Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28022022-03-01falseThe principal activity of the Company is that of letting owned residential real estate.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10760820 2022-03-01 2023-02-28 10760820 2021-03-01 2022-02-28 10760820 2023-02-28 10760820 2022-02-28 10760820 c:Director1 2022-03-01 2023-02-28 10760820 d:FreeholdInvestmentProperty 2023-02-28 10760820 d:FreeholdInvestmentProperty 2022-02-28 10760820 d:FreeholdInvestmentProperty 2 2022-03-01 2023-02-28 10760820 d:CurrentFinancialInstruments 2023-02-28 10760820 d:CurrentFinancialInstruments 2022-02-28 10760820 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10760820 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10760820 d:UKTax 2022-03-01 2023-02-28 10760820 d:UKTax 2021-03-01 2022-02-28 10760820 d:ShareCapital 2023-02-28 10760820 d:ShareCapital 2022-02-28 10760820 d:RevaluationReserve 2023-02-28 10760820 d:RevaluationReserve 2022-02-28 10760820 d:RetainedEarningsAccumulatedLosses 2023-02-28 10760820 d:RetainedEarningsAccumulatedLosses 2022-02-28 10760820 c:OrdinaryShareClass1 2022-03-01 2023-02-28 10760820 c:OrdinaryShareClass1 2023-02-28 10760820 c:OrdinaryShareClass1 2022-02-28 10760820 c:FRS102 2022-03-01 2023-02-28 10760820 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10760820 c:FullAccounts 2022-03-01 2023-02-28 10760820 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10760820 2 2022-03-01 2023-02-28 10760820 6 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10760820









GRACELANDS PROPERTIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
GRACELANDS PROPERTIES LIMITED
REGISTERED NUMBER: 10760820

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
672,001
1

Investment property
 6 
450,000
438,850

  
1,122,001
438,851

Current assets
  

Debtors: amounts falling due within one year
 7 
176
170

Cash at bank and in hand
  
2,724,417
3,070,262

  
2,724,593
3,070,432

Creditors: amounts falling due within one year
 8 
(300,398)
(3,987)

Net current assets
  
 
 
2,424,195
 
 
3,066,445

Total assets less current liabilities
  
3,546,196
3,505,296

  

Net assets
  
3,546,196
3,505,296


Capital and reserves
  

Called up share capital 
 9 
2
2

Revaluation reserve
  
41,150
30,000

Profit and loss account
  
3,505,044
3,475,294

  
3,546,196
3,505,296


Page 1

 
GRACELANDS PROPERTIES LIMITED
REGISTERED NUMBER: 10760820

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr D Mustafa
Director

Date: 25 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GRACELANDS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Gracelands Properties Limited is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 1 Armitage Business Centre, Delamere Road, Cheshunt, Waltham Cross, EN8 9FN. The Company is not part of a group. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.4

Taxation

Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Page 3

 
GRACELANDS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

Debtors

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

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in 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.

 
2.9

Creditors

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, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
GRACELANDS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
4,918
2,595



Tax on profit
4,918
2,595

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2022 - 19%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 March 2022
1


Additions
672,000



At 28 February 2023
672,001




Page 5

 
GRACELANDS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
438,850


Surplus on revaluation
11,150



At 28 February 2023
450,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2023
2022
£
£


Other debtors
1
1

Prepayments and accrued income
175
169

176
170



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,980
1,392

Corporation tax
4,918
2,595

Other creditors
293,500
-

300,398
3,987



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2


Page 6

 
GRACELANDS PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Related party transactions

During the year, the Company operated loans with the directors of the Company. The amount payable to the directors of the Company at the year end was £293,500 (2022 - £NIL). These loans are interest free and repayable on demand.


Page 7