Company No: 11078197 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	3,213		4,019
Investment property	4	1,115,000		1,115,000
		1,118,213		1,119,019
Current assets
Debtors	5	5,091		10,293
Cash at bank and in hand		4,687		37,111
		9,778		47,404
Creditors: amounts falling due within one year	6	( 66,646)		( 75,127)
Net current liabilities		(56,868)		(27,723)
Total assets less current liabilities		1,061,345		1,091,296
Creditors: amounts falling due after more than one year	7	( 895,785)		( 916,003)
Provision for liabilities		( 19,229)		( 21,662)
Net assets		146,331		153,631
Capital and reserves
Called-up share capital	8	10,000		10,000
Revaluation reserve		51,688		51,688
Profit and loss account		84,643		91,943
Total shareholders' funds		146,331		153,631

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Gavurin RC Limited (registered number: 11078197) were approved and authorised for issue by the Board of Directors on 17 September 2025. They were signed on its behalf by:

P Miller Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gavurin RC Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Racquets Court, College Street, Newcastle Upon Tyne, NE1 8JG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc.

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		6

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	62,309		62,309
Additions	362		362
At 31 December 2024	62,671		62,671
Accumulated depreciation
At 01 January 2024	58,290		58,290
Charge for the financial year	1,168		1,168
At 31 December 2024	59,458		59,458
Net book value
At 31 December 2024	3,213		3,213
At 31 December 2023	4,019		4,019

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	1,115,000
As at 31 December 2024	1,115,000

The fair value of the company's investment property at 31 December 2024 has been arrived at on the basis on valuations carried out on that date by the directors of the business. In carrying out their review, the directors have made assumptions in relation to rental yields and estimated future achievable rents

5. Debtors

	2024		2023
	£		£
Trade debtors	4,467		9,601
Other debtors	624		692
	5,091		10,293

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured £ 14,000)	22,486		25,716
Trade creditors	1,767		0
Other taxation and social security	2,970		6,972
Other creditors	39,423		42,439
	66,646		75,127

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured £ 408,310)	419,627		439,845
Other creditors	476,158		476,158
	895,785		916,003

The company's mortgage is secured on the investment property to which it relates to.

Other creditors represent Amounts owed to Directors. No interest has been charged on behalf of the Directors since 2019.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each	10,000		10,000

9. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Director 1	208,694		208,694
Director 2	208,698		208,698
Director 3	58,766		58,766

The directors are also due interest on the outstanding capital at a rate of 8%.

As at 31 December 2024 interest accrued but not paid amounted to £27,242 (2023 - £27,472) split as follows:
Director 1 - £12,936 (2023 - £12,936)
Director 2 - £12,936 (2023 - £12,936)
Director 3 - £1,600 (2023 - £1,600)

During the year, interest charged on the directors loan accounts totalled nil (2023 - nil).