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REGISTERED NUMBER: 04942918 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SUMMERGRAND LIMITED

SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SUMMERGRAND LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: P R Fair
Mrs J Fair
P F W Stanford





SECRETARY: Ms J I Stanford





REGISTERED OFFICE: The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG





REGISTERED NUMBER: 04942918 (England and Wales)





AUDITORS: Lang Bennetts Audit Limited
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 46,144 61,526
Investment property 6 815,000 815,000
861,144 876,526

CURRENT ASSETS
Debtors 7 218 2,628
Cash at bank 29,988 61,928
30,206 64,556
CREDITORS
Amounts falling due within one year 8 254,318 278,090
NET CURRENT LIABILITIES (224,112 ) (213,534 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

637,032

662,992

CREDITORS
Amounts falling due after more than one
year

9

(315,509

)

(349,682

)

PROVISIONS FOR LIABILITIES (1,059 ) -
NET ASSETS 320,464 313,310

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 320,364 313,210
320,464 313,310

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 13 October 2023 and were signed on its behalf by:





P R Fair - Director


SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Summergrand 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Going concern
As at the year end the company had net current liabilities of £224,112 (2022 - £213,534).

Included within current liabilities are significant balances owed to related parties which whilst repayable on demand, are in reality unlikely to be exercised. Therefore the company retains the support of creditors, including bankers.

Taking the above into account together with a review of post-year end performance, the Director's have assessed a period of 12 months from the balance sheet date and consider that the company is a going concern. Therefore the accounts are prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

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 and receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company has one revenue stream. Rental income from investment property is recognised in the profit and loss account on a straight line basis in line with the tenancy agreement, payable in advance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.


SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk and rewards of ownership to the lessee. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charges to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

1,000

-

SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 62,835
DEPRECIATION
At 1 April 2022 1,309
Charge for year 15,382
At 31 March 2023 16,691
NET BOOK VALUE
At 31 March 2023 46,144
At 31 March 2022 61,526

Tangible fixed assets include an asset held under hire purchase with a net book value of £46,144 (2022: £61,526). The depreciation charge for assets held under hire purchase was £15,382 (2022: £1,309).

6. INVESTMENT PROPERTY

The property was valued by Jonathan Wall BSc (Hons) MRICS, director of Davis Coffer Lyons on 27 September 2021 on the open market basis. Davis Coffer Lyons are independent valuers not connected with the company. The director's consider that this valuation remains an appropriate valuation of the position at 31 March 2023.

Had this class of asset been measured on a historical cost basis, it would have a carrying value of £832,162 (2022 - £832,162).

The investment property owned by the company is pledged to secure the borrowings of the company and the group (see note 12).

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2009 (117,154 )
Valuation in 2011 (100,000 )
Valuation in 2017 (25,008 )
Valuation in 2022 225,000
Cost 832,162
815,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 100 100
Other debtors 118 2,528
218 2,628

SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 27,368 30,840
Hire purchase contracts 8,554 8,554
Amounts owed to group undertakings 97,572 92,846
Other creditors 120,824 145,850
254,318 278,090

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 276,727 302,346
Hire purchase contracts 38,782 47,336
315,509 349,682

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

The Report of the Auditors was unqualified.

James Pearce FCA (Senior Statutory Auditor)
for and on behalf of Lang Bennetts Audit Limited

11. RELATED PARTY DISCLOSURES

Mr P F Stanford
(Director and shareholder of Summergrand Limited)

During the current and previous year a loan account existed between Summergrand Limited and Mr P F Stanford. No interest was paid on the loan. At the balance sheet date the amount due to Mr P F Stanford was £118,256 (2022 - £118,256).

Crowndell Consulting Limited
(Ultimate parent company)

A loan account exists between Summergrand Limited and Crowndell Consulting Limited. No interest was paid on the loan. At the balance sheet date the amount due to Crowndell Consulting Limited was £97,572 (2022: £92,846).

12. ULTIMATE CONTROLLING PARTY

The controlling party is Crowndell Consulting Limited.

The ultimate parent is Crowndell Consulting Limited, a company incorporated in England and Wales.

These financial statements are available upon request from:
Lewinnick Lodge
Pentire
Newquay
Cornwall
TR7 1NX

Mr P R Fair and Mrs J Fair are considered to be the ultimate controlling party.

SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

13. BANK BORROWING

The Bank loan is denominated in Great British Pounds with a margin interest rate of 2.25% over 5 years. The carrying amount at the year end is £304,095 (2022 - £333,186).

The loan is secured by a cross guarantee and debenture from the group companies, in addition to a charge over the investment property held by the company.

The HP purchase agreement is secured against the assets to which it relates.