Registered number
03560007
Groupnet Developments Ltd
Unaudited Filleted Accounts
31 May 2023
Groupnet Developments Ltd
Registered number: 03560007
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 206 258
Investment Properties 4 638,856 547,318
639,062 547,576
Current assets
Cash at bank and in hand 49,249 426,104
Creditors: amounts falling due within one year 5 (25,316) (263,117)
Net current assets 23,933 162,987
Total assets less current liabilities 662,995 710,563
Creditors: amounts falling due after more than one year 6 840 1,411
Net assets 663,835 711,974
Capital and reserves
Called up share capital 100 100
Fair value reserve 7 175,763 175,763
Profit and loss account 487,972 536,111
Shareholders' funds 663,835 711,974
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Loizou
Director
Approved by the board on 14 November 2023
Groupnet Developments Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements have been modified to include the revaluation of freehold properties and to include investment properties at fair value.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Investment Properties
Investment Properties, which is property held to earn rentals and/or for capital appreciation are shown at most recent valuation. Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the fair value reservce in the period in which they arise.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 5,173
At 31 May 2023 5,173
Depreciation
At 1 June 2022 4,915
Charge for the year 52
At 31 May 2023 4,967
Net book value
At 31 May 2023 206
At 31 May 2022 258
4 Investment properties
£
Fair Value
At 1 June 2022 547,318
Additions 91,538
At 31 May 2023 638,856
The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 18,105 -
Directors' current accounts 4,962 4,962
Taxation and social security costs 449 106,591
Other creditors 1,800 151,564
25,316 263,117
6 Creditors: amounts falling due after one year 2023 2022
£ £
Finance costs (840) (1,411)
7 Fair value reserve 2023 2022
£ £
At 1 June 2022 175,763 345,618
Disposal of revalued land and buildings - (147,700)
Deferred taxation release on the disposal of the revalued land and buildings - (22,155)
At 31 May 2023 175,763 175,763
The fair value reserve is comprised of a gain on revaluation of land and buildings of £147,700 and deferred taxation arising on the revaluation of land and buildings of £28,063.
8 Controlling party
The company is controlled by the Loizou family. The major shareholders are Mr C & Mrs H Loizou (20 £1 ordinary shares each).
9 Other information
Groupnet Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
16 Aylmer Parade
Aylmer Road
London
N2 0PE
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