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REGISTERED NUMBER: 07764213 (England and Wales)















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: G Farina
M Giovarruscio





REGISTERED OFFICE: Ground Floor Flat
8 Oakfield Road
Bristol
BS8 2AL





REGISTERED NUMBER: 07764213 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
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 40,000 35,000
Tangible assets 5 127,763 94,933
Investments 6 35,800 -
Investment property 7 700,000 500,000
903,563 629,933

CURRENT ASSETS
Debtors 8 82,014 107,854
Cash at bank 11,791 7,583
93,805 115,437
CREDITORS
Amounts falling due within one year 9 216,942 135,299
NET CURRENT LIABILITIES (123,137 ) (19,862 )
TOTAL ASSETS LESS CURRENT LIABILITIES 780,426 610,071

CREDITORS
Amounts falling due after more than one
year

10

(388,090

)

(387,690

)

PROVISIONS FOR LIABILITIES (44,934 ) (37,092 )
NET ASSETS 347,402 185,289

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 347,302 185,189
347,402 185,289

Gifar Ltd (Registered number: 07764213)

Balance Sheet - continued
29 February 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 27 November 2024 and were signed on its behalf by:





M Giovarruscio - Director


Gifar Ltd (Registered number: 07764213)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Gifar Ltd 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.

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 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 March 2023 35,000
Revaluations 5,000
At 29 February 2024 40,000
NET BOOK VALUE
At 29 February 2024 40,000
At 28 February 2023 35,000


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 30,886 114,190 145,076
Additions 2,688 123,329 126,017
Disposals - (114,190 ) (114,190 )
At 29 February 2024 33,574 123,329 156,903
DEPRECIATION
At 1 March 2023 18,230 31,913 50,143
Charge for year 2,946 23,153 26,099
Eliminated on disposal - (47,102 ) (47,102 )
At 29 February 2024 21,176 7,964 29,140
NET BOOK VALUE
At 29 February 2024 12,398 115,365 127,763
At 28 February 2023 12,656 82,277 94,933

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 35,800
At 29 February 2024 35,800
NET BOOK VALUE
At 29 February 2024 35,800

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 500,000
Additions 30,400
Revaluations 169,600
At 29 February 2024 700,000
NET BOOK VALUE
At 29 February 2024 700,000
At 28 February 2023 500,000

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 29,958 81,694
Other debtors 52,056 26,160
82,014 107,854

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 19,951 19,671
Hire purchase contracts 12,196 16,116
Trade creditors 3,570 -
Taxation and social security 87,653 61,308
Other creditors 93,572 38,204
216,942 135,299

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 298,014 321,171
Hire purchase contracts 90,076 66,519
388,090 387,690

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
398,142 391,556

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.