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Registered number: 11803641 GAINSFORD PROPERTIES LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
GAINSFORD PROPERTIES LTD REGISTERED NUMBER: 11803641 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 1,699,453 |  | 1,636,953
Current assets |  |  |  |  |
Work in progress |  | - |  | 9,811 |
Debtors: amounts falling due within one year | 5 | 1,666 |  | 11,410 |
Cash at bank |  | 120,478 |  | 137,820 |
Current liabilities |  | 122,144 |  | 159,041 |
Creditors: amounts falling due within one year | 6 | (1,113,236) |  | (965,506) |
Net current liabilities |  |  | (991,092) |  | (806,465)
Total assets less current liabilities |  |  | 708,361 |  | 830,488
Creditors: amounts falling due after more than one year | 7 |  | (375,000) |  | (375,000)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 |  | (54,825) |  | (80,336)
Net assets |  |  | 278,536 |  | 375,152
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Non-distributable reserve |  |  | 175,382 |  | 241,007
Profit and loss account |  |  | 103,054 |  | 134,045
|  |  | 278,536 |  | 375,152
Page 1
GAINSFORD PROPERTIES LTD REGISTERED NUMBER: 11803641 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The director considers 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 director acknowledges her 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 profit and loss account 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:
Mrs C L Simmons
Director
Date: 10 December 2025
The notes on pages 3 to 9 form part of these financial statements. Page 2
GAINSFORD PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Gainsford Properties Ltd is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is 6 Tilehouse Street, Hitchin, Hertfordshire, SG5 2DW. This Company is part of a group. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | 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.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
GAINSFORD PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | 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 corporation 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.
| 2.7 | Investment property
Investment property is carried at fair value determined annually by the director 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.
| 2.8 | Work in progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 4
GAINSFORD PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
Page 5
GAINSFORD PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
4. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2024 | 1,636,953
| Additions at cost | 150,000
| Deficit on revaluation | (87,500)
| At 31 March 2025 | 1,699,453
The 2025 valuations were made by the director, on an open market value for existing use basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 1,465,610 | 1,315,610
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 63 | 3,495
| Other debtors | - | 7,304
| Called up share capital not paid | 100 | 100
| Prepayments | 1,503 | 511
|  | 1,666 | 11,410
Page 6
GAINSFORD PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 1,065,000 | 915,000
| Payments received on account | 11,026 | 7,347
| Trade creditors | 4,463 | 7,453
| Corporation tax | - | 9,225
| Other taxation and social security | 5,739 | 3,986
| Accruals and deferred income | 27,008 | 22,495
|  | 1,113,236 | 965,506
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loans | 375,000 | 375,000
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Other loans | 1,065,000 | 915,000
| Amounts falling due after more than 5 years |  |
| Other loans | 375,000 | 375,000
|  | 1,440,000 | 1,290,000
Page 7
GAINSFORD PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (80,336) | -
| Charged to profit or loss | 25,511 | (80,336)
| At end of year | (54,825) | (80,336)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Tax losses carried forward | 3,636 | -
| Surplus on revaluation | (58,461) | (80,336)
|  | (54,825) | (80,336)
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and partly paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
11. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,000 (2024 - £45,000). No contributions (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors. Page 8
GAINSFORD PROPERTIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Related party transactions
| The Company has an outstanding loan totalling £375,000 (2024 - £375,000) with Mayhall Properties Limited, a fellow group company. This loan is 50% of a joint loan held with Walnut Tree Holdings and interest is charged on the loan in line with the HMRC prescribed rate and the loan is repayable on demand after the 10 year initial term. Interest charged in the year totalled £8,438 (2024 - £8,438). As at 31 March 2025, the Company owed Mayhall Properties Limited £215,000 (2024 - £215,000). The loan is interest free and is repayable on demand. As at 31 March 2025, the Company owed Tilehouse Properties Limited, a fellow group company, £850,000 (2024 - £700,000). The loan is interest free and repayable on demand. The Company is engaged in a joint operation with Walnut Tree Holdings Limited. A portion of investment properties are jointly owned and included on the balance sheet at the value of £1,337,500 (2024 - £1,425,000), this reflects 50% of the total property value. During the year the Company operated a loan with Walnut Tree Holdings Limited. The amount receivable from Walnut Tree Holdings Limited at the year end was £nil (2023 - £7,304). The loan is interest free and repayable on demand.
13. | Controlling party
The Company is a wholly owned subsidiary of Opensale Limited, a company registered in England and Wales. The registered office is 6 Tilehouse Street, Hitchin, Hertfordshire, SG5 2DW.
Page 9