Company registration number 7909782 (England and Wales)
GADENS PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GADENS PROPERTIES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
GADENS PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
3,853
8,994
Investment property
4
5,300,000
4,803,845
5,303,853
4,812,839
Current assets
Trade and other receivables
5
17,901
3,449
Cash and cash equivalents
7,177
1,619
25,078
5,068
Current liabilities
6
(8,970)
(103,978)
Net current assets/(liabilities)
16,108
(98,910)
Total assets less current liabilities
5,319,961
4,713,929
Non-current liabilities
7
(2,449,729)
(2,322,407)
Provisions for liabilities
(525,842)
(400,057)
Net assets
2,344,390
1,991,465
Equity
Called up share capital
100
100
Non-distributable profits reserve
8
1,700,094
1,327,977
Distributable retained earnings
644,196
663,388
Total equity
2,344,390
1,991,465
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GADENS PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 January 2025
Mr T M Gaden
Director
Company Registration No. 7909782
GADENS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Gadens Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mount Pleasant Farm, Oddington Road, Oddington, Stow-On-The-Wold, Gloucestershire, United Kingdom, GL54 1JJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
GADENS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
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 current liabilities.
1.7
Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables 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.
Classification of financial liabilities
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
Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
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.
GADENS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
GADENS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
41,112
Additions
2,370
Disposals
(19,254)
At 31 March 2024
24,228
Depreciation and impairment
At 1 April 2023
32,118
Depreciation charged in the year
1,077
Eliminated in respect of disposals
(12,820)
At 31 March 2024
20,375
Carrying amount
At 31 March 2024
3,853
At 31 March 2023
8,994
4
Investment property
2024
£
Fair value
At 1 April 2023
4,803,845
Revaluations
496,155
At 31 March 2024
5,300,000
The fair value of investment property has been arrived at on the basis of a valuation carried out by a director at 31 March 2024. The valuation was made on an open market value basis by reference to transaction prices for similar properties.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
3,059,218
3,059,218
GADENS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
1,602
Corporation tax recoverable
11,443
Other receivables
6,458
1,847
17,901
3,449
6
Current liabilities
2024
2023
£
£
Trade payables
3,813
6,081
Corporation tax
73,729
Other payables
5,157
24,168
8,970
103,978
7
Non-current liabilities
2024
2023
£
£
Other payables
2,449,729
2,322,407
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
1,327,977
1,399,320
Non distributable profits in the year
372,117
(71,343)
At the end of the year
1,700,094
1,327,977
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
2,449,729
2,322,407
Other information
The above loans are interest free.
GADENS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Prior period adjustment
These financial statements include adjustments to opening balances in respect of the reclassification of freehold property from land and buildings held at cost to investment property held at market value.
The effect of such adjustments are as follows:
Changes to the statement of financial position
As previously reported
Adjustment at 1 Apr 2022
Adjustment at 31 Mar 2023
As restated at 31 Mar 2023
£
£
£
£
Fixed assets
Property, plant and equipment
2,979,561
(3,778,491)
807,924
8,994
Investment properties
-
5,748,539
(944,694)
4,803,845
Provisions for liabilities
Deferred tax
(38,800)
(423,291)
62,034
(400,057)
Net assets
519,444
1,546,757
(74,736)
1,991,465
Capital and reserves
Retained earnings
519,344
1,546,757
(74,736)
1,991,365
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Depreciation of freehold property
115,718
158,552
FV gains on investment property
1,854,330
1,674,726
Deferred tax
(423,291)
(361,257)
Total adjustments
1,546,757
1,472,021
Equity as previously reported
8,561
519,444
Equity as adjusted
1,555,318
1,991,465
Analysis of the effect upon equity
Retained earnings
1,546,757
1,472,021
GADENS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Prior period adjustment
(Continued)
- 9 -
Notes to reconciliation
Reclassification of freehold property as investment property
Freehold property previously included in the financial statements as land and buildings within tangible fixed assets at cost has been reclassified as Investment Property held at market value.
Depreciation charges previously included within the profit and loss accounts was reversed in the year ended 31 March 2023.
Gains on the valuation of investment property have been recorded together with the impact on deferred tax provisions. These movements have been included in the Balance Sheet via the creation of a non-distributable reserve within equity.
Following restatement of property valuations in the accounts, a profit on disposal previously recorded in the year ended 31 March 2023 has been reversed.
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