REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Gifar Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Gifar Ltd |
Gifar Ltd (Registered number: 07764213) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Gifar Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 5 Corum 2 |
Corum Office Park |
Crown Way |
Warmley |
Bristol |
BS30 8FJ |
Gifar Ltd (Registered number: 07764213) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Gifar Ltd (Registered number: 07764213) |
Balance Sheet - continued |
29 February 2024 |
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 were approved by the Board of Directors and authorised for issue on |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Gifar Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from the Financial Reporting Standard 102 1A. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and the provision of dentistry services in the ordinary course of the company's activities. |
The company recognises revenue when: |
- It is in line with dental work performed; |
- 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. |
Intangible assets |
The company has capitalised costs associated with cryptocurrency investments which are subject to revaluation. They are revalued on an annual basis and the gain/loss on revaluation has been recognised in Other Comprehensive Income. |
Tangible fixed assets |
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Furniture, fittings & equipment | - 20% on reducing balance |
Motor vehicles | - 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. |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 March 2023 |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | TANGIBLE FIXED ASSETS |
Furniture, |
fittings | Motor |
& equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
Additions |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Additions |
Revaluations | 169,600 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The fair value of the investment property has been arrived at by a valuation by the directors at the open market value at 29 February 2024. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Accrued income |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Included in bank loans in notes 9 and 10 is a combined balance of £22,095 (2023 - £31,921) which is unsecured and guaranteed by the government. |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Hire purchase contracts | 102,272 | 82,635 |
Bank loans | 295,870 | 308,921 |
The bank loans are secured by: |
- a first legal charge over the property at 42 Pembroke Road, Clifton, Bristol in favour of The Royal Bank of Scotland Plc. |
- a deed of priority/release to The Royal Bank of Scotland Plc in respect to their debenture. |
- a letter of waiver of book debts to The Royal Bank of Scotland Plc in respect to their debenture. |
Hire purchase contracts are secured against the assets which they relate to. |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | RELATED PARTY DISCLOSURES |
Loans to related parties |
Other related parties |
Total |
2024 | £ | £ |
At start of period | 24,800 | 24,800 |
Advanced | 26,445 | 26,445 |
Repaid | - | - |
At end of period | 51,245 | 51,245 |
Other related parties |
Total |
2023 | £ | £ |
At start of period | 24,800 | 24,800 |
Advanced | - | - |
Repaid | - | - |
At end of period | 24,800 | 24,800 |
The loans to other related parties are interest free and repayable on demand. |
Gifar Ltd (Registered number: 07764213) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | RELATED PARTY DISCLOSURES - continued |
Loans from related parties |
Key management |
Other related parties |
Total |
2024 | £ | £ | £ |
At start of period | 98 | 25,968 | 26,066 |
Advanced | 205,147 | 8,390 | 213,537 |
Repaid | (203,797 | ) | (43 | ) | (203,840 | ) |
At end of period | 1,448 | 34,315 | 35,763 |
Key management |
Other related parties |
Total |
2023 | £ | £ | £ |
At start of the period | - | 14,657 | 14,657 |
Advanced | 143,807 | 13,354 | 157,161 |
Repaid | (143,709 | ) | (2,043 | ) | (145,752 | ) |
At end of period | 98 | 25,968 | 26,066 |
The loans from key management are interest free and repayable on demand. |
The loans from other related parties are interest free and repayable on demand. |