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Registered number: 03838439
GIFTDALE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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GIFTDALE LIMITED
REGISTERED NUMBER:03838439
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STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 1
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GIFTDALE LIMITED
REGISTERED NUMBER:03838439
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S Lester
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Giftdale Limited is a private limited company, limited by shares, registered in England and Wales. The company's registered number is 03838439 and registered office address is St John House, The Walk, Potters Bar, Hertfordshire, EN6 1QQ.
The principal activity of the company is that of a property holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and have concluded that there are no material uncertainties that may cast significant doubt over the ability of the company to continue as a going concern.
The ultimate controlling party has confirmed their intention and ability to provide financial support to the company, if needed, for a period of at least 12 months from the date of approval of these financial statements, should it be necessary. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of rent receivable excluding value added taxes.
Investment property is carried at fair value determined annually by the directors who periodically take external professional advice. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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The average monthly number of employees, including the director, during the year was as follows:
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Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Investments in subsidiary companies
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Freehold investment property
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There is an existing first legal charge over the property recognised above in respect of existing banking facilities with fellow group undertakings within Lester Hotel Group Limited.
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The 2024 valuations were made by the Directors, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Due after more than one year
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Prepayments and accrued income
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Included within Other debtors is a rent free balance which was recognised in respect of the rent free period awarded under the third party lease in respect of the Ramada Finchley property. The rent free debtor is expected to be released over the life of the lease.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included within other debtors are amounts owed by companies under common control which are interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Included within other creditors are amounts owed by companies under common control which are interest free and repayable on demand.
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Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Related party transactions
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As permitted by FRS102 paragraphs 1.12e and 33.1a, the company has taken advantage of the exemption from disclosing the transactions entered into between two or more members of a group as all subsidiary undertakings are wholly-owned by a member of that group.
Included in other creditors due within one year is a loan of £6,649 (2023: £6,649) due to S Lester, a director of the company. The loan is interest free and repayable on demand.
Included in other creditors due within one year is £3,756,967 (2023: £nil) due to Lester Hotels Group Limited, a company which S M Lester is a director.
Included in other debtor due within one year is £1,871,620 (2023: £nil) owed from Nant Ddu Lodge Hotel Limited, a company which S M Lester is a director.
Included in other debtor due within one year is £2,173,159 (2023: £nil) owed from Lester Hotel Management Services Limited, a company which S M Lester is a director.
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The ultimate controlling party is S Lester.
Page 7
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.
The audit report was signed on 21 June 2025 by Andrew Ball (Senior Statutory Auditor) on behalf of HaysMac LLP.
Page 8
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