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Registration number: 13177421

GARLIC PROPERTY LTD
Unaudited Filleted Financial Statements
for the Year Ended 30 April 2025

GARLIC PROPERTY LTD

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 5

GARLIC PROPERTY LTD

Company Information

Directors | V Mervis H Mervis

Registered office | 52 Fitzalan Road London N3 3PE

Accountants | K&S Professionals Limited Chartered Certified Accountants41 Rivington Crescent Mill Hill London NW7 2LF

GARLIC PROPERTY LTD

(Registration number: 13177421)
Balance Sheet as at 30 April 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investment property | 4 | 897,995 | 897,995
Investments | 5 | 1 | 1
|  | 897,996 | 897,996
Current assets |  |  |
Debtors | 6 | 286 | 86
Cash at bank and in hand |  | 97,993 | 45,663
|  | 98,279 | 45,749
Creditors: Amounts falling due within one year | 7 | (943,017) | (926,039)
Net current liabilities |  | (844,738) | (880,290)
Net assets |  | 53,258 | 17,706
Capital and reserves |  |  |
Called up share capital |  | 1,000 | 1,000
Retained earnings |  | 52,258 | 16,706
Shareholders' funds |  | 53,258 | 17,706

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 January 2026 and signed on its behalf by:

......................................... V Mervis Director

GARLIC PROPERTY LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
52 Fitzalan Road
London
N3 3PE

These financial statements were authorised for issue by the Board on 6 January 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.
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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

GARLIC PROPERTY LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3 | Staff numbers

The average number of persons employed by the company during the year, was 0 (2024 - 0).

GARLIC PROPERTY LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

4 | Investment properties

| 2025 £
At 1 May | 897,995
At 30 April | 897,995

The investment properties were valued on an open market basis on 30 April 2025 by the directors.

5 | Investments

| 2025 £ | 2024 £
Investments in associates | 1 | 1

6 | Debtors

Current | 2025 £ | 2024 £
Other debtors | 286 | 86
| 286 | 86

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Taxation and social security | 8,339 | 3,919
Accruals and deferred income | 600 | 600
Other creditors | 934,078 | 921,520
| 943,017 | 926,039