Registration number:
Gaveds Limited
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Gaveds Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Gaveds Limited
Company Information
Director |
M Gaved |
Registered office |
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Accountants |
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Gaveds Limited
Statement of Financial Position as at 31 March 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Investment property |
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Other financial assets |
1 |
1 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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’.
Approved and authorised by the
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M Gaved
Director
Company registration number: 00348101
Gaveds Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity is that of a property investment company.
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
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
( |
( |
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 |
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2023 |
Liability |
Fair value increase of investment properties |
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Investment properties |
Freehold investment properties |
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At 1 April 2023 and as at 31 March 2024 |
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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).
Investments |
Total |
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Unquoted Investments |
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Cost |
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At 1 April 2023 & 31 March 2024 |
1 |
Carrying amount |
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At 1 April 2023 and 31 March 2024 |
1 |
Gaveds Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
22,093 |
55,909 |
Prepayments and accrued income |
283 |
283 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
(As restated) |
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Due within one year |
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Corporation tax control |
28,930 |
25,967 |
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Other creditors |
24,166 |
47,700 |
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Director current account |
256,118 |
371,534 |
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Accruals |
34,824 |
45,120 |
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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.
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.