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REGISTERED NUMBER: 08450575 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

GAIL 1 LIMITED

GAIL 1 LIMITED (REGISTERED NUMBER: 08450575)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GAIL 1 LIMITED

COMPANY INFORMATION
for the Year Ended 31ST MARCH 2024







DIRECTOR: M D E Bayntun





REGISTERED OFFICE: 146-148 Newington Butts
London
SE11 4RN





REGISTERED NUMBER: 08450575 (England and Wales)





ACCOUNTANTS: Underwood Barron Associates Limited
13 Hursley Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2FW

GAIL 1 LIMITED (REGISTERED NUMBER: 08450575)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 995,000 1,190,000
995,000 1,190,000

CURRENT ASSETS
Debtors 6 561,369 550,280
Cash at bank 14,403 8,290
575,772 558,570
CREDITORS
Amounts falling due within one year 7 510,117 253,596
NET CURRENT ASSETS 65,655 304,974
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,060,655

1,494,974

CREDITORS
Amounts falling due after more than one
year

8

(541,138

)

(816,130

)

PROVISIONS FOR LIABILITIES (81,939 ) (130,689 )
NET ASSETS 437,578 548,155

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 245,818 392,068
Retained earnings 191,660 155,987
SHAREHOLDERS' FUNDS 437,578 548,155

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 director acknowledges his 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 director and authorised for issue on 12th November 2024 and were signed by:



M D E Bayntun - Director


GAIL 1 LIMITED (REGISTERED NUMBER: 08450575)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31ST MARCH 2024

1. STATUTORY INFORMATION

Gail 1 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.

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.

Turnover
Turnover represents income derived from the company's principal activity and is stated net of value added tax.

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 cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023
and 31st March 2024 3,596
DEPRECIATION
At 1st April 2023
and 31st March 2024 3,596
NET BOOK VALUE
At 31st March 2024 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 1,190,000
Revaluations (195,000 )
At 31st March 2024 995,000
NET BOOK VALUE
At 31st March 2024 995,000
At 31st March 2023 1,190,000

GAIL 1 LIMITED (REGISTERED NUMBER: 08450575)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31ST MARCH 2024

5. INVESTMENT PROPERTY - continued

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2015 140,583
Valuation in 2016 75,000
Valuation in 2018 47,174
Valuation in 2020 95,000
Valuation in 2021 5,000
Valuation in 2022 150,000
Valuation in 2023 10,000
Valuation in 2024 (195,000 )
Cost 667,243
995,000

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

31.3.24 31.3.23
£    £   
Cost 667,243 667,243
Aggregate depreciation (120,824 ) (107,479 )

The investment properties were valued on an open market basis basis on 31st March 2024 by the director of the company .

6. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 3,289 2,200
Amounts owed by associates 793 793
4,082 2,993

Amounts falling due after more than one year:
Amounts owed by associates 557,287 547,287

Aggregate amounts 561,369 550,280

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 250,000 -
Amounts owed to associates 21,737 21,737
Taxation and social security 11,136 5,659
Other creditors 227,244 226,200
510,117 253,596

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 250,000
Amounts owed to associates 524,957 546,957
Other creditors 16,181 19,173
541,138 816,130

GAIL 1 LIMITED (REGISTERED NUMBER: 08450575)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31ST MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 3,654 8,181

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 250,000 250,000

The Bank of Cyprus holds a charge over two of the companies investment properties.

10. RESERVES
Fair
value
reserve
£   
At 1st April 2023 392,068
Property valuation (146,250 )

At 31st March 2024 245,818

11. ULTIMATE CONTROLLING PARTY

The controlling party is S L Evans.