Registered number
10638426
GREYCOAT PROPERTIES LTD
Filleted Accounts
28 February 2023
GREYCOAT PROPERTIES LTD
Registered number: 10638426
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 320,000 320,000
Current assets
Cash at bank and in hand 11,596 10,977
Creditors: amounts falling due within one year 4 (43,031) (46,878)
Net current liabilities (31,435) (35,901)
Total assets less current liabilities 288,565 284,099
Creditors: amounts falling due after more than one year 5 (211,995) (211,966)
Provisions for liabilities (13,719) (13,719)
Net assets 62,851 58,414
Capital and reserves
Called up share capital 80 80
Revaluation reserve 7 58,485 58,485
Profit and loss account 4,286 (151)
Shareholders' funds 62,851 58,414
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.
Mr Amarjit Singh TATLA
Director
Approved by the board on 30 November 2023
GREYCOAT PROPERTIES LTD
Notes to the Accounts
for the year ended 28 February 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 (if applicable). Turnover represents the value of rent receivable.
Investment properties
Investment properties are revalued annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment properties
Land and buildings
£
Cost
At 1 March 2022 320,000
At 28 February 2023 320,000
Depreciation
At 28 February 2023 -
Net book value
At 28 February 2023 320,000
At 28 February 2022 320,000
Freehold land and buildings: 2023 2022
£ £
Historical cost 247,796 247,796
247,796 247,796
The investment properties were measured for fair value by the directors, and in their opinion the
fair value of the investment property is fairly stated.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 600 -
Taxation and social security costs 908 97
Directors' loan account 32,262 37,519
Other creditors 9,261 9,262
43,031 46,878
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 211,995 211,966
6 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 211,995 211,966
Secured bank loans 211,995 211,966
The bank loan is secured by first charge over the freehold land and buildings held by the company.
7 Revaluation reserve 2023 2022
£ £
At 1 March 2022 58,485 58,485
At 28 February 2023 58,485 58,485
8 Controlling party
The company is under the control of its directors Mr A S & Mrs M K Tatla.
9 Other information
GREYCOAT PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
65 Delamere Road
Hayes
UB4 0NN
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