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Company No: 04125562 (England and Wales)

ST GABRIEL'S AVENUE PROPERTIES LIMITED

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

ST GABRIEL'S AVENUE PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

ST GABRIEL'S AVENUE PROPERTIES LIMITED

BALANCE SHEET

As at 30 June 2024
ST GABRIEL'S AVENUE PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 482 0
Investment property 4 1,094,787 1,094,787
1,095,269 1,094,787
Current assets
Debtors 5 10,454 8,667
Cash at bank and in hand 50,420 46,222
60,874 54,889
Creditors: amounts falling due within one year 6 ( 413,207) ( 406,263)
Net current liabilities (352,333) (351,374)
Total assets less current liabilities 742,936 743,413
Creditors: amounts falling due after more than one year 7 ( 111,120) ( 111,017)
Provision for liabilities ( 13,672) ( 13,672)
Net assets 618,144 618,724
Capital and reserves
Called-up share capital 8 999 999
Capital redemption reserve 1 1
Profit and loss account 617,144 617,724
Total shareholders' funds 618,144 618,724

For the financial year ending 30 June 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 St Gabriel's Avenue Properties Limited (registered number: 04125562) were approved and authorised for issue by the Board of Directors on 15 March 2025. They were signed on its behalf by:

Mr J E T Lang
Director
ST GABRIEL'S AVENUE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
ST GABRIEL'S AVENUE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

St Gabriel's Avenue Properties 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 Longfields, Colehayes Park, Bovey Tracey, TQ13 9LD, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents rents receivable in respect of the accounting period excluding Value Added Tax.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line
Office equipment 4 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.

Investment property

Investment properties are included at their open market value provided by an independent valuer at the balance sheet date. Valuations are determined by a combination of techniques including reference to recent sales for similar properties and known yields for similar properties within the same location. Changes in fair value are recognised in the profit and loss account.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 July 2023 2,125 1,012 3,137
Additions 0 625 625
At 30 June 2024 2,125 1,637 3,762
Accumulated depreciation
At 01 July 2023 2,125 1,012 3,137
Charge for the financial year 0 143 143
At 30 June 2024 2,125 1,155 3,280
Net book value
At 30 June 2024 0 482 482
At 30 June 2023 0 0 0

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 1,094,787
As at 30 June 2024 1,094,787

5. Debtors

2024 2023
£ £
Other debtors 10,454 8,667

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to directors 384,648 393,408
Accruals and deferred income 26,803 11,733
Other taxation and social security 1,756 1,122
413,207 406,263

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

2024 2023
£ £
Bank loans (secured) 111,120 111,017

The bank loan is secured by way of a legal charge over the property for which it was used to purchase.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
666 Ordinary A shares of £ 1.00 each 666 666
333 Ordinary B shares of £ 1.00 each 333 333
999 999

9. Events after the Balance Sheet date

After the balance sheet date (29 October 2024) Josephine Williams' 333 A shares moved into The Josephine Mary Williams Lang Family Trust and James Lang's 333 A shares moved into The James and Gillian Lang Family Trust.

Subsequent to the reporting date, the investment properties were revalued on 16 October 2024 by William G Lean, a qualified independent valuer. The valuation determined a fair value of £1,177,125, compared to the carrying amount of £1,094,787 at the balance sheet date.

As the revaluation occurred after the year-end, it is classified as a non-adjusting event under FRS 102. Therefore, no adjustment has been made to the financial statements for the year ended 30 June 2024. However, the revaluation is considered material, and the directors believe this disclosure is necessary to provide a true and fair view of the company's financial position.