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REGISTERED NUMBER: 02583118 (England and Wales)


Gama (Import/Export) Limited

Abridged Audited Financial Statements

for the Year Ended 31 March 2025






Gama (Import/Export) Limited (Registered number: 02583118)






Contents of the Financial Statements
for the year ended 31 March 2025




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Gama (Import/Export) Limited

Company Information
for the year ended 31 March 2025







DIRECTORS: Mr A Sancak
Mr E Sancak



SECRETARY: Mr E Sancak



REGISTERED OFFICE: Unit F
Horizon Business Centre
84 Goodwin Road, Edmonton
London
N9 0BJ



REGISTERED NUMBER: 02583118 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Altan Kemal, FCA, FCCA



AUDITORS: Alton & Co
Chartered Accountants
& Statutory Auditors
239-241 Kennington Lane
London
SE11 5QU

Gama (Import/Export) Limited (Registered number: 02583118)

Statement of Financial Position
31 March 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 19,397 27,057
Investment property 5 7,000,000 7,000,000
7,019,397 7,027,057

CURRENT ASSETS
Debtors 6 453,468 455,524
Cash at bank and in hand 1,033,209 817,273
1,486,677 1,272,797
CREDITORS
Amounts falling due within one year 7 193,798 186,634
NET CURRENT ASSETS 1,292,879 1,086,163
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,312,276

8,113,220

PROVISIONS FOR LIABILITIES 10 913,513 913,513
NET ASSETS 7,398,763 7,199,707

CAPITAL AND RESERVES
Called up share capital 11 20,000 20,000
Fair value reserve 12 3,684,272 3,684,272
Retained earnings 12 3,694,491 3,495,435
SHAREHOLDERS' FUNDS 7,398,763 7,199,707

Gama (Import/Export) Limited (Registered number: 02583118)

Statement of Financial Position - continued
31 March 2025


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

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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 June 2025 and were signed on its behalf by:





Mr A Sancak - Director


Gama (Import/Export) Limited (Registered number: 02583118)

Notes to the Financial Statements
for the year ended 31 March 2025

1. STATUTORY INFORMATION

Gama (Import/Export) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the end of the quarter when the rent accrues and is derived from the ordinary activities of the business.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.


Gama (Import/Export) Limited (Registered number: 02583118)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2024
and 31 March 2025 76,585
AMORTISATION
At 1 April 2024 49,528
Charge for year 7,660
At 31 March 2025 57,188
NET BOOK VALUE
At 31 March 2025 19,397
At 31 March 2024 27,057

Gama (Import/Export) Limited (Registered number: 02583118)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2024
and 31 March 2025 7,000,000
NET BOOK VALUE
At 31 March 2025 7,000,000
At 31 March 2024 7,000,000

The investment property was valued by the directors at 31 March 2025. In the opinion of the directors there has been no significant changes in the value of the investment properties during the period from 01 April 2024 to 31 March 2025.

Fair value at 31 March 2025 is represented by:
£   
Valuation in 2024 7,000,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 452,063 453,864
Other debtors 1,405 1,660
453,468 455,524

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors 109,430 131,998
Taxation and social security 78,334 48,610
Other creditors 6,034 6,026
193,798 186,634

Gama (Import/Export) Limited (Registered number: 02583118)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 168,188 166,188
Between one and five years 312,376 478,564
480,564 644,752

Under a lease agreement between The Mayor and Burgesses of the London Borough of Enfield and Gama (Import/Export) Limited the property know as Ground Floor, Unit 1 Triangle Works, Claverings Industrial Estate, Edmonton, London N9 0AH, there is an annual rental payment of £166,188 plus VAT for next four years.

9. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loan 363,945 368,617

Centre Unit 3, Goodwin Road, Edmonton, London N9 0EN
552- Land Charge 1st Party,dated 27/01/2023 and perfected Legal Charge.

Unit I, Horizon Business Centre, 84 Goodwin Road, Edmonton, London N9 0BJ
552- Land Charge 1st Party, dated 27/01/2023 and perfected Legal Charge.

There are guarantees provided to third parties for the amount of £810,000 and £700,000 respectively.

10. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 913,513 913,513

Deferred
tax
£   
Balance at 1 April 2024 913,513
Balance at 31 March 2025 913,513

Included in deferred tax provision is an amount of £913,513 being the tax that will arise should a sale of the investment property result in the fair value gain provided in the accounts.

Gama (Import/Export) Limited (Registered number: 02583118)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
20,000 Ordinary £1 20,000 20,000

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2024 3,495,435 3,684,272 7,179,707
Profit for the year 199,056 199,056
At 31 March 2025 3,694,491 3,684,272 7,378,763

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Altan Kemal, FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Alton & Co

14. CONTINGENT LIABILITIES

Under a credit arrangement with NatWest Bank plc, there was a cross guarantee and debenture between Gama Plus Limited, Gama Mediterranean Foods Ltd, Sannel Ltd and this company.The balance outstanding at 31 March 2024 was £368,617 (2023 - £395,570).

15. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

During the year company paid management charges of £6,000 (2024 - £10,000) to a related party.

During the year Rent and services income totalling of £352,101 (2024 - £347,177) was received from a related parties.

2025 2024

Inter Company debtors £430,763 £432,564