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Registration number: 12463489

Gilliver's Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Gilliver's Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Gilliver's Properties Limited

Company Information

Director

Mr Matthew Gilliver

Registered office

Greenacres Garden Centre
Ashby Road
Stapleton
Leicester
LE9 8JE

 

Gilliver's Properties Limited

(Registration number: 12463489)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,307

3,691

Investment property

5

1,425,022

1,392,022

 

1,427,329

1,395,713

Current assets

 

Debtors

6

763

1,229

Cash at bank and in hand

 

1,011

1,012

 

1,774

2,241

Creditors: Amounts falling due within one year

7

(408,502)

(410,066)

Net current liabilities

 

(406,728)

(407,825)

Total assets less current liabilities

 

1,020,601

987,888

Creditors: Amounts falling due after more than one year

7

(739,490)

(738,478)

Provisions for liabilities

(85,608)

(62,405)

Net assets

 

195,503

187,005

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

195,502

187,004

Shareholders' funds

 

195,503

187,005

For the financial year ending 29 February 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 May 2025
 

.........................................
Mr Matthew Gilliver
Director

 

Gilliver's Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
Greenacres Garden Centre
Ashby Road
Stapleton
Leicester
LE9 8JE
England

These financial statements were authorised for issue by the director on 7 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, 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.

Tax

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

 

Gilliver's Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Gilliver's Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

Gilliver's Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 March 2023

7,500

7,500

At 29 February 2024

7,500

7,500

Depreciation

At 1 March 2023

3,809

3,809

Charge for the year

1,384

1,384

At 29 February 2024

5,193

5,193

Carrying amount

At 29 February 2024

2,307

2,307

At 28 February 2023

3,691

3,691

5

Investment properties

2024
£

At 1 March

1,392,022

Fair value adjustments

33,000

At 29 February

1,425,022

The investment properties have been revalued based on online valuation tools.

6

Debtors

Current

2024
£

2023
£

Prepayments

763

1,229

 

763

1,229

 

Gilliver's Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,351

70

Accruals and deferred income

-

3,351

Other creditors

405,151

406,645

408,502

410,066

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

739,490

738,478

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

739,490

738,478

 

Gilliver's Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £739,490 (2023 - £738,478). A charge registered 15 June 2020 by The Mortgage Works (UK) PLC secures the liability by a mortgage deed in the financial statements over property 24 Hall Close, Fakenham, Norfolk to the value of £131,249.

A charge registered 12 October 2020 by Aldermore Bank PLC secures the liability by a mortgage deed in the financial statements over property Seasalt Cottage, Station Road, Docking, Norfolk (formerly Dawn Cottage) to the value of £159,291.

A charge registered 26 April 2021 by The Mortgage Works (UK) PLC secures the liability by a mortgage deed in the financial statements over property 87 Barton Road, Congerstone, Nuneaton to the value of £183,328.

A charge registered 30 November 2021 by Charter Court Financial Services Limited secures the liability by a mortgage deed in the financial statements over property 82 Leicester Road, Ibstock, Leicester to the value of £109,650.

A charge registered 5 August 2022 by Monmouthshire Building Society secures the liability by a mortgage deed in the financial statements over property Leverett Cottage, Station Road, Docking the value of £155,972.

The balance of the director's current account is secured by a fixed and floating charge over the company's assets