Registered number
07115067
Grantly Hotel Limited
Filleted Accounts
31 March 2023
UKFS Consulting Limited
33 Naseby Road
Ilford
Essex
IG5 0NN
Grantly Hotel Limited
Registered number: 07115067
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 61,673 57,511
Current assets
Debtors 4 998,997 1,066,871
Cash at bank and in hand 679,825 18,264
1,678,822 1,085,135
Creditors: amounts falling due within one year 5 (280,603) (93,184)
Net current assets 1,398,219 991,951
Total assets less current liabilities 1,459,892 1,049,462
Creditors: amounts falling due after more than one year 6 (32,867) (46,715)
Provisions for liabilities (11,718) (10,161)
Net assets 1,415,307 992,586
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,415,207 992,486
Shareholders' funds 1,415,307 992,586
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.
F Naghdi-Esfastani
Director
Approved by the board on 19 November 2023
Grantly Hotel Limited
Notes to the Accounts
for the year ended 31 March 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).
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.
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% written down value
Motor vehicle 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 (i.e. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 14
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 157,605 30,453 188,058
Additions 21,102 - 21,102
At 31 March 2023 178,707 30,453 209,160
Depreciation
At 1 April 2022 124,456 6,091 130,547
Charge for the year 10,850 6,090 16,940
At 31 March 2023 135,306 12,181 147,487
Net book value
At 31 March 2023 43,401 18,272 61,673
At 31 March 2022 33,149 24,362 57,511
4 Debtors 2023 2022
£ £
Trade debtors 4,186 3,160
Amounts owed by related company 972,726 1,048,226
Other debtors 22,085 15,485
998,997 1,066,871
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,907 8,907
Obligations under finance lease and hire purchase contracts 4,919 4,919
Trade creditors 11,749 13,584
Taxation and social security costs 186,442 30,002
Director's account 896 4,218
Other creditors 67,690 31,554
280,603 93,184
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,258 33,187
Obligations under finance lease and hire purchase contracts 8,609 13,528
32,867 46,715
7 Related party transactions
As at 31st March 2023 company has outstanding balances with the following companies where Mr B Naghdi is also a director.
2023 2022
£ £
Baron Property London Limited 532,370 497,370
Amir-Baron Properties Limited 200,000 212,500
Baron Property London Limited 240,356 338,356
During the year the company was licensed by Baron Property Commercial Limited to run as an operator from its premises. A charge of £160,000 (2022: £90,000) was paid.
8 Controlling party
Mr B-Naghdi and Mrs F-Naghdi (director) are controlling party by virtue of their shareholdings.
9 Other information
Grantly Hotel Limited is a private company limited by shares and incorporated in England. Its registered office is:
50 Shepherds Bush Green Road
London
W12 8PS
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