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Registered number: 12411181
Gargash Holdings Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 12411181
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,995,317 9,459,484
Investment Properties 5 863,689 863,689
Investments 6 100 100
10,859,106 10,323,273
CURRENT ASSETS
Debtors 7 745 1,017
Cash at bank and in hand 57,271 137,868
58,016 138,885
Creditors: Amounts Falling Due Within One Year 8 (14,406,219 ) (13,044,589 )
NET CURRENT ASSETS (LIABILITIES) (14,348,203 ) (12,905,704 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,489,097 ) (2,582,431 )
NET LIABILITIES (3,489,097 ) (2,582,431 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement (3,489,197 ) (2,582,531 )
SHAREHOLDERS' FUNDS (3,489,097) (2,582,431)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr T A Gargash
Director
Mrs A A Omar
Director
21/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gargash Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12411181 . The registered office is Weston Manor Hotel, Northampton Road, Bicester, OX25 3QL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold over 50 years
2.5. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the income statement.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold
£
Cost
As at 1 April 2023 9,459,484
Additions 535,833
As at 31 March 2024 9,995,317
...CONTINUED
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Net Book Value
As at 31 March 2024 9,995,317
As at 1 April 2023 9,459,484
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 and 31 March 2024 863,689
The 2024 valuations were made by the directors, on an open market value for existing use basis.
6. Investments
Subsidiaries
£
Cost
As at 1 April 2023 100
As at 31 March 2024 100
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 100
As at 1 April 2023 100
Investments in subsidiaries are measured at cost.
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 745 1,017
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,878 5,502
Amounts owed to group undertakings 6,516,528 5,989,311
Other creditors 7,868,756 7,049,776
Taxation and social security 15,057 -
14,406,219 13,044,589
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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10. Related Party Transactions
Included within other creditors is an amount of £4,768,983 (2023: £4,768,983) due to a director. The loan is interest free and repayable on demand.
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