Gill London I Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07900262

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Gill London I Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T S Gill

J S Gill

REGISTERED OFFICE:

51 Gloucester Terrace

London

United Kingdom

W2 3DQ

REGISTERED NUMBER:

07900262

ACCOUNTANTS:

Euro Ashfords (UK) Ltd

2nd Floor,

39 Ludgate hill

London

EC4M 7JN

FIXED ASSETS

Tangible assets

4

5,479

923

Investment property

5

6,000,000

6,005,479

6,000,923

CURRENT ASSETS

Debtors

6

4,221,762

2,657,849

Cash at bank

496,503

59,928

4,718,265

2,717,777

CREDITORS

Amounts falling due within one year

7

355,027

430,705

NET CURRENT ASSETS

4,363,238

2,287,072

TOTAL ASSETS LESS CURRENT
LIABILITIES

10,368,717

8,287,995

CREDITORS

Amounts falling due after more than one
year

8

(2,000,000

)

-

PROVISIONS FOR LIABILITIES

11

(404,906

)

(404,906

)

NET ASSETS

7,963,811

7,883,089

CAPITAL AND RESERVES

Called up share capital

11

Share premium

3,427,146

Retained earnings

4,536,654

4,455,932

7,963,811

7,883,089

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2025 and were signed on its behalf by:

J S Gill - Director

T S Gill - Director

1.	STATUTORY INFORMATION

Gill London I Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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

discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Plant & Machinery

25% Reducing balance method

Fixtures & fittings

25% Reducing balance method

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

No depreciation is provided on investment properties as a result of FRS 102 section 16, this represents a

departure from the requirements of the Companies Act. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure consumption and to depreciate them would not give a true and fair view.

However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separated or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

1,231

Additions

6,382

At 31 December 2024

7,613

DEPRECIATION

At 1 January 2024

308

Charge for year

1,826

At 31 December 2024

2,134

NET BOOK VALUE

At 31 December 2024

5,479

At 31 December 2023

923

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

6,000,000

NET BOOK VALUE

At 31 December 2024

6,000,000

At 31 December 2023

6,000,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2021

6,000,000

If following historical cost had not been revalued it would have been included at the following historical cost:

31.12.24

31.12.23

£

Cost

3,350,000

Investment property was valued on an open market basis on 31 December 2024 by the directors. .

6.

DEBTORS

31.12.24

31.12.23

£

Amounts falling due within one year:

Amounts owed by participating interests

737,530

Amounts owed by associates

671,777

506,754

Other debtors

1,744,424

653,353

3,153,731

1,897,637

Amounts falling due after more than one year:

Amounts owed by associates

1,068,031

760,212

Aggregate amounts

4,221,762

2,657,849

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade creditors

11,926

11,925

Amounts owed to participating interests

24,593

8,003

Taxation and social security

(6,056

)

68,764

Other creditors

324,564

342,013

355,027

430,705

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans (see note 9)

2,000,000

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,000,000

-

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

2,000,000

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Bank loans

2,000,000

-

The company has a bank loan facility with National Westminster Bank Plc amounting to £2,000,000, secured by a first legal charge over the freehold property located at 61–63 Gloucester Terrace, London, W2, together with a fixed charge over any other interest in the above property, all rent receivable from any lease granted, and the proceeds of any insurance relating to the property.

The loan is repayable 60 months from the date of drawdown and carries interest at 2.25% per annum over the Bank of England base rate (the base rate as at 26 July 2024 was 5.25% per annum).

An arrangement fee of £20,000 and a security fee of £550 were payable upon signing the facility agreement.

The loan is used to assist with the refurbishment of the Gloucester Terrace property and to fund the acquisition of additional residential investment properties.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

Deferred tax

Accelerated capital allowances

404,906

Deferred

tax

£

Balance at 1 January 2024

404,906

Balance at 31 December 2024

404,906

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

J S Gill

Balance outstanding at start of year

(97,821

)

(97,821

)

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

(97,821

)

(97,821

)

The balance sheet date the director Mr Jagjit Singh Gill is owed £97,821 (2023: £97,821) by the company.

This is an interest free loan to the company by the director.

13.	RELATED PARTY DISCLOSURES

The following amounts were due from/(to) related parties at the year end, and included within amounts

owed by related parties and other creditors within the accounts:

2024

2023

£

Transomas Limited

674,855

Transomas Investments Limited

50,000

Gill Properties UK LLC

12,675

JJM Holdings UK Ltd

(24,593

)

(8,003

)

Gill London II

671,777

506,754

Gill London III

1,068,031

760,212

All the above loans due from/(to) related parties are interest free and repayable on demand.

All the above companies are related through common director.

Included within Amounts due from group companies is a balance of £671,777 (2023: £506,754) due from

Gill London II Limited and £1,068,031 (2023: £760,212) due from Gill London III Limited. Both are

companies related by common director and shareholder.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is J S Gill.

The ultimate controlling party is Mr J S Gill by virtue of his controlling interest in the share capital of the

company.