Company Registration No. 03553575 (England and Wales)
GUDAAR INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
GUDAAR INVESTMENTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11
GUDAAR INVESTMENTS LIMITED
COMPANY INFORMATION
- 1 -
Director
R R Matthews
Company number
03553575
Registered office
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
Accountants
TC Group
St Matthew's House
Quays Office Park
Conference Avenue
Portishead
Bristol
BS20 7LZ
GUDAAR INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,394
2,817
Investment properties
4
3,081,576
3,053,826
3,083,970
3,056,643
Current assets
Debtors
5
704,117
566,200
Cash at bank and in hand
7,526
46,842
711,643
613,042
Creditors: amounts falling due within one year
6
(97,894)
(47,765)
Net current assets
613,749
565,277
Total assets less current liabilities
3,697,719
3,621,920
Creditors: amounts falling due after more than one year
7
(1,009,167)
(1,018,261)
Provisions for liabilities
(186,006)
(186,086)
Net assets
2,502,546
2,417,573
Capital and reserves
Called up share capital
120
120
Other reserves
2,075,263
2,075,263
Profit and loss reserves
427,163
342,190
Total equity
2,502,546
2,417,573
GUDAAR INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 September 2022
R R Matthews
Director
Company Registration No. 03553575
The notes on pages 4 to 11 form part of these financial statements
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Gudaar Investments Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
St Matthew's House, Quays Office Park, Conference Avenue, Portishead, Bristol, BS20 7LZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% per annum of net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2021 and 31 December 2021
97,266
Depreciation and impairment
At 1 January 2021
94,449
Depreciation charged in the year
423
At 31 December 2021
94,872
Carrying amount
At 31 December 2021
2,394
At 31 December 2020
2,817
4
Investment property
2021
£
Fair value
At 1 January 2021
3,053,826
Additions
27,750
At 31 December 2021
3,081,576
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4
Investment property
(Continued)
- 9 -
Investment property comprises
a property known as Wick House, situated at 191 Wick Road, Bristol.
The fair value of the investment property has been arrived at on the basis of a valuation carried out
on 29 July 2016
by
Jones Lang Lassalle Ltd (Commercial Property Agents)
who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The director has considered the fair value of the property as at 31 December 2021 and has concluded that the historic valuation together with previous years' revaluations, amounting to £3,081,576 represent a fair value as at the company's year end date of 31 December 2021.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
262,366
272,081
Other debtors
441,751
294,119
704,117
566,200
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
10,000
6,739
Corporation tax
44,796
26,681
Other taxation and social security
1,882
Other creditors
41,216
14,345
97,894
47,765
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
34,167
43,261
Other creditors
975,000
975,000
1,009,167
1,018,261
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
The company has received a bank loan with a 7.64% interest rate. Interest only repayments are being made and the full capital sum of £975,000 falls due and payable on 12 June 2027.
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable other than by instalments
975,000
975,000
8
Loans and overdrafts
2021
2020
£
£
Bank loans
44,167
50,000
Other loans
975,000
975,000
1,019,167
1,025,000
Payable within one year
10,000
6,739
Payable after one year
1,009,167
1,018,261
The commercial loan is denominated in sterling with a nominal interest rate of 7.64%, and the final instalment is due on 12 June 2027. The carrying amount at year end is £975,000 (2020 - £975,000).
The lender has a fixed, floating and negative pledge charge over the property known as 191 Wick Road, Bristol.
Bank loans relate to £50,000 advanced in the year ended 31 December 2020 under the UK government CBILS loan scheme. The loan is for a 60 month period with annual fixed interest at 2.5%. The first year's interest is paid by the UK government and amounts to £521 for the element included in these financial statements. This sum has been included in the income statement as grant income.
GUDAAR INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
9
Related party transactions
Mr Roger Ronald Matthews is a director and shareholder of both Wick House Investments Limited and Gudaar Investments Limited. The company has made a loan to Wick House Investments Limited. The loan balance outstanding from Wick House Investments Limited as at 01 January 2021 was £156,341. During the accounting period ended 31 December 2021 an additional sum of £148,000 was advanced to the company. The loan was made on an interest free basis and is repayable on demand. The balance outstanding to Gudaar Investments Limited as at 31 December 2021 was £304,341 (2020 - £156,341).
Mr Ronald Roger Matthews is also a director and shareholder of Battleborough Grange Hotel Limited to which company Gudaar Investments Limited has made a loan. The loan balance outstanding from Battleborough Grange Hotel Limited as at 01 January 2021 was £59,409, which balance remained outstanding as at 31 December 2021. The loan was made on an interest free basis and is repayable on demand.
2021-12-31
2021-01-01
false
20 September 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
R R Matthews
03553575
2021-01-01
2021-12-31
03553575
bus:Director1
2021-01-01
2021-12-31
03553575
bus:RegisteredOffice
2021-01-01
2021-12-31
03553575
2021-12-31
03553575
2020-12-31
03553575
core:OtherPropertyPlantEquipment
2021-12-31
03553575
core:OtherPropertyPlantEquipment
2020-12-31
03553575
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
03553575
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
03553575
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-12-31
03553575
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-12-31
03553575
core:CurrentFinancialInstruments
2021-12-31
03553575
core:CurrentFinancialInstruments
2020-12-31
03553575
core:Non-currentFinancialInstruments
2021-12-31
03553575
core:Non-currentFinancialInstruments
2020-12-31
03553575
core:ShareCapital
2021-12-31
03553575
core:ShareCapital
2020-12-31
03553575
core:RevaluationReserve
2021-12-31
03553575
core:RevaluationReserve
2020-12-31
03553575
core:RetainedEarningsAccumulatedLosses
2021-12-31
03553575
core:RetainedEarningsAccumulatedLosses
2020-12-31
03553575
core:PlantMachinery
2021-01-01
2021-12-31
03553575
2020-01-01
2020-12-31
03553575
core:OtherPropertyPlantEquipment
2020-12-31
03553575
core:OtherPropertyPlantEquipment
2021-01-01
2021-12-31
03553575
2020-12-31
03553575
core:WithinOneYear
2021-12-31
03553575
core:WithinOneYear
2020-12-31
03553575
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
03553575
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
03553575
bus:FRS102
2021-01-01
2021-12-31
03553575
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
03553575
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP