Company Registration No. 02031679 (England and Wales)
Gulfcray Limited
Unaudited accounts
for the year ended 31 March 2023
Gulfcray Limited
Unaudited accounts
Contents
Gulfcray Limited
Company Information
for the year ended 31 March 2023
Director
Golnaz Metghalchi
Company Number
02031679 (England and Wales)
Registered Office
241-243 Baker Street
London
NW1 6XE
Accountants
Daniel Consultancy
Morritt House
54-60 Station Approach
South Ruislip
Ruislip
HA4 6SA
Gulfcray Limited
Statement of financial position
as at 31 March 2023
Tangible assets
3,500,001
3,501,212
Cash at bank and in hand
91,816
44,358
Creditors: amounts falling due within one year
(199,440)
(175,468)
Net current assets
523,465
408,445
Total assets less current liabilities
4,023,466
3,909,657
Creditors: amounts falling due after more than one year
(735,283)
(735,283)
Provisions for liabilities
Net assets
3,288,183
3,174,144
Called up share capital
100
100
Revaluation reserve
2,634,194
2,634,194
Profit and loss account
653,889
539,850
Shareholders' funds
3,288,183
3,174,144
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 December 2023 and were signed on its behalf by
Golnaz Metghalchi
Director
Company Registration No. 02031679
Gulfcray Limited
Notes to the Accounts
for the year ended 31 March 2023
Gulfcray Limited is a private company, limited by shares, registered in England and Wales, registration number 02031679. The registered office is 241-243 Baker Street, London, NW1 6XE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Straight Line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Gulfcray Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2022
3,500,000
79,181
3,579,181
At 31 March 2023
3,500,000
79,181
3,579,181
At 1 April 2022
-
77,969
77,969
Charge for the year
-
1,211
1,211
At 31 March 2023
-
79,180
79,180
At 31 March 2023
3,500,000
1
3,500,001
At 31 March 2022
3,500,000
1,212
3,501,212
Amounts falling due within one year
Accrued income and prepayments
81,415
63,215
Other debtors
549,674
476,340
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
27,780
5,535
Other creditors
130,475
129,506
Loans from directors
20,884
20,629
Deferred income
10,227
12,598
Included above is a loan of £20,882 (2022 - £20,628) from Golnaz Metghalchi, the company director.
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
735,283
735,283
Gulfcray Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Deferred taxation
2023
2022
Accelerated capital allowances
-
230
Provision at start of year
230
460
Credited to the profit and loss account
(230)
(230)
Provision at end of year
-
230
9
Transactions with related parties
The director is also a director an shareholder of the Gol Holding Inc, and Freshii Ltd.
At the reporting date Gol Holding Inc was owed £128,526 (2022: £128,526) by the company.
At the reporting date Freshii Ltd owed the company £549,542(2022: £476,209).
At the reporting date the father of the director was owed £735,283 (2022: £735,283) by the company.
10
Average number of employees
During the year the average number of employees was 2 (2022: 1).