REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH DECEMBER 2022 |
FOR |
GROUND RENT TRADING LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
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: |
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 |
Cost of sales | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
97,175 | 171,620 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
BALANCE SHEET |
30TH DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Fair value reserve | 15 |
Retained earnings | 15 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents invoiced ground rents on investment properties and insurance commissions received. |
Tangible fixed assets |
Plant and machinery etc | - |
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 |
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 |
Tax on profit |
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 |
Disposals | ( |
) |
At 30th December 2022 |
DEPRECIATION |
At 31st December 2021 |
Eliminated on disposal | ( |
) |
At 30th December 2022 |
NET BOOK VALUE |
At 30th December 2022 |
At 30th December 2021 |
7. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 31st December 2021 |
and 30th December 2022 |
NET BOOK VALUE |
At 30th December 2022 |
At 30th December 2021 |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31st December 2021 |
and 30th December 2022 |
NET BOOK VALUE |
At 30th December 2022 |
At 30th December 2021 |
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 |
Amounts owed by group undertakings |
Other debtors |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
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 |
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 |
Balance at 30th December 2022 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
15. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 31st December 2021 | ( |
) | 1,164,386 |
Profit for the year |
At 30th December 2022 | ( |
) | 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. |