GAIGER_PROPERTIES_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Gaiger Properties Limited is a private company limited by shares incorporated in England and Wales, company registration number 05607283. The registered office is Kennet House, Northgate Street, Devizes, Wiltshire, SN10 1JT.

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 amounts 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. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors are however mindful that these financial statements have been approved at a time when the coronavirus pandemic is still affecting many businesses, and this may have an effect on the levels of income.

Turnover is recognised at the fair value of the consideration received or receivable for goods and rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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 at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

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.

The tax expense represents the sum of the tax currently payable and deferred 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.

The average monthly number of persons (including directors) employed by the company during the year was:

The investment property comprises of commercial retail units and residential flats. The investment property is shown at its fair value, this being the Directors' assessment of the fair value of the property based upon rent yields and a professional valuation carried out at November 2022 by professional valuers, who were 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.

Freehold Investment properties with a carrying amount of £560,000 (2022 - £560,000) have been pledged to secure any future borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Any future bank loans are secured by legal charges over the company's freehold investment property.