Company Registration No. 09772794 (England and Wales)
GABSDAN DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GABSDAN DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
C M Ekaireb
J H Ekaireb
Company number
09772794
Registered office
20-22 Wenlock Road
London
England
N1 7GU
Accountants
HW Fisher Professional Services Limited
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
GABSDAN DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GABSDAN DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
50,003
50,003
Current assets
Stocks
1,350,000
1,350,000
Debtors
5
6,610,059
6,551,702
Cash at bank and in hand
371,936
8,992
8,331,995
7,910,694
Creditors: amounts falling due within one year
6
(667,348)
(4,268,950)
Net current assets
7,664,647
3,641,744
Total assets less current liabilities
7,714,650
3,691,747
Capital and reserves
Called up share capital
7
30,002
2
Share premium account
2,970,000
-
0
Profit and loss reserves
4,714,648
3,691,745
Total equity
7,714,650
3,691,747

The directors of the company have elected not to include a copy of the profit and loss account 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 directors acknowledge their 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.

The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
J H Ekaireb
Director
Company Registration No. 09772794
GABSDAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Gabsdan Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, England, N1 7GU.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the continuing support of the shareholders. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover derives from rental income.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Stocks

Stock comprises of property held for sale and is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises purchase price of property and cost of any enhancements.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

GABSDAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 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. 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 creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

2
Employees

There were no employees during the current or previous year.

3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
50,003
50,003
GABSDAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
50,003
Carrying amount
At 31 March 2024
50,003
At 31 March 2023
50,003
4
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lend Direct Group Limited
United Kingdom
Ordinary
100.00
Lend Direct Limited
United Kingdom
Ordinary
100.00
Lend Direct Trustees Limited
United Kingdom
Ordinary
100.00
Domus View Limited
United Kingdom
Ordinary
100.00
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,610,059
6,551,702
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,975
-
0
Other creditors
658,849
4,265,709
Accruals and deferred income
3,524
3,241
667,348
4,268,950
GABSDAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
7
Called up share capital
2024
2023
£
£
Ordinary share capital
100 Ordinary A shares of 1p each
1
1
100 Ordinary B shares of 1p each
1
1
2
2
Preference share capital
3,000,000 Preference shares of 1p each
30,000
-

On 25 April 2023, the company issued 3,000,000 redeemable preference shares at 1p each for total consideration of £3,000,000. Each share has no rights in the company with respect to voting or dividends but shall rank senior to the ordinary shares in the event of a liquidation.

8
Related party transactions

The company owes £652,249 (2023: £4,759,109) to the directors / shareholders of the company and it is payable on demand.

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