Gulf Real Asset Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02628744 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

GULF REAL ASSET MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I Latif

A N W A Latif

REGISTERED OFFICE:

Suite 28

New Hereford House

129 Park Street

London

W1Y 3FA

REGISTERED NUMBER:

02628744 (England and Wales)

AUDITORS:

Patsons Accountancy Limited, statutory auditors

Suraj Chambers

53 Islington Park Street

London

N1 1QB

CURRENT ASSETS

Debtors

4

9,146,362

9,172,549

Cash at bank and in hand

5

133,422

46,310

9,279,784

9,218,859

CREDITORS

Amounts falling due within one year

6

576,215

510,731

NET CURRENT ASSETS

8,703,569

8,708,128

TOTAL ASSETS LESS CURRENT LIABILITIES

8,703,569

8,708,128

CAPITAL AND RESERVES

Called up share capital

7,700,000

7,700,000

Retained earnings

1,003,569

1,008,128

SHAREHOLDERS' FUNDS

8,703,569

8,708,128

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2021 and were signed on its behalf by:

I Latif - Director

1.	STATUTORY INFORMATION

Gulf Real Asset Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company is loss making but has a strong net current asset position of £8.7m. Given the nature of the company as a provider of services to Gulf International Properties B.S.C (c) and its subsidiaries it has not been significantly impacted by the effects of Covid-19 on its operations.

Employees have been able to continue to work from home during the pandemic post year to

ensure services have continued to be provided.

The company is able to make payments as they fall due as its parent, Gulf International Properties

B.S.C (c) provides cash flow funding as required.The intercompany debtor and accrued interest

debtor on the Balance Sheet are balances due from Gulf International Properties B.S.C(c). The directors have assessed the ability of Gulf International Properties B.S.C (c) to be able to pay the

due to the company and consider this is sufficient certainty over its recoverability. As a result the directors are satisfied that the company will be able to settle its debts as they fall due and the company will be able to operate as a going concern for at least 12 months from the date of signing off these accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Amounts owed by group undertakings

9,140,062

9,172,549

Other debtors

6,300

-

9,146,362

9,172,549

Short debtors are measured at transaction price,less any impairment. Loans receivable are measured initially at fairvalue, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

5.	CASH AT BANK AND IN HAND

31.3.21

31.3.20

£

£

Bank account

131,970

46,310

Cash in hand

1,452

-

133,422

46,310

Cash is represented by cash in hand with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature no more than

three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

561,847

-

Amounts owed to group undertakings

-

487,619

Other creditors

14,368

23,112

576,215

510,731

Short term creditors are measured at the transaction price. Other financial liabilities , including bank

loans are measured initially at fair value, net of transaction costs.,

.

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ramesh Patel (Senior Statutory Auditor)

for and on behalf of Patsons Accountancy Limited, statutory auditors

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in Section 33.1A of FRS 102

whereby it has not disclosed transactions with the ultimate parent ompany or any wholly owned

subsidiary undertakings of the group.

At the year end I Latif, a director was owed £2600(2020-£9230by the company.

An employee who receives a salary of £36,000(2019-£36000)in the year, is the wife of I Latif, a

director.

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by Gulf International Properties B.S.C.(c) registered in Bahrain,which

the directors regard as the company.s ultimate parent undertaking ,Gulf International Properties

B.S.C(c) prepare group financial statements which are publicly available from Suite 28,

New Hereford House,Park Lane London