Company No: 06963853 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,043		1,698
Investment property	4	1,045,000		1,345,000
		1,046,043		1,346,698
Current assets
Debtors	5	10,699		6,819
Cash at bank and in hand		22,260		22,236
		32,959		29,055
Creditors: amounts falling due within one year	6	( 719,969)		( 716,217)
Net current liabilities		(687,010)		(687,162)
Total assets less current liabilities		359,033		659,536
Provision for liabilities		( 62,971)		( 152,199)
Net assets		296,062		507,337
Capital and reserves
Called-up share capital	7	100		100
Revaluation reserve		0		455,323
Profit and loss account	9	295,962		51,914
Total shareholders' funds		296,062		507,337

For the financial year ending 31 March 2025 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 Income Statement has not been delivered.

The financial statements of Garmik Investments Limited (registered number: 06963853) were approved and authorised for issue by the Board of Directors on 17 November 2025. They were signed on its behalf by:

C A Brown 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

Garmik Investments 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 C/O Bishop Fleming, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 17 Limerick Road, Redland, Bristol, BS6 7DY.

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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £687,010. The Company is supported through loans from assoicated companies. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the associated companies will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings

6.67 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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement 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.

The fair value is determined annually by Moorfields Estate Agents Limited, external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 April 2024	8,247		8,247
At 31 March 2025	8,247		8,247
Accumulated depreciation
At 01 April 2024	6,549		6,549
Charge for the financial year	655		655
At 31 March 2025	7,204		7,204
Net book value
At 31 March 2025	1,043		1,043
At 31 March 2024	1,698		1,698

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	1,345,000
Additions	1,125
Fair value movement	(301,125)
As at 31 March 2025	1,045,000

Valuation

The fair value is determined annually by external valuators, Moorfields Estate Agents Limited, on an open market value for existing use basis.

5. Debtors

	2025		2024
	£		£
Trade debtors	4,293		2,219
Prepayments and accrued income	3,043		1,237
Other debtors	3,363		3,363
	10,699		6,819

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to connected persons	555		555
Amounts owed to connected companies	703,338		703,338
Amounts owed to directors	762		12
Accruals and deferred income	6,156		2,150
Taxation and social security	9,158		10,162
	719,969		716,217

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to the directors	762		12
	0		0

During the year, the company charged interest at HMRC approved rates on overdrawn balances of the director's loan account. The outstanding balance owed to the directors at year end is interest free with no fixed date for repayment.

During the year, dividends of £31,200 (2024: £48,000) were paid to the directors.

Other related party transactions

	2025		2024
	£		£
Amounts owed to Connected Companies	703,338		703,338
Amounts owed to Connected Persons	555		555

The above amounts are interest free with no fixed date for repayment.

9. Profit and loss account

	2025		2024
	£		£
Profit and loss account - distributable	66,483		165,745
Profit and loss account - non-distributable	229,479		341,492
	295,962		507,237

Profit and loss account - distributable

This reserve relates to the aggregate of distributable profits and losses generated to date.

Profit and loss account - non-distributable

This reserve relates to the aggregate of non-distributable profits and losses generated to date.