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Registered number: 15629137 GLICO PROPERTIES LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 30 APRIL 2025
GLICO PROPERTIES LIMITED REGISTERED NUMBER: 15629137 BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Investment property | 4 |  | 66,132,616
|  |  | 66,132,616
Current assets |  |  |
Debtors: amounts falling due within one year | 5 | 95,942 |
Cash at bank and in hand |  | 408,487 |
|  | 504,429 |
Creditors: amounts falling due within one year | 6 | (3,290,210) |
Net current liabilities |  |  | (2,785,781)
Total assets less current liabilities |  |  | 63,346,835
Creditors: amounts falling due after more than one year | 7 |  | (42,281,724)
|  |  | 21,065,111
Provisions for liabilities |  |  |
Deferred taxation | 9 |  | (163,428)
Net assets |  |  | 20,901,683
Capital and reserves |  |  |
Called up share capital | 10 |  | 20,750,000
Profit and loss account |  |  | 151,683
|  |  | 20,901,683
Page 1
GLICO PROPERTIES LIMITED REGISTERED NUMBER: 15629137 BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2025 The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. 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 statement of comprehensive income 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 on 9 January 2026.
I Ustundag
Director
The notes on pages 3 to 13 form part of these financial statements. Page 2
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
1. | General information
The company is a private company limited by shares and is incorporated and domiciled in England and Wales, within the United Kingdom. The registered number of the company is 15629137 and its registered office is 24 Old Bond Street, London, England, W1S 4AP. The principal activity is that of letting commercial real estate. This company is part of a group. The company was incorporated on 9 April 2024. The current period relates to the period from incorporation to 30 April 2025 and as such there is no comparative information. These financial statements are presented in pound sterling, which is the company's functional and presentational currency. All amounts have been rounded to the nearest pound, unless otherwise indicated. 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 Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraphs 76 and 79(d) of IAS 40 Investment Property; and ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 74A(b) of IAS 16 ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets. This information is included in the consolidated financial statements of Gurdamar Insaat VE Ticaret A.S. and these financial statements may be obtained from Barbaros Mahallesi Kardelen Sokak No: 2/68, Posta Kodu 34746, Atasehir, Istanbul, Türkiye. Page 3
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The directors have assessed the current and future needs of the company. The financial statements have been prepared on the going concern basis which is considered appropriate, on the basis of the continued support of the shareholders. The directors have confirmed that this support will continue and believe that no adjustments relating to the company's ability to continue as a going concern need to be made to these financial statements.
| 2.4 | 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 providing services is recognised in the accounting period in which the services are rendered. To determine whether to recognise revenue, the Company follows a 5 step process: 1. Identifying the contract 2. Identifying the performance obligations 3. Determining the transaction price for the period 4. Allocating the transaction price to the performance obligations 5. Recognising revenue when performance obligation(s) are satisfied See note 2.5 for recognition policy of rents receivable. Revenue is recognised at a point in time, when the Company satisfies performance obligations by transferring the promised services to its customers. Revenue is recognised when it is probable that economic benefits will flow to the company. Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts. The Company recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the statement of financial position. A receivable is recognised by the Company when the services are delivered to the customers as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. Page 4
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the Company as lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. When leasing out assets that are right of use assets arising from a lease held by the company as lessee, the determination of whether the lease is an operating lease or a finance lease is based on the right of use asset from the head lease, rather than the underlying asset being leased out. The Company's leasing activities as a lessor consist of the letting of commerical property rights and assets in order to yield rental income from tenants. The commercial properties are leased out to tenants for a fixed term. The leases result in the tenant being able to benefit from the use of the property provided an agreed monthly rent amount is paid to the Lessor. Rent receivable represents rental income from operating leases and is recognised on a straight line basis over the term of the relevant lease agreement with the tenants.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | Current and deferred taxation
The tax expense for the period 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 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. Page 5
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.9 | Investment property
Investment properties are recognised under the cost model and are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation on assets are charged so as to allocate the cost of assets over their estimated useful lives. Depreciation is provided on the following basis: Freehold property - Depreciated over 50 years on a straight-line basis. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.11 | Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments maturing within 90 days from the date of acquisition that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.
| 2.12 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are 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.
| 2.13 | 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. Page 6
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below: Financial assets and financial liabilities are initially measured at fair value with the exception of debtors arising from contracts with customers which are measured at transaction price, less any impairment. Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Currently, all financial assets are classified at amortised cost. Debt instruments at amortised cost Debt instruments are subsequently measured at amortised cost where they are financial assets held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Amortised cost is calculated using the effective interest method and represents the amount measured at initial recognition less repayments of principal plus the cumulative amortisation using the effective interest method of any difference between the initial amount and the maturity amount, adjusted for any loss allowance. Financial liabilities At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability. The company classifies financial liabilities at amortised cost. Deep discounted bonds are initially recognised at fair value of proceeds received, net of transaction costs, and subsequently measured using the effective interest method. Finance costs are recognised in profit or loss over the term of the bond. Page 7
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
3. | Employees
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Period from 9 April 2024 to 30 April
|  |  | 2025
|  |  | No.
|  | Directors | 3
4. | Investment property
|  | Freehold investment property
|  | £
| Cost |
| Additions at cost | 67,257,939
| Depreciation charge | (1,125,323)
| At 30 April 2025 | 66,132,616
Within the profit and loss, rental income of £3,244,719 has been recognised. Direct operating expenses that generated rental income amounted to £117,308 and expenses that did not generate rental income amounted to £1,125,323.
| Under the cost model, the gross carrying amount and accumulated depreciation at the beginning of the period was £nil as the property was acquired during the year. The gross carrying amount and accumulated depreciation at the end of the year is measured as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Historic cost | 67,257,939
| Accumulated depreciation and impairments | (1,125,323)
|  | 66,132,616
| The fair value of the investment properties is considered to be £67,257,939 as the properties were acquired during the year and not expected to have materially changed in value.
Page 8
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
5. | Debtors
|  |  |  |  | 2025
|  |  |  |  | £
| Trade debtors | 64,714
| Amounts owed by group undertakings | 27,132
| Prepayments and accrued income | 4,096
|  | 95,942
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | £
| Other loans | 2,553,195
| Trade creditors | 20,705
| Other taxation and social security | 182,914
| Accruals and deferred income | 533,396
|  | 3,290,210
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025
|  |  |  |  | £
| Other loans | 42,281,724
|  | 42,281,724
Page 9
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
8. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025
|  |  |  |  | £
| Amounts falling due within one year |
| Other loans | 2,553,195
| Amounts falling due 1-2 years |
| Other loans | 42,281,724
|  | 44,834,919
| The other loans in notes 8-9 are held by members of the group and are unsecured. The loans are due for repayment on maturity and interest is charged at rates between 3-6%.
Page 10
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
9. | Deferred taxation
|  | 2025
|  | £
| Charged to profit or loss | 163,428
| At end of year | 163,428
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Accelerated capital allowances | 456,785
| Tax losses carried forward | (293,357)
|  | 163,428
10. | Share capital
|  |  |  |  | 2025
|  |  |  |  | £
|  | Allotted, called up and fully paid |
|  | 20,750,000 Ordinary shares of £1.00 each | 20,750,000
During the year the company issued 20,750,000 ordinary shares of £1 each, which were fully paid. Page 11
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
11. | Leases - lessor
| The company has operating leases relating to its investment property. Rental contracts are typically made for fixed periods.
| At 30 April 2025 the future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Not later than 1 year | 3,794,002
| Later than 1 year and not later than 5 years | 15,822,124
| Later than 5 years | 42,528,450
|  | 62,144,576
| Credit Risk (Tenant Risk) As rental income constitutes the primary source of revenue, tenant creditworthiness and collection performance represent key risks. Management actively monitors tenant payments and maintains adequate security arrangements to mitigate potential defaults. Operational Risks Property management activities and tenant interactions may expose the Company to operational risks such as service provider performance or tenant-driven disruptions. However, properties are fully insured, and under the lease agreements, maintenance and repair obligations are borne by tenants, which limits the Company’s operational exposure. Lease Agreement Risks Changes in market rental levels, tenant turnover, or non-renewal of leases at expiry may affect revenue continuity. Management regularly reviews lease terms and market benchmarks to reduce the impact of such risks.
12. | Related party transactions
| During the period the company operated a loan account with members of the group. At the 30 April 2025 the amount owned by the member of the group to the company was £27,132. This amount is unsecured, interest free and repayable on demand. During the period the company issued bonds to fellow members of the group and the amounts owed to the members of the group are included within other loans in creditors due within and after a year. At the 30 April 2025 the amount owed to the members of the group by the company was £44,834,919. Interest is charged on the bonds and repayment is due on maturity.
Page 12
GLICO PROPERTIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
13. | Controlling party
The company's immediate and ultimate parent undertaking and controlling party is Gurdamar Insaat VE Ticaret A.S., a company incorporated in Turkey. The smallest and largest group in which the results of the company are consolidated is Gurdamar Insaat VE Ticaret A.S. Copies of Gurdamar Insaat VE Ticaret A.S. consolidated financial statements can be obtained from Barbaros Mahallesi Kardelen Sokak No: 2/68, Posta Kodu 34746, Atasehir, Istanbul, Türkiye.
14. | Auditors' information
The auditors' report on the financial statements for the period ended 30 April 2025 was unqualified. The audit report was signed on 9 January 2026 by Robert Sellers FCCA (Statutory Auditor) on behalf of Kreston Reeves Audit LLP.
Page 13