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Company No: 08416172 (England and Wales)

GRANITE ASSOCIATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

GRANITE ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

GRANITE ASSOCIATES LIMITED

BALANCE SHEET

As at 31 March 2023
GRANITE ASSOCIATES LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,279 5,706
Investment property 4 10,935,359 11,125,359
10,939,638 11,131,065
Current assets
Debtors 5 52,281 98,699
Cash at bank and in hand 1,135,928 501,767
1,188,209 600,466
Creditors: amounts falling due within one year 6 ( 242,176) ( 254,929)
Net current assets 946,033 345,537
Total assets less current liabilities 11,885,671 11,476,602
Provision for liabilities ( 106,878) ( 16,324)
Net assets 11,778,793 11,460,278
Capital and reserves
Called-up share capital 7 667 667
Share premium account 8,927,950 8,927,950
Fair value reserve ( 610,425 ) ( 734,390 )
Profit and loss account 3,460,601 3,266,051
Total shareholders' funds 11,778,793 11,460,278

For the financial 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.

Directors' responsibilities:

The financial statements of Granite Associates Limited (registered number: 08416172) were approved and authorised for issue by the Board of Directors on 22 October 2023. They were signed on its behalf by:

Mrs J Fussell
Director
GRANITE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
GRANITE ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Granite Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Little Highlands, Blachford Road, Ivybridge, PL21 0AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised in the period of which occupancy occurred.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over their expected useful life, as follows:

Vehicles 25 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 April 2022 21,192 3,356 24,548
At 31 March 2023 21,192 3,356 24,548
Accumulated depreciation
At 01 April 2022 17,420 1,422 18,842
Charge for the financial year 943 484 1,427
At 31 March 2023 18,363 1,906 20,269
Net book value
At 31 March 2023 2,829 1,450 4,279
At 31 March 2022 3,772 1,934 5,706

4. Investment property

Investment property
£
Valuation
As at 01 April 2022 11,125,359
Disposals (190,000)
As at 31 March 2023 10,935,359

Valuation

There previously has been a valuation of investment properties by an independent valuer. The properties have been valued by the directors for the year ended 31 March 2023 and they are happy that there has been no movement.

5. Debtors

2023 2022
£ £
Trade debtors 34,083 3,333
Other debtors 18,198 95,366
52,281 98,699

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 35,378 18,244
Taxation and social security 90,409 110,658
Other creditors 116,389 126,027
242,176 254,929

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
294 Ordinary B shares of £ 1.00 each 294 294
98 Ordinary C shares of £ 1.00 each 98 98
99 Ordinary D shares of £ 1.00 each 99 99
44 Ordinary E shares of £ 1.00 each 44 44
44 Ordinary F shares of £ 1.00 each 44 44
29 Ordinary G shares of £ 1.00 each 29 29
29 Ordinary H shares of £ 1.00 each 29 29
29 Ordinary J shares of £ 1.00 each 29 29
667 667