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Company No: 10106076 (England and Wales)

GKI PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

GKI PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

GKI PROPERTY LIMITED

BALANCE SHEET

As at 30 April 2024
GKI PROPERTY LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,851,120 1,388,598
1,851,120 1,388,598
Current assets
Debtors 5 300 300
Cash at bank and in hand 74,769 244,465
75,069 244,765
Creditors: amounts falling due within one year 6 ( 50,014) ( 104,509)
Net current assets 25,055 140,256
Total assets less current liabilities 1,876,175 1,528,854
Creditors: amounts falling due after more than one year 7 ( 1,229,995) ( 1,229,995)
Accruals and deferred income ( 8,247) 0
Net assets 637,933 298,859
Capital and reserves
Called-up share capital 100 100
Share premium account 289,000 0
Profit and loss account 348,833 298,759
Total shareholders' funds 637,933 298,859

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of GKI Property Limited (registered number: 10106076) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

G Friend
Director
GKI PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
GKI PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GKI Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fairfield, Old Warwick Road, Lapworth, B94 6JZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the rental amounts due on the investment properties held in the period. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
the amount of rent can be reliably measured;
It is confirmed that the rent is due to the entity.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

4. Tangible assets

Land and buildings Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 01 May 2023 1,388,459 164 0 1,388,623
Additions 460,562 0 2,049 462,611
At 30 April 2024 1,849,021 164 2,049 1,851,234
Accumulated depreciation
At 01 May 2023 0 25 0 25
Charge for the financial year 0 21 68 89
At 30 April 2024 0 46 68 114
Net book value
At 30 April 2024 1,849,021 118 1,981 1,851,120
At 30 April 2023 1,388,459 139 0 1,388,598

5. Debtors

2024 2023
£ £
Other debtors 300 300

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 15,156 38,716
Other creditors 34,858 65,793
50,014 104,509

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 229,995 229,995
Other creditors 1,000,000 1,000,000
1,229,995 1,229,995

There are no amounts included above in respect of which any security has been given by the small entity.