Gabbitas Property Limited 09135872 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is property rental Digita Accounts Production Advanced 6.30.9574.0 true 09135872 2023-11-01 2024-10-31 09135872 2024-10-31 09135872 core:CurrentFinancialInstruments 2024-10-31 09135872 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 09135872 core:Non-currentFinancialInstruments 2024-10-31 09135872 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 09135872 core:FurnitureFittingsToolsEquipment 2024-10-31 09135872 bus:SmallEntities 2023-11-01 2024-10-31 09135872 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 09135872 bus:FilletedAccounts 2023-11-01 2024-10-31 09135872 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 09135872 bus:RegisteredOffice 2023-11-01 2024-10-31 09135872 bus:CompanySecretaryDirector1 2023-11-01 2024-10-31 09135872 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09135872 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 09135872 countries:EnglandWales 2023-11-01 2024-10-31 09135872 2023-10-31 09135872 2022-11-01 2023-10-31 09135872 2023-10-31 09135872 core:CurrentFinancialInstruments 2023-10-31 09135872 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 09135872 core:Non-currentFinancialInstruments 2023-10-31 09135872 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 09135872

Gabbitas Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Gabbitas Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Gabbitas Property Limited

Company Information

Director

J Gabbitas

Company secretary

J Gabbitas

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Gabbitas Property Limited

(Registration number: 09135872)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,066

-

Investment property

5

1,021,393

1,364,132

 

1,048,459

1,364,132

Current assets

 

Cash at bank and in hand

 

52,005

53,255

Creditors: Amounts falling due within one year

7

(354,106)

(314,827)

Net current liabilities

 

(302,101)

(261,572)

Total assets less current liabilities

 

746,358

1,102,560

Creditors: Amounts falling due after more than one year

7

-

(394,116)

Net assets

 

746,358

708,444

Capital and reserves

 

Called up share capital

500

500

Retained earnings

745,858

707,944

Shareholders' funds

 

746,358

708,444

For the financial year ending 31 October 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 29 April 2025
 

.........................................
J Gabbitas
Company secretary and director

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 09135872.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

These financial statements were authorised for issue by the director on 29 April 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover represents rents receivable, excluding value added tax.

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 of each of the companies activities.

Tax

The tax expense for the period comprises 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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:

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 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.

Borrowings

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.

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 (including the Director) during the year, was 1 (2023 - 1).

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

27,998

27,998

At 31 October 2024

27,998

27,998

Depreciation

Charge for the year

932

932

At 31 October 2024

932

932

Carrying amount

At 31 October 2024

27,066

27,066

5

Investment properties

2024
£

At 1 November

1,364,132

Additions

1,021,393

Disposals

(1,364,132)

At 31 October

1,021,393

There has been no valuation of investment property by an independent valuer.

The director considers that the book value reasonably reflects the fair value.

6

Debtors

Current

2024
£

2023
£

 

-

-

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

340,300

183,972

Trade creditors

 

884

-

Taxation and social security

 

-

31,565

Accruals and deferred income

 

1,740

4,616

Other creditors

 

11,182

94,674

 

354,106

314,827

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

394,116

2024
£

2023
£

Due after more than five years

-

-

 

Gabbitas Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

394,116

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

83,972

Other borrowings

340,300

100,000

340,300

183,972

Other borrowings are in respect of an unsecured director loan account.

9

Related party transactions

At the year end, the company owed the director £340,300 (2023: £100,000) in respect of a current account balance. Loans made to the company by the director are unsecured, interest free and repayable on demand.

At the year end, the company owed a company under common control £Nil (2023: £94,674) in respect of a loan account balance.