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REGISTERED NUMBER: 10108523 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Gandesha Estates Limited

Gandesha Estates Limited (Registered number: 10108523)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Gandesha Estates Limited (Registered number: 10108523)

Balance Sheet
31 August 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,643 8,857
Investment property 5 2,400,000 2,412,821
2,406,643 2,421,678

CURRENT ASSETS
Debtors 6 247,659 9,136
Cash at bank 20,315 19,019
267,974 28,155
CREDITORS
Amounts falling due within one year 7 (1,269,088 ) (1,004,230 )
NET CURRENT LIABILITIES (1,001,114 ) (976,075 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,405,529

1,445,603

CREDITORS
Amounts falling due after more than one
year

8

(1,267,290

)

(1,295,815

)

PROVISIONS FOR LIABILITIES (56,074 ) (63,456 )
NET ASSETS 82,165 86,332

CAPITAL AND RESERVES
Called up share capital 300 300
Fair value reserve 10 168,222 190,369
Retained earnings (86,357 ) (104,337 )
SHAREHOLDERS' FUNDS 82,165 86,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gandesha Estates Limited (Registered number: 10108523)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2024 and were signed on its behalf by:





N H Gandesha - Director


Gandesha Estates Limited (Registered number: 10108523)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Gandesha Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10108523

Registered office: Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Turnover
Turnover represents total rental income receivable for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Going concern
The balance sheet at the year end recorded net current liabilities. However, the directors believe that sufficient financial resources are available to the company to enable it to continue trading for the foreseeable future. Therefore the financial statements have been prepared on a going concern basis.

Gandesha Estates Limited (Registered number: 10108523)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022
and 31 August 2023 18,379
DEPRECIATION
At 1 September 2022 9,522
Charge for year 2,214
At 31 August 2023 11,736
NET BOOK VALUE
At 31 August 2023 6,643
At 31 August 2022 8,857

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 2,412,821
Additions 16,709
Revaluations (29,530 )
At 31 August 2023 2,400,000
NET BOOK VALUE
At 31 August 2023 2,400,000
At 31 August 2022 2,412,821

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2019 253,825
Valuation in 2023 (29,530 )
Cost 2,175,705
2,400,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,175,705 2,158,996

Investment properties were valued on fair value basis on 31 August 2023 by independent surveyors .

Gandesha Estates Limited (Registered number: 10108523)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,280 7,742
Amounts owed by related parties 240,594 -
Other debtors 785 1,394
247,659 9,136

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 28,877 27,856
Trade creditors 1,439 141
Amounts owed to related parties 956,059 888,247
Other creditors 282,713 87,986
1,269,088 1,004,230

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,267,290 1,295,815

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,140,803 1,173,801

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,296,167 1,323,671

The loan is secured on the investment properties held by the company. The directors have also provided personal guarantee for a sum of £156,000.

10. RESERVES
Fair
value
reserve
£   
At 1 September 2022 190,369
Property revaluation (29,529 )
Transfer 7,382

At 31 August 2023 168,222