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Registered number: 01084920









GENDYKE PROPERTIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
 GENDYKE PROPERTIES LIMITED
REGISTERED NUMBER: 01084920

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
1,503,700
1,095,000

  
1,503,700
1,095,000

Current assets
  

Debtors: amounts falling due within one year
 6 
47,415
11,274

Cash at bank and in hand
 7 
24,784
120,521

  
72,199
131,795

Creditors: amounts falling due within one year
 8 
(896,709)
(634,613)

Net current liabilities
  
 
 
(824,510)
 
 
(502,818)

Total assets less current liabilities
  
679,190
592,182

Provisions for liabilities
  

Deferred tax
  
(55,156)
(55,156)

  
 
 
(55,156)
 
 
(55,156)

Net assets
  
624,034
537,026


Capital and reserves
  

Called up share capital 
  
2
2

Other reserves
  
165,468
165,468

Profit and loss account
  
458,564
371,556

  
624,034
537,026


Page 1

 
 GENDYKE PROPERTIES LIMITED
REGISTERED NUMBER: 01084920
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Freed
Director

Date: 28 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
 GENDYKE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Gendyke Properties Limited is a private company limited by shares incorporated in England & Wales (registered number: 01084920). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH.
 The financial statements are presented in Sterling, which is the functional currency of the company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
 GENDYKE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
 GENDYKE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
 GENDYKE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2023
4,494



At 30 April 2024

4,494



Depreciation


At 1 May 2023
4,494



At 30 April 2024

4,494



Net book value



At 30 April 2024
-



At 30 April 2023
-

Page 6

 
 GENDYKE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
1,095,000


Additions at cost
408,700



At 30 April 2024
1,503,700

The 2024 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,283,076
874,376

1,283,076
874,376


6.


Debtors

2024
2023
£
£


Trade debtors
16,436
10,359

Amounts owed by group undertakings
24
24

Other debtors
30,955
-

Prepayments and accrued income
-
891

47,415
11,274


Page 7

 
 GENDYKE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
24,784
120,521

24,784
120,521



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,316
924

Amounts owed to group undertakings
822,058
611,271

Other taxation and social security
3,918
3,704

Other creditors
28,319
-

Accruals and deferred income
39,098
18,714

896,709
634,613



9.


Deferred taxation




2024
2023


£

£






At beginning of year
(55,156)
-


Charged to profit or loss
-
(55,156)



At end of year
(55,156)
(55,156)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(55,156)
(55,156)

(55,156)
(55,156)

Page 8

 
 GENDYKE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Controlling party

The intermediate parent company is Sydney Freed (Holdings). The ultimate parent company is Freed Holdings Limited. Both companies are registered in England and Wales. There is no overall controlling party.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 28 October 2024 by Stephen Haffner (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 9