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31/12/2021
2021-12-31
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No description of principal activities is disclosed
2021-01-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
12536440
2021-01-01
2021-12-31
12536440
2021-12-31
12536440
2020-12-31
12536440
2020-12-31
12536440
bus:Director1
2021-01-01
2021-12-31
12536440
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-12-31
12536440
core:WithinOneYear
2021-12-31
12536440
core:ShareCapital
2021-12-31
12536440
core:ShareCapital
2020-12-31
12536440
core:CapitalRedemptionReserve
2021-12-31
12536440
core:RetainedEarningsAccumulatedLosses
2021-12-31
12536440
core:RetainedEarningsAccumulatedLosses
2020-12-31
12536440
core:CostValuation
core:Non-currentFinancialInstruments
2021-12-31
12536440
core:Non-currentFinancialInstruments
2021-12-31
12536440
core:Non-currentFinancialInstruments
2020-12-31
12536440
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
12536440
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
12536440
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-01-01
2021-12-31
12536440
bus:SmallEntities
2021-01-01
2021-12-31
12536440
bus:AuditExempt-NoAccountantsReport
2021-01-01
2021-12-31
12536440
bus:FullAccounts
2021-01-01
2021-12-31
12536440
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
12536440
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
12536440
11
2021-01-01
2021-12-31
Company registration number:
12536440
Geloo Holdings Ltd
Unaudited filleted financial statements
31 December 2021
Geloo Holdings Ltd
Contents
Statement of financial position
Notes to the financial statements
Geloo Holdings Ltd
Statement of financial position
31 December 2021
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
2,480,133 |
|
|
|
1,959,857 |
|
|
|
Investments |
|
6 |
711,004 |
|
|
|
711,004 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
3,191,137 |
|
|
|
2,670,861 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
2,500 |
|
|
|
- |
|
|
|
Cash at bank and in hand |
|
|
56,589 |
|
|
|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
59,089 |
|
|
|
- |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
733,635) |
|
|
|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current liabilities |
|
|
|
|
(
674,546) |
|
|
|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
2,516,591 |
|
|
|
2,670,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
2,516,591 |
|
|
|
2,670,861 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
690,124 |
|
|
|
711,004 |
|
Capital redemption reserve |
|
|
|
|
20,880 |
|
|
|
- |
|
Profit and loss account |
|
|
|
|
1,805,587 |
|
|
|
1,959,857 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders funds |
|
|
|
|
2,516,591 |
|
|
|
2,670,861 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 2021 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
06 September 2022
, and are signed on behalf of the board by:
Sirajudin Ibrahim Geloo
Director
Company registration number:
12536440
Geloo Holdings Ltd
Notes to the financial statements
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is GBL House, Cleaver Street, Blackburn, Lancashire, BB1 5DG.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
|
|
|
|
|
Freehold property |
- |
Investment property held is not depreciated. |
|
|
|
|
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 measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being 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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2020: Nil).
5.
Tangible assets
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2021 |
1,959,857 |
1,959,857 |
|
|
|
|
|
|
Additions |
520,276 |
520,276 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2021 |
2,480,133 |
2,480,133 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2021 and 31 December 2021 |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2021 |
2,480,133 |
2,480,133 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2020 |
1,959,857 |
1,959,857 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freehold property includes investment property at an historical cost of £ 2,480,133, which in the directors opinion is equivalent to its anticipated value.
Investment property
Included within the above is investment property measured at fair value as follows:
|
|
£ |
|
At 1 January 2021 |
1,959,859 |
|
Additions |
520,756 |
|
|
_______ |
|
|
_______ |
|
|
|
6.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2021 and 31 December 2021 |
711,004 |
711,004 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2021 and 31 December 2021 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2021 |
711,004 |
711,004 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2020 |
711,004 |
711,004 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Trade debtors |
|
500 |
- |
|
Other debtors |
|
2,000 |
- |
|
|
|
_______ |
_______ |
|
|
|
2,500 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Social security and other taxes |
|
6,181 |
- |
|
Other creditors |
|
727,454 |
- |
|
|
|
_______ |
_______ |
|
|
|
733,635 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Controlling party
Geloo Holdings Limited owns 100 % of Geloo Brothers Limited.
