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      Registered number: 09212859









GANI & CO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
GANI & CO LIMITED
REGISTERED NUMBER: 09212859

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024


2024

2023
Note
£
£
£
£

Fixed assets
  

Intangible Assets
 4 
-
-

Tangible assets
 5 
352,236
3,356

  
352,236
3,356

Current assets
  

Debtors: amounts falling due within one year
 6 
3,716,714
3,944,859

Cash at bank and in hand
 7 
483,488
641,454

  
4,200,202
4,586,313

Creditors: amounts falling due within one year
 8 
(3,077,399)
(3,066,847)

Net current assets
  
 
 
1,122,803
 
 
1,519,466

Total assets less current liabilities
  
1,475,039
1,522,822

 
Provisions for liabilities
  

Deferred tax
 9 
(88,059)
-

Net assets
  
1,386,980
1,522,822


Capital and reserves
  

Called up share capital 
 10 
10,000
10,000

Profit and loss account
  
1,376,980
1,512,822

  
1,386,980
1,522,822


Page 1

 
GANI & CO LIMITED
REGISTERED NUMBER: 09212859
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 7 January 2025.




N A Gani
Director

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

Page 2

 
GANI & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Gani & Co Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 1 Commonside West, Mitcham, Surrey, CR4 4HA.
The company specialises in property management.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Goodwill has an estimated useful life of 3 years and other intangible assets are estimated to have a useful life of 5 years.

Page 3

 
GANI & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

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, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight line
Fixtures & fittings
-
20%
Straight line

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 the Statement of comprehensive income.

 
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.

Page 4

 
GANI & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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.

Page 5

 
GANI & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Employees

2024
2023
£
£

Wages and salaries
76,129
74,355

Social security costs
15,428
12,209

Cost of defined contribution scheme
3,786
3,699

95,343
90,263


The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Intangible assets




Other intangible assets
Goodwill
Total

£
£
£



Cost


At 1 August 2023
4,030
40,000
44,030



At 31 July 2024

4,030
40,000
44,030



Amortisation


At 1 August 2023
4,030
40,000
44,030



At 31 July 2024

4,030
40,000
44,030



Net book value



At 31 July 2024
-
-
-



At 31 July 2023
-
-
-



Page 6

 
GANI & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 August 2023
-
28,892
28,892


Additions
350,000
8,436
358,436



At 31 July 2024

350,000
37,328
387,328



Depreciation


At 1 August 2023
-
25,536
25,536


Charge for the year on owned assets
5,833
3,723
9,556



At 31 July 2024

5,833
29,259
35,092



Net book value



At 31 July 2024
344,167
8,069
352,236



At 31 July 2023
-
3,356
3,356


6.


Debtors

2024
2023
£
£


Other debtors
3,716,714
3,944,859



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
483,488
641,454


Page 7

 
GANI & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
72,192

Other taxation and social security
11,840
8,225

Other creditors
3,058,702
2,980,446

Accruals and deferred income
6,857
5,984

3,077,399
3,066,847



9.


Deferred taxation




2024


£






Charged to the Statement of comprehensive income
88,059



At end of year
88,059

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
88,059
-

88,059
-


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 Ordinary shares of £1 each
10,000
10,000



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,786 (2023 - £3,699).

Page 8

 
GANI & CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Related party transactions

Included within debtors due within one year are loans due from companies under common control amounting to £3,716,624  (2023 - £3,944,859).
 
Included within creditors due within one year are loans due to companies under common control amounting to £1,160,000  (2023 - £1,160,000).
 
Included within other creditors is an amount owed to directors totaling £1,328,335 (2023 - £1,218,570). There is no interest accruing or receivable on this loan.
 
During the year, the company paid rent of £30,000 (2023 - £33,000) to companies under common control.
 
During the year, the company paid charitable donations of £18,000 (2023 - £Nil) to a charity with trustees who are also directors of the company.
 


13.


Controlling party

The company is jointly controlled by N A Gani and R N Gani, who are directors of the company.
 
Page 9