Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29497238665181231072023-03-01falseNo description of principal activity8falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03514051 2023-03-01 2024-02-29 03514051 2022-03-01 2023-02-28 03514051 2024-02-29 03514051 2023-02-28 03514051 c:Director1 2023-03-01 2024-02-29 03514051 d:Buildings d:ShortLeaseholdAssets 2023-03-01 2024-02-29 03514051 d:Buildings d:ShortLeaseholdAssets 2024-02-29 03514051 d:Buildings d:ShortLeaseholdAssets 2023-02-28 03514051 d:FurnitureFittings 2023-03-01 2024-02-29 03514051 d:FurnitureFittings 2024-02-29 03514051 d:FurnitureFittings 2023-02-28 03514051 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03514051 d:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 03514051 d:OtherPropertyPlantEquipment 2024-02-29 03514051 d:OtherPropertyPlantEquipment 2023-02-28 03514051 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03514051 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03514051 d:FreeholdInvestmentProperty 2023-03-01 2024-02-29 03514051 d:FreeholdInvestmentProperty 2024-02-29 03514051 d:FreeholdInvestmentProperty 2023-02-28 03514051 d:LeaseholdInvestmentProperty 2023-03-01 2024-02-29 03514051 d:LeaseholdInvestmentProperty 2024-02-29 03514051 d:LeaseholdInvestmentProperty 2023-02-28 03514051 d:CurrentFinancialInstruments 2024-02-29 03514051 d:CurrentFinancialInstruments 2023-02-28 03514051 d:Non-currentFinancialInstruments 2024-02-29 03514051 d:Non-currentFinancialInstruments 2023-02-28 03514051 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 03514051 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03514051 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 03514051 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03514051 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 03514051 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 03514051 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 03514051 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 03514051 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 03514051 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 03514051 d:ShareCapital 2024-02-29 03514051 d:ShareCapital 2023-02-28 03514051 d:InvestmentPropertiesRevaluationReserve 2024-02-29 03514051 d:InvestmentPropertiesRevaluationReserve 2023-02-28 03514051 d:RetainedEarningsAccumulatedLosses 2024-02-29 03514051 d:RetainedEarningsAccumulatedLosses 2023-02-28 03514051 c:OrdinaryShareClass1 2023-03-01 2024-02-29 03514051 c:OrdinaryShareClass1 2024-02-29 03514051 c:OrdinaryShareClass1 2023-02-28 03514051 c:FRS102 2023-03-01 2024-02-29 03514051 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 03514051 c:FullAccounts 2023-03-01 2024-02-29 03514051 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03514051 2 2023-03-01 2024-02-29 03514051 d:OtherDeferredTax 2024-02-29 03514051 d:OtherDeferredTax 2023-02-28 03514051 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03514051









GALLIPOLI CAFE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
GALLIPOLI CAFE LIMITED
REGISTERED NUMBER: 03514051

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
23,469
37,440

Investment property
 6 
24,861,933
25,906,155

  
24,885,402
25,943,595

Current assets
  

Debtors: amounts falling due within one year
 7 
280,254
176,740

Cash at bank and in hand
 8 
298,730
578,682

  
578,984
755,422

Creditors: amounts falling due within one year
 9 
(2,119,411)
(2,398,615)

Net current liabilities
  
 
 
(1,540,427)
 
 
(1,643,193)

Total assets less current liabilities
  
23,344,975
24,300,402

Creditors: amounts falling due after more than one year
 10 
(14,321,823)
(14,861,032)

Provisions for liabilities
  

Deferred tax
 12 
(996,835)
(1,032,212)

  
 
 
(996,835)
 
 
(1,032,212)

Net assets
  
8,026,317
8,407,158


Capital and reserves
  

Called up share capital 
 13 
1,000
1,000

Investment property reserve
  
5,525,148
5,488,864

Profit and loss account
  
2,500,169
2,917,294

  
8,026,317
8,407,158


Page 1

 
GALLIPOLI CAFE LIMITED
REGISTERED NUMBER: 03514051
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 director acknowledges his 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 by: 




Mr Enver Ucar
Director

Date: 26 February 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Gallipoli Cafe Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03514051. The address of the registered office is 291 Green Lanes, London N13 4XS.

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 comprises rental income and other sums receivable from the company's investment properties.
The company’s properties which are leased out under operating leases are included in investment property in the balance sheet. Rental income from operating leases is recognised in the income statement on a straight line basis over the lease term. Rent received in advance is deferred in the balance sheet and recognised in the period to which it relates to.
The company's properties which are rented as residential units are included in investment property in the balance sheet. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the rented space and is recorded on a straight-line bases according to the tenancy agreement.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.8

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 and straight line basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
5 years
Fixtures and fittings
-
20% straight line
Alterations to premises
-
5% 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 profit or loss.

Page 4

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by the Director 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 the Statement of Comprehensive Income including the Profit and Loss account.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 7).

Page 5

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Dividends

29 February
28 February
2024
2023
£
£


Dividends on Ordinary Shares
40,000
31,000

40,000
31,000


5.


Tangible fixed assets







Short-term leasehold property
Fixtures and fittings
Alterations to premises
Total

£
£
£
£



Cost


At 1 March 2023
2,658
157,479
280,463
440,600


Disposals
(2,658)
(157,479)
-
(160,137)



At 29 February 2024

-
-
280,463
280,463



Depreciation


At 1 March 2023
2,658
157,456
243,046
403,160


Charge for the year on owned assets
(2,658)
23
13,948
11,313


Disposal of subsidiary
-
(157,479)
-
(157,479)



At 29 February 2024

-
-
256,994
256,994



Net book value



At 29 February 2024
-
-
23,469
23,469



At 28 February 2023
-
23
37,417
37,440

Page 6

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Investment property





Freehold investment property
Short term leasehold investment property
Total

£
£
£



Valuation


At 1 March 2023
25,709,909
196,246
25,906,155


Additions at cost
60,778
-
60,778


Disposals
(1,105,000)
-
(1,105,000)



At 29 February 2024
24,665,687
196,246
24,861,933

The 2024 valuations were made by the Director on a fair value basis.




Page 7

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
53,551
-

Other debtors
144,454
102,531

Prepayments and accrued income
82,249
74,209

280,254
176,740



8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
298,730
578,682

298,730
578,682



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
932,219
1,218,887

Trade creditors
59,591
59,744

Corporation tax
-
2,817

Other taxation and social security
2,516
1,666

Other creditors
1,118,457
1,105,995

Accruals and deferred income
6,628
9,506

2,119,411
2,398,615


Page 8

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
14,321,823
14,861,032

14,321,823
14,861,032



11.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
932,219
1,218,887

Amounts falling due 1-2 years

Bank loans
1,319,907
3,129,721

Amounts falling due 2-5 years

Bank loans
3,823,793
1,964,150

Amounts falling due after more than 5 years

Bank loans
9,178,123
9,767,160

15,254,042
16,079,918


Bank loans are secured over the investment properties of the company.


12.


Deferred taxation






2024


£






At beginning of year
(1,032,213)


Charged to the profit or loss
35,378



At end of year
(996,835)

Page 9

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Fair value movements
(996,835)
(1,032,213)

(996,835)
(1,032,213)

Page 10

 
GALLIPOLI CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



14.


Related party transactions

Included within Other Creditor at the year end is a loan amount of £1,070,427 (2023: £1,069,63) due to the Director. The loan is unsecured and repayable on demand. The Director has charged the company interest of £77,801 (2023: £26,253).

 
Page 11