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Registered number: 13257763









GLADEL ESTATE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
GLADEL ESTATE LIMITED
REGISTERED NUMBER: 13257763

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
79,988,708
90,374,555

Current assets
  

Debtors: amounts falling due after more than one year
 5 
3,258,041
-

Debtors: amounts falling due within one year
 5 
457,717
294,660

Cash at bank and in hand
 6 
159,742
127,527

  
3,875,500
422,187

Creditors: amounts falling due within one year
 7 
(91,445,186)
(90,811,315)

Net current liabilities
  
 
 
(87,569,686)
 
 
(90,389,128)

Total assets less current liabilities
  
(7,580,978)
(14,573)

Provisions for liabilities
  

Deferred tax
  
-
(2,076,249)

  
 
 
-
 
 
(2,076,249)

Net liabilities
  
(7,580,978)
(2,090,822)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(7,581,078)
(2,090,922)

  
(7,580,978)
(2,090,822)


Page 1

 
GLADEL ESTATE LIMITED
REGISTERED NUMBER: 13257763
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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: 




................................................
Nicholas James Fallows
Director

Date: 1 July 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GLADEL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Gladel Estate Limited ('the Company') is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 13257763). The registered office address is 26 St James’s Square, London, SW1Y 4JH.
The Company's principal activity is to acquire, develop and hold investment property with a view to generating long-term rental and capital appreciation.
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Rental income from operating leases is recognised on a straight-line basis in profit or loss over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
GLADEL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
GLADEL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
90,374,555


Additions at cost
1,166,310


Surplus on revaluation
(11,552,157)



At 31 December 2024
79,988,708

The valuation of investment property at 31 December 2024 was carried out by the directors using available market information.







5.


Debtors

2024
2023
£
£

Due after more than one year

Deferred tax asset
3,258,041
-


2024
2023
£
£

Due within one year

Other debtors
401,299
291,579

Prepayments and accrued income
56,418
3,081

457,717
294,660


Page 5

 
GLADEL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
159,742
127,527



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
46,453
30,990

Amounts owed to group undertakings
91,183,275
90,483,275

Corporation tax
145,009
217,219

Accruals and deferred income
70,449
79,831

91,445,186
90,811,315


The Company has an interest free loan of £91,183,275 (2023: £90,483,275) which has been provided by its immediate parent entity Annacha Limited. The loan is interest free and repayable on demand.


8.


Deferred taxation




2024


£






At beginning of year
(2,076,249)


Charged to profit or loss
5,334,290



At end of year
3,258,041

The deferred taxation balance is made up as follows:

2024
2023
£
£


Revaluation of investment property
3,258,041
(2,076,249)

Page 6

 
GLADEL ESTATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Controlling party

The immediate parent undertaking is Annacha Limited, a company registered in Guernsey. The parent's registered office is St Julian’s Court, St Julian’s Avenue, St Peter Port, GY1 4NA, Guernsey. The parent company does not prepare consolidated financial statements and the single entity accounts it does prepare are not available to the public.
The directors do not consider there to be an ultimate controlling party. 

Page 7