Gelli Property Ltd 30/04/2026 iXBRL

Company registration number: 15640323

Gelli Property Ltd

Unaudited filleted financial statements

30 April 2026

Gelli Property Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Gelli Property Ltd

Directors and other information


	Directors	Mr Gavin Roberts
		Mrs Nia Roberts


	Company number	15640323


	Registered office	Brongelli
		Llanfarian
		Aberystwyth
		SY23 4DB


	Accountants	Davies Lewis Baker
		31 Bridge Street
		Aberystwyth
		Ceredigion
		SY23 1QB

Gelli Property Ltd

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Gelli Property Ltd

Year ended 30 April 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gelli Property Ltd for the year ended 30 April 2026 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Gelli Property Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gelli Property Ltd and state those matters that we have agreed to state to the board of directors of Gelli Property Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gelli Property Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Gelli Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gelli Property Ltd. You consider that Gelli Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gelli Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Davies Lewis Baker

31 Bridge Street

Aberystwyth

Ceredigion

SY23 1QB

4 June 2026

Gelli Property Ltd

Statement of financial position

30 April 2026

		30/04/26		30/04/25
	Note	£	£	£	£

Fixed assets
Tangible assets	4	697,716		240,573
		_______		_______
			697,716		240,573

Current assets
Debtors	5	35,497		20,976
Cash at bank and in hand		728		2,285
		_______		_______
		36,225		23,261
Creditors: amounts falling due
within one year	6	( 337,918)		( 274,344)
		_______		_______
Net current liabilities			( 301,693)		( 251,083)
			_______		_______
Total assets less current liabilities			396,023		( 10,510)

Creditors: amounts falling due
after more than one year	7		( 297,229)		-

Provisions for liabilities			( 24,282)		-

			_______		_______
Net assets/(liabilities)			74,512		( 10,510)
			_______		_______

Capital and reserves
Called up share capital			2		2
Revaluation reserve			103,518		-
Profit and loss account			( 29,008)		( 10,512)
			_______		_______
Shareholders funds/(deficit)			74,512		( 10,510)
			_______		_______

For the year ending 30 April 2026 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 year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 04 June 2026 , and are signed on behalf of the board by:

Mr Gavin Roberts Mrs Nia Roberts

Director Director

Company registration number: 15640323

Gelli Property Ltd

Statement of changes in equity

Year ended 30 April 2026

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 12 April 2024	-	-	-	-

Profit/(loss) for the year			( 10,512)	( 10,512)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 10,512)	( 10,512)

Issue of shares	2			2
	_______	_______	_______	_______
Total investments by and distributions to owners	2	-	-	2

	_______	_______	_______	_______
At 30 April 2025 and 1 May 2025	2	-	( 10,512)	( 10,510)

Profit/(loss) for the year			85,022	85,022
Other comprehensive income for the year:
Fair value adjustment on investment property	-	103,518	( 103,518)	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	103,518	( 18,496)	85,022

	_______	_______	_______	_______
At 30 April 2026	2	103,518	( 29,008)	74,512
	_______	_______	_______	_______

Gelli Property Ltd

Notes to the financial statements

Year ended 30 April 2026

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Brongelli, Llanfarian, Aberystwyth, SY23 4DB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2024. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Turnover

Rental income is accounted for on a straight-line basis over the lease term and is included in revenue due to its operating nature.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20 %	straight line
Investment property	-	Nil

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is carried at fair value determined annually by external valuers 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.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Tangible assets

	Fixtures, fittings and equipment	Investment property	Total
	£	£	£
Cost or valuation
At 1 May 2025	-	240,573	240,573
Additions	10,208	321,177	331,385
Revaluation	-	127,800	127,800
	_______	_______	_______
At 30 April 2026	10,208	689,550	699,758
	_______	_______	_______
Depreciation
At 1 May 2025	-	-	-
Charge for the year	2,042	-	2,042
	_______	_______	_______
At 30 April 2026	2,042	-	2,042
	_______	_______	_______
Carrying amount
At 30 April 2026	8,166	689,550	697,716
	_______	_______	_______
At 30 April 2025	-	240,573	240,573
	_______	_______	_______

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Fixtures, fittings and equipment	Investment property	Total
	£	£	£
At 30 April 2026
Aggregate cost	10,208	561,750	571,958
Aggregate depreciation	-	-	-
	_______	_______	_______
Carrying amount	10,208	561,750	571,958
	_______	_______	_______

At 30 April 2025
Aggregate cost	-	240,573	240,573
Aggregate depreciation	-	-	-
	_______	_______	_______
Carrying amount	-	240,573	240,573
	_______	_______	_______

5. Debtors

	30/04/26	30/04/25
	£	£
Trade debtors	7,780	-
Other debtors	27,717	20,976
	_______	_______
	35,497	20,976
	_______	_______

6. Creditors: amounts falling due within one year

	30/04/26	30/04/25
	£	£
Bank loans and overdrafts	16,271	227,185
Trade creditors	1,120	-
Other creditors	320,527	47,159
	_______	_______
	337,918	274,344
	_______	_______

7. Creditors: amounts falling due after more than one year

	30/04/26	30/04/25
	£	£
Bank loans and overdrafts	297,229	-
	_______	_______

Keystone Property Finance have a fixed charge over an investment property held by the company in respect of the above borrowings. At the year end the total outstanding to Keystone Property Finance was £313,500 (2025: Nil). The interest rate charged is 5.19% fixed for 60 months.

8. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

Year ended 30/04/26
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Gavin Roberts	-	( 145,624)	-	( 145,624)
	Mrs Nia Roberts	( 27,912)	( 145,624)	-	( 173,536)
		_______	_______	_______	_______
		( 27,912)	( 291,248)	-	( 319,160)
		_______	_______	_______	_______

Period ended 30/04/25
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Gavin Roberts	-	-	-	-
	Mrs Nia Roberts	-	( 27,914)	2	( 27,912)
		_______	_______	_______	_______

The above loans are unsecured, interest-free and repayable on demand.

9. Controlling party

The company is controlled by Mr. & Mrs. Roberts by virtue of the holding 100% of the issued share capital of the company.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 12 April 2024

Reconciliation of equity

	12 April 2024			At 30 April 2025
	Previously stated	Effect of transition	FRS 102 (restated)	Previously stated	Effect of transition	FRS 102 (restated)
	£	£	£	£	£	£
Fixed assets	-	-	-	240,573	-	240,573
Current assets	-	-	-	20,811	2,450	23,261
Creditors amounts falling due within 1 year	-	-	-	( 274,344)	-	( 274,344)
	_______	_______	_______	_______	_______	_______
Net current assets/(liabilities)	-	-	-	( 253,533)	2,450	( 251,083)
	_______	_______	_______	_______	_______	_______
Total assets less current liabilities	-	-	-	( 12,960)	2,450	( 10,510)
	_______	_______	_______	_______	_______	_______
Net assets/(liabilities)	-	-	-	( 12,960)	2,450	( 10,510)
	_______	_______	_______	_______	_______	_______

Equity	-	-	-	( 12,960)	2,450	( 10,510)
	_______	_______	_______	_______	_______	_______

Reconciliation of profit or loss for the year

	At 30 April 2025
	Previously stated	Effect of transition	FRS 102 (restated)
	£	£	£
Administrative expenses	( 3,880)	-	( 3,880)
	_______	_______	_______
Operating loss	( 3,880)	-	( 3,880)
Interest payable and similar expenses	( 9,082)	-	( 9,082)
Tax on Loss	-	2,450	2,450
	_______	_______	_______
Loss after taxation	( 12,962)	2,450	( 10,512)
	_______	_______	_______
Loss for the financial year	( 12,962)	2,450	( 10,512)
	_______	_______	_______