Ghalibaf Industries Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Archway, 74a Fulham Road, London, SW3 6HH.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the going concern basis on the assumption that the company will ,continue to trade for the foreseeable future. This basis may not be appropriate due to net current liabilities of £485,409 at 30 April 2024. The director is of the opinion that the company will trade profitably in the future and the company will continue to receive financial support from its director and related undertakings.
If this basis were found not to be appropriate assets and liabilities would need to be restated on a break up basis which would not be materially different.
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.
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.
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.
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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
Fixed asset investments represent share investments and loans made to unquoted trading companies in the European Union.
At 30 April 2024 the company owned 100% of the issued share capital of LSP Logistic Service Partner GmbH, a company incorporated in Germany whose principal activity is the holding of company shares and the provision of management consultancy services. During the year ended 28 February 2023 LSP Logistic Service Partner GmbH achieved a loss of €102 and had net liabilities of €10,304. The director is of the opinion that this subsidiary undertaking will trade profitably in the future and hence no fair value adjustment is required in relation to the value of the investment in the subsidiary undertaking as at 30 April 2024.
At 30 April 2024 the company owned 37.40% of the issued share capital of ELBE Partners Industries GmbH, a company incorporated in Germany whose principal activity is the holding of company shares and the provision of management consultancy services. During the year ended 31 December 2023 the consolidated financial statements of ELBE Partners Industries GmbH achieved a profit of €3,195,000 and had net assets of €13,502,000.
At 30 April 2024 the company owned 2.27% of the issued share capital of METZEN Industries GmbH (previously named ELBE Industrietechnik GmbH), a company incorporated in Germany. 74.30% of the issued share capital of METZEN Industries GmbH is owned by Elbe Partners Industries GmbH of which the company owns 37.40% of its issued share capital. The principal activity of METZEN Industries GmbH is to be the parent company of the METZEN Industries Group which specialises in manufacturing services, industrial equipment and gripper technology. During the year ended 31 December 2023 the consolidated financial statements of METZEN Industries GmbH achieved a profit of €1,992,421 and had net assets of €5,674,255.
During the year the company charged its related undertaking ELBE Partners Industries GmbH, incorporated in Germany, £221,162 (€254,667) for services provided.
Included within fixed asset investments is a loan of £1,260,062 owed to the company by its subsidiary undertaking LSP Logistic Service Partner GmbH, incorporated in Germany. The loan is unsecured and due for repayment between April 2028 and March 2032. During the year interest of £51,279 (€59,427) was charged by the company to LSP Logistic Service Partner GmbH at a rate between 1% and 8% per annum. Included within other debtors is £472,218 (€552,505) interest owed to the company by LSP Logistic Service Partner GmbH.
Included within fixed asset investments is a loan of £8,609 (€10,000) owed to the company by its associate undertaking ELBE Partners Industries GmbH, incorporated in Germany. The loan is unsecured and due for repayment after December 2027. During the year interest of £3,000 (€3,510) was charged by the company to ELBE Partners Industries GmbH at a rate of 7% per annum and is included within other debtors.
During the year the company was repaid in full a loan of £83,179 (€93,000) by the associate undertaking ELBE Partners Industries GmbH, incorporated in Germany. During the year interest of £282 (€330) was received on this loan at a rate of 5% per annum.
During the year the company was repaid in full a loan of £13,076 (€15,000) by the associate undertaking ELBE Partners Industries GmbH, incorporated in Germany. During the year interest of £26,362 (€30,797) was received on this loan at a rate of 5% per annum. A profit of £42,942 (€50,092) was made on the repayment of this loan.
During the year the company repaid a loan in full of £73,318 (€83,472) to its related undertaking Elbe Partners Industries GmbH, incorporated in Germany. During the year interest of £1,954 (€2,287) was charged to the company at a rate of 5% per annum.
During the year the company repaid a loan in full of £221,865 (€260,000) to Courtfield Partners Ltd, a company incorporated in the United Kingdom, in which the director and shareholder Mr R Ghalibaf is also a director and shareholder. During the year interest of £3,311 (€3,874) was charged to the company at a rate of 2.50% per annum.
During the year the company was charged consultancy fees of £165,267 (€190,000) by its subsidiary undertaking LSP Logistic Service Partner GmbH, incorporated in Germany. Included within trade creditors is £469,917 (€535,000) owed by the company to LSP Logistic Services Partner GmbH. This amount is unsecured, interest free and repayable on demand.
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company director.
Included within other debtors is £14,417 owed to the company by the sole director and shareholder, Mr R Ghalibaf. This amount is unsecured and repayable on demand. During the year interest of £1,188 was charged by the company at the HMRC beneficial loan rate of 2.25% per annum on amounts owing to the company.
The amount owed to the company by Mr R Ghalibaf at the balance sheet date was repaid in full in January 2025.
During the year the company was charged rent of £61,960 by the sole director and shareholder, Mr R Ghalibaf.
The company is controlled by the sole director, Mr R Ghalibaf by virtue of his holding 100% of the issued share capital of the company.