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REGISTERED NUMBER: 11467909 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FOR

GSHWI LIMITED

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GSHWI LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2024







DIRECTORS: Mr G J A White
Mr S Hollis



REGISTERED OFFICE: c/o Michael Heaven & Associates Limited
47 Calthorpe Road
Edgbaston
BIRMINGHAM
West Midlands
B15 1TH



REGISTERED NUMBER: 11467909 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



BANKERS: Lloyds Bank PLC
PO Box 1000
Andover
BX1 1LT



INCORPORATED: 17th July 2018

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

ABRIDGED BALANCE SHEET
30TH SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 126,876 249,991
Investment property 5 45,605,198 22,748,987
45,732,074 22,998,978

CURRENT ASSETS
Debtors 6 2,245,822 679,429
Cash at bank 168,326 100,580
2,414,148 780,009
CREDITORS
Amounts falling due within one year 6,661,237 5,470,519
NET CURRENT LIABILITIES (4,247,089 ) (4,690,510 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,484,985

18,308,468

CREDITORS
Amounts falling due after more than one
year

7

(21,820,490

)

(11,621,097

)

PROVISIONS FOR LIABILITIES 11 (4,207,544 ) (1,221,129 )
NET ASSETS 15,456,951 5,466,242

CAPITAL AND RESERVES
Called up share capital 12 100 100
Undistributable revenue
reserve 12,622,633 3,909,513
Retained earnings 2,834,218 1,556,629
SHAREHOLDERS' FUNDS 15,456,951 5,466,242

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

ABRIDGED BALANCE SHEET - continued
30TH SEPTEMBER 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30th September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th February 2025 and were signed on its behalf by:





Mr G J A White - Director


GSHWI LIMITED (REGISTERED NUMBER: 11467909)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


1. STATUTORY INFORMATION

GSHWI 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Renal income is recognised in revenue based on tenancy agreements not when consideration is received. The balance of consideration received in excess of tenancy agreements is then carried forward in deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 5% on cost
Fixtures and fittings - 25% on cost

Investment property
Investment properties are properties owned or held under a lease to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, or net present value of lease payments if held under a lease including transaction costs. Subsequently gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.


GSHWI LIMITED (REGISTERED NUMBER: 11467909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Intercompany loan
There is no interest payable on the intercompany loan with its parent and this is repayable on demand.

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.

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Creditors
Short term trade 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st October 2023 507,216
Additions 92,390
Disposals (29,915 )
Reclassification/transfer (119,659 )
At 30th September 2024 450,032
DEPRECIATION
At 1st October 2023 257,225
Charge for year 89,614
Eliminated on disposal (4,737 )
Reclassification/transfer (18,946 )
At 30th September 2024 323,156
NET BOOK VALUE
At 30th September 2024 126,876
At 30th September 2023 249,991

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2023 22,748,987
Additions 1,490,998
Disposals (1,023,616 )
Revaluations 11,699,535
Reclassification/transfer 10,689,294
At 30th September 2024 45,605,198
NET BOOK VALUE
At 30th September 2024 45,605,198
At 30th September 2023 22,748,987

Fair value at 30th September 2024 is represented by:
£   
Valuation in 2021 4,644,508
Valuation in 2022 9,227
Valuation in 2023 476,907
Valuation in 2024 11,699,535
Cost 28,775,021
45,605,198

All owned investment properties were revalued on an open market basis in October 2024 by CBRE Limited as part of a post year end refinancing. These values have been incorporated within these accounts.

The investment properties held under operating leases have been recognised this year at their net present value of future lease payments. These lease properties have also been revalued in these accounts using comparative sale data for a disposal that happened during the year.

The value of owned investment properties as at the year end was £29,015,000 . The value of leased assets included as investment properties as at the year end was £16,590,198.

In the directors' opinion the current carrying value of all investment properties is reflective of the current market values.

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other debtors 10,000 10,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Finance leases 8,768,748 -

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 345,283 1,791,707

Amounts falling due between one and two years:
Bank loans 1,002,793 345,702

Amounts falling due between two and five years:
Bank loans 10,445,198 11,275,395

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 316,795 -
Between one and five years 1,603,751 -
In more than five years 8,768,748 -
10,689,294 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 817,815
Between one and five years - 3,985,787
In more than five years - 13,498,908
- 18,302,510

The net carrying amount of finance leased assets shown within investment property is £16,590,198. The net present value of the future lease payments is £10,689,294.

The finance lease assets are in relation to property leases that were signed in 2021 and have a lease period of 20 years. There is therefore roughly 17 years unexpired as at the year end. The company obtains rental income from these sub leases.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 11,793,274 13,412,804

There are fixed and floating charges over the company including charges against the investment properties. All bank loans were refinanced after the year end and prior to approval of these accounts.

GSHWI LIMITED (REGISTERED NUMBER: 11467909)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024


11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,207,544 1,221,129

Deferred
tax
£   
Balance at 1st October 2023 1,221,129
Provided during year 2,986,415
Balance at 30th September 2024 4,207,544

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100