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REGISTERED NUMBER: 05995318 (England and Wales)












REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH DECEMBER 2022

FOR

GROUND RENT TRADING LIMITED

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH DECEMBER 2022










Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


GROUND RENT TRADING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH DECEMBER 2022







DIRECTOR: L C Freilich





SECRETARY: B Grossman





REGISTERED OFFICE: 5 Sentinel Square
Hendon
London
NW4 2EL





REGISTERED NUMBER: 05995318 (England and Wales)





ACCOUNTANTS: The Paris Partnership LLP
Chartered Accountants
Russell House
140 High Street
Edgware
Middlesex
HA8 7LW

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30TH DECEMBER 2022


The director presents his report with the financial statements of the company for the year ended 30th December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of business support service activities.

DIRECTOR
L C Freilich held office during the whole of the period from 31st December 2021 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made charitable donations of £69,224 (2021:0)

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





L C Freilich - Director


17th November 2023

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

INCOME STATEMENT
FOR THE YEAR ENDED 30TH DECEMBER 2022

Period
1.1.21
Year Ended to
30.12.22 30.12.21
Notes £    £   

TURNOVER 407,124 446,437

Cost of sales - (5,000 )
GROSS PROFIT 407,124 441,437

Administrative expenses (309,949 ) (269,817 )
97,175 171,620

Other operating income 4,988 5,250
OPERATING PROFIT 4 102,163 176,870


Interest payable and similar expenses (85,865 ) (55,244 )
PROFIT BEFORE TAXATION 16,298 121,626

Tax on profit 5 (4,132 ) (6,406 )
PROFIT FOR THE FINANCIAL YEAR 12,166 115,220

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

BALANCE SHEET
30TH DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 6 - 8,948
Investments 7 32,611 32,611
Investment property 8 3,446,079 3,446,079
3,478,690 3,487,638

CURRENT ASSETS
Debtors 9 619,261 622,562
Cash at bank and in hand 32,135 76,257
651,396 698,819
CREDITORS
Amounts falling due within one year 10 (280,867 ) (1,828,133 )
NET CURRENT ASSETS/(LIABILITIES) 370,529 (1,129,314 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,849,219

2,358,324

CREDITORS
Amounts falling due after more than one year 11 (2,434,861 ) (956,132 )

PROVISIONS FOR LIABILITIES 13 (237,706 ) (237,706 )
NET ASSETS 1,176,652 1,164,486

CAPITAL AND RESERVES
Called up share capital 14 100 100
Fair value reserve 15 1,251,084 1,251,084
Retained earnings 15 (74,532 ) (86,698 )
SHAREHOLDERS' FUNDS 1,176,652 1,164,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

BALANCE SHEET - continued
30TH DECEMBER 2022


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

The financial statements were approved by the director and authorised for issue on 17th November 2023 and were signed by:





L C Freilich - Director


GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH DECEMBER 2022


1. STATUTORY INFORMATION

Ground Rent Trading 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.

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.

Turnover
Turnover represents invoiced ground rents on investment properties and insurance commissions received.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Interest payable
Interest payable is charged to the profit and loss account on an accruals basis.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets
Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive income.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalent
Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid investment with original maturities of three months or less.

Taxation
Current tax is recognised for the amounts of income tax payable in respect of the taxable profit for the current of past reporting requirements using the tax rates and laws have been enacted or substantively enacted by the reporting dates.

Deferred tax is recognised in respect of all timing differences at the reporting date and are presented within the provision for liabilities using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.1.21
Year Ended to
30.12.22 30.12.21
£    £   
Depreciation - owned assets - 2,972

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.1.21
Year Ended to
30.12.22 30.12.21
£    £   
Current tax:
UK corporation tax 4,132 6,406
Tax on profit 4,132 6,406

UK corporation tax has been charged at 19% .

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH DECEMBER 2022


6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 31st December 2021 37,664
Disposals (37,664 )
At 30th December 2022 -
DEPRECIATION
At 31st December 2021 28,716
Eliminated on disposal (28,716 )
At 30th December 2022 -
NET BOOK VALUE
At 30th December 2022 -
At 30th December 2021 8,948

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 31st December 2021
and 30th December 2022 32,611
NET BOOK VALUE
At 30th December 2022 32,611
At 30th December 2021 32,611

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31st December 2021
and 30th December 2022 3,446,079
NET BOOK VALUE
At 30th December 2022 3,446,079
At 30th December 2021 3,446,079

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH DECEMBER 2022


8. INVESTMENT PROPERTY - continued

Fair value at 30th December 2022 is represented by:
£   
Valuation in 2014 563,474
Valuation in 2019 396,110
Valuation in 2020 288,000
Cost 2,198,495
3,446,079

Investment property was valued on an open market value basis on 30th December 2022 by the director .

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 53,336 232,163
Amounts owed by group undertakings - 390,324
Other debtors 565,925 75
619,261 622,562

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 78,056 1,606,179
Amounts owed to group undertakings 121,886 145,643
Taxation and social security 71,925 67,311
Other creditors 9,000 9,000
280,867 1,828,133

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 1,520,026 36,297
Other creditors 914,835 919,835
2,434,861 956,132

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 914,835 919,835

Repayable by instalments
Bank loans more 5 yr by instal 1,496,615 7,839

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH DECEMBER 2022


12. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 1,598,082 1,642,476

Bank loans are secured against the investment property held by the company.

13. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 237,706 237,706

Deferred
tax
£   
Balance at 31st December 2021 237,706
Balance at 30th December 2022 237,706

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

15. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 31st December 2021 (86,698 ) 1,251,084 1,164,386
Profit for the year 12,166 12,166
At 30th December 2022 (74,532 ) 1,251,084 1,176,552

16. CONTINGENT LIABILITIES

The company joined a "VAT Group" during the year and as such is jointly and severally liable for the VAT liabilities of the whole group.

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH DECEMBER 2022


17. RELATED PARTY DISCLOSURES

Moreland Property Group Limited
The parent company.
The amount is repayable on demand
2022 2021
£ £
Amount due from related party at the balance sheet date - 368,308



Chancery Lane Investments Limited
A company under common control
The amount is repayable on demand
2022 2021
£ £
Amount due from related party at the balance sheet date - 22,015

MP Group Services Ltd

A company under common control


The amount is repayable on demand.

2022 2021
£    £   
Amount due to related party at the balance sheet date 88,953 112,710

Buy To Let Investments Ltd

A company under common control


This amount is repayable on demand.

2022 2021
£    £   
Amount due from related party at the balance sheet date - 178,827

Reelstone Property Holdings Limited

A company under common control


This amount is repayable on demand.

2022 2021
£    £   
Amount due to related party at the balance sheet date 32,933 32,933

GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH DECEMBER 2022


18. ULTIMATE PARENT COMPANY

The Moreland Property Group is regarded by the director as being the ultimate parent company.

ULTIMATE CONTROLLING PARTY

The director considers the ultimate controlling party of the company to be the board of the Moreland Property Group Limited.