Company registration number 11701849 (England and Wales)
O'GRADY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
O'GRADY INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
J G O'Grady
M Barbero-Vaquero
Company number
11701849
Registered office
29 Park Street West
Luton
LU1 3BE
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
O'GRADY INVESTMENTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
O'GRADY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
194,216
191,650
Investment property
4
6,319,500
6,225,172
6,513,716
6,416,822
Current assets
Debtors
5
169,048
124
Cash at bank and in hand
9,653
38,599
178,701
38,723
Creditors: amounts falling due within one year
6
(149,635)
(157,352)
Net current assets/(liabilities)
29,066
(118,629)
Total assets less current liabilities
6,542,782
6,298,193
Creditors: amounts falling due after more than one year
7
(3,939,993)
(4,377,645)
Provisions for liabilities
(483,161)
(448,530)
Net assets
2,119,628
1,472,018
Capital and reserves
Called up share capital
2
2
Revaluation reserve
1,319,871
1,249,125
Profit and loss reserves
799,755
222,891
Total equity
2,119,628
1,472,018
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 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.
O'GRADY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
J G O'Grady
Director
Company registration number 11701849 (England and Wales)
O'GRADY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
O'Grady Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 Park Street West, Luton, LU1 3BE.
1.1
Accounting convention
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable, excluding value added tax. Rental income is recognised on a calendar basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on reducing balance
Motor vehicles
20% on reducing balance
1.4
Investment properties
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. Changes in fair value are recognised in profit or loss.
Investment properties whose fair value cannot be measured reliably, without undue cost or effort on an on-going basis, are included in other fixed assets at cost less accumulated depreciation and accumulated impairment losses.
1.5
Financial instruments
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
O'GRADY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
O'GRADY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
190,644
60,000
250,644
Additions
26,230
26,100
52,330
At 31 March 2023
216,874
86,100
302,974
Depreciation and impairment
At 1 April 2022
40,594
18,400
58,994
Depreciation charged in the year
36,224
13,540
49,764
At 31 March 2023
76,818
31,940
108,758
Carrying amount
At 31 March 2023
140,056
54,160
194,216
At 31 March 2022
150,050
41,600
191,650
4
Investment property
2023
£
Fair value
At 1 April 2022
6,225,172
Revaluations
94,328
At 31 March 2023
6,319,500
Investment properties were valued on an open market basis on 31 March 2023 by the directors.
O'GRADY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
4,559,672
4,559,672
Accumulated depreciation
-
-
Carrying amount
4,559,672
4,559,672
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
169,048
Prepayments and accrued income
124
169,048
124
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
80,787
122,575
Obligations under finance leases
3,998
3,998
Trade creditors
1,440
740
Corporation tax
39,266
6,788
Accruals and deferred income
24,144
23,251
149,635
157,352
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
3,282,934
3,383,079
Obligations under finance leases
5,674
9,672
Other borrowings
196,272
192,230
Other creditors
315,113
632,664
Accruals and deferred income
140,000
160,000
3,939,993
4,377,645
O'GRADY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
The bank loans are secured by way of a fixed and floating charge over the investment properties of the company.
8
Related party disclosures
Included in other debtors and other creditors are amounts due from and due to related companies in which the directors have a material interest or significant control. These amounts are interest free and repayable on demand.
Rent receivable is from a related company in which the directors have a material interest or significant control.