 1,697,763

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 10,757 7,308
Amounts owed to directors 7,012,877 7,000,311
Accruals and deferred income 1,106,032 1,150,204
Corporation tax 136,461 86,502
Other taxation and social security 220,885 154,684
Other creditors 18,036,390 19,392,776
26,523,402 27,791,785

8. Related party transactions

The total aggregate directors remuneration for the year was £120,000 (2023: £120,000). The directors are the only key management personnel of the Company.

The Company has taken advantage of the exemption available under FRS 102 Section 1A not to disclose details of transactions with wholly owned members of the group headed by its parent company.

Included within other debtors is amounts owed by directors totalling £989 (2023: £989). These loans are interest-free and are repayable on demand.

Included within amounts owed to directors are unsecured loans totalling £12,877 (2023: £311). These loans are interest-free and are repayable on demand.

As at 31 March 2024, loans of £12,498,627 (2023: £13,684,000) were due to trusts for which the directors J Moss, D P Moss and S J Levy are trustees.

As at 31 March 2024, a loan of £3,500,000 (2023: £3,500,000) was due to the director D P Moss jointly with his wife.

As at 31 March 2024, a loan of £3,500,000 (2023: £3,500,000) was due to the director S J Levy personally.

The loans accrue interest of 6% per annum and are repayable on demand.

9. Ultimate controlling party

There is no individual ultimate controlling party.

The immediate and ultimate parent company is G.A.T. Holdings Limited, a company registered in England and Wales. The registered office address of G.A.T Holdings Limited is 3rd Floor, 5 Callaghan Square, Cardiff, United Kingdom, CF10 5BT.