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Registration number: 00348101

Gaveds Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Gaveds Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 7

 

Gaveds Limited

Company Information

Director

M Gaved

Registered office

29 Bristol Gardens
London
W9 2JQ

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Gaveds Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investment property

5

3,924,090

3,924,090

Other financial assets

6

1

1

 

3,924,091

3,924,091

Current assets

 

Debtors

7

73,184

128,145

Cash at bank and in hand

 

10,198

5,071

 

83,382

133,216

Creditors: Amounts falling due within one year

8

(344,038)

(490,321)

Net current liabilities

 

(260,656)

(357,105)

Total assets less current liabilities

 

3,663,435

3,566,986

Provisions for liabilities

4

(418,147)

(418,147)

Net assets

 

3,245,288

3,148,839

Capital and reserves

 

Called up share capital

2,000

2,000

Profit and loss account

3,243,288

3,146,839

Total equity

 

3,245,288

3,148,839

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gaveds Limited

Statement of Financial Position as at 31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The director has elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, section 444.

Approved and authorised by the director on 28 March 2025
 

.........................................

M Gaved

Director

Company registration number: 00348101

 

Gaveds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
29 Bristol Gardens
London
W9 2JQ

The principal activity is that of a property investment company.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year and had net assets at the year end of £3,245,288, including cash at bank of £10,198.

The director has considered the effects of the cost of living crisis and inflationary increases on the economy and the director's current view is that the impact remains manageable as the company maintains minimal overheads and continues to receive rental income. Accordingly, the director believes that the company has sufficient means to enable it to meet its current and future obligations as they fall due.

After making enquiries and taking into account the circumstances above the directors has a reasonable expectation that the company has adequate reserves to continue in operational existence for the foreseeable future. Accordingly, the continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for property rents in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Gaveds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers and the director ("the valuers"). The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

UK corporation tax

29,494

25,968

UK corporation tax adjustment to prior periods

(282)

(728)

29,212

25,240

 

Gaveds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax

Deferred tax liabilities

2024

Liability
£

Fair value increase of investment properties

418,147

2023

Liability
£

Fair value increase of investment properties

418,147

5

Investment properties

Freehold investment properties
 
£

At 1 April 2023 and as at 31 March 2024

3,924,090


The investment properties are valued at the director's assessment of fair value as at 31st March 2024. The director uses market valuations, observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

The historical cost of the investment properties is £1,640,732 (2023 - £1,640,732).

6

Investments

Total
£

Unquoted Investments

Cost

At 1 April 2023 & 31 March 2024

1

Carrying amount

At 1 April 2023 and 31 March 2024

1

 

Gaveds Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Debtors

2024
£

2023
£

Trade debtors

50,808

71,953

Other debtors

22,093

55,909

Prepayments and accrued income

283

283

73,184

128,145

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Corporation tax control

 

28,930

25,967

Other creditors

 

24,166

47,700

Director current account

 

256,118

371,534

Accruals

 

34,824

45,120

 

344,038

490,321

9

Reserves

The profit and loss account includes all current and prior year retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £1,865,211 (2023 - £1,865,211) is not distributable in accordance with the Companies Act 2006.

10

Prior period adjustment

During the year the director identified that dividends declared had been omitted from the previous year. This has been corrected in these financial statements and the comparatives have been restated.

The effect of this adjustment is to decrease the net assets at 31 March 2023 by £103,206 from that previously reported. There was no impact on profit.