Company Registration No. 02818204 (England and Wales)
GREENSHAW PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
GREENSHAW PROPERTIES LIMITED
COMPANY INFORMATION
Director
Dr R K Patel
Secretary
Ms S Patel
Company number
02818204
Registered office
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
GREENSHAW PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GREENSHAW PROPERTIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GREENSHAW PROPERTIES LIMITED FOR THE YEAR ENDED 31 MAY 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GREENSHAW PROPERTIES LIMITED for the year ended 31 May 2023 set out on pages 3 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of GREENSHAW PROPERTIES LIMITED and state those matters that we have agreed to state to the Board of Directors of GREENSHAW PROPERTIES LIMITED, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GREENSHAW PROPERTIES LIMITED and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that GREENSHAW PROPERTIES LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GREENSHAW PROPERTIES LIMITED. You consider that GREENSHAW PROPERTIES LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of GREENSHAW PROPERTIES LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
20 February 2024
GREENSHAW PROPERTIES LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,582
2,946
Investment properties
4
2,475,000
4,775,000
Investments
5
895,386
895,386
3,372,968
5,673,332
Current assets
Debtors
6
67,893
130,725
Investments
7
1,940,000
Cash at bank and in hand
42,149
30,419
2,050,042
161,144
Creditors: amounts falling due within one year
8
(1,130,725)
(2,199,680)
Net current assets/(liabilities)
919,317
(2,038,536)
Total assets less current liabilities
4,292,285
3,634,796
Creditors: amounts falling due after more than one year
9
(957,255)
Provisions for liabilities
11
(296,457)
(345,885)
Net assets
3,038,573
3,288,911
Capital and reserves
Called up share capital
12
100
100
Other reserve - non distributable
13
1,470,616
2,676,993
Profit and loss reserves
14
1,567,857
611,818
Total equity
3,038,573
3,288,911
The directorstrue of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
GREENSHAW PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Dr R K Patel
Director
Company Registration No. 02818204
GREENSHAW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
GREENSHAW PROPERTIES LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for rental income from residential and commercial properties. Turnover is recognised at the fair value of the rent received or receivable from letting business provided in the normal course of business.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% p.a. on a straight line basis
1.5
Investment properties
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit or loss account.
1.6
Fixed asset investments
Fixed assets investment are stated at cost.
GREENSHAW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and other creditors and bank loan.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include other debtors and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loan are initially recognised 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and the movement in the deferred tax due to the adjustment to the revaluation of the properties and the movement in the deferred tax due to capital allowances.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
GREENSHAW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
14,308
Depreciation and impairment
At 1 June 2022
11,362
Depreciation charged in the year
364
At 31 May 2023
11,726
Carrying amount
At 31 May 2023
2,582
At 31 May 2022
2,946
4
Investment property
2023
£
Fair value
At 1 June 2022
4,775,000
Disposals
(2,300,000)
At 31 May 2023
2,475,000
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 May 2022 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
895,386
895,386
GREENSHAW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,117
Other debtors
62,776
130,725
67,893
130,725
7
Current asset investments
2023
2022
£
£
Other investments
1,940,000
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,085,323
Trade creditors
343
Corporation tax
3,937
21,633
Other taxation and social security
7,521
Other creditors
1,126,788
1,084,860
1,130,725
2,199,680
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
957,255
Bank loan of £957,255 is secured by fixed charges over the freehold property at the 63 to 65 Station Road & 10/13 The Quadrant, Edgware, Middlesex and its associated assets.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11
296,457
345,885
GREENSHAW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
11
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
85
560
Fair value movements
296,372
345,325
296,457
345,885
2023
Movements in the year:
£
Liability at 1 June 2022
345,885
Transfer on disposal
(49,428)
Liability at 31 May 2023
296,457
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued, allotted, called up and fully paid
Ordinary shares of £1 each
100
100
100
100
13
Other reserve - non distributable
2023
2022
£
£
At the beginning of the year
2,676,993
2,676,993
Other movements
(1,206,377)
-
At the end of the year
1,470,616
2,676,993
14
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
611,818
1,019,888
Profit for the year
956,039
91,930
Dividends declared and paid in the year
-
(500,000)
At the end of the year
1,567,857
611,818
GREENSHAW PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
15
Directors' transactions
Dividends totalling £0 (2022 - £340,000) was paid in the year in respect of shares held by the company's director.
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