IRIS Accounts Production v23.1.0.753 12591321 director 1.6.22 31.5.23 31.5.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure125913212022-05-31125913212023-05-31125913212022-06-012023-05-31125913212021-05-31125913212021-06-012022-05-31125913212022-05-3112591321ns15:EnglandWales2022-06-012023-05-3112591321ns14:PoundSterling2022-06-012023-05-3112591321ns10:Director12022-06-012023-05-3112591321ns10:PrivateLimitedCompanyLtd2022-06-012023-05-3112591321ns10:SmallEntities2022-06-012023-05-3112591321ns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3112591321ns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3112591321ns10:SmallCompaniesRegimeForAccounts2022-06-012023-05-3112591321ns10:FullAccounts2022-06-012023-05-3112591321ns5:CurrentFinancialInstruments2023-05-3112591321ns5:CurrentFinancialInstruments2022-05-3112591321ns5:Non-currentFinancialInstruments2023-05-3112591321ns5:Non-currentFinancialInstruments2022-05-3112591321ns5:ShareCapital2023-05-3112591321ns5:ShareCapital2022-05-3112591321ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-3112591321ns5:FurtherSpecificReserve3ComponentTotalEquity2022-05-3112591321ns5:RetainedEarningsAccumulatedLosses2023-05-3112591321ns5:RetainedEarningsAccumulatedLosses2022-05-3112591321ns10:RegisteredOffice2022-06-012023-05-3112591321ns5:PlantMachinery2022-05-3112591321ns5:PlantMachinery2022-06-012023-05-3112591321ns5:PlantMachinery2023-05-3112591321ns5:PlantMachinery2022-05-3112591321ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3112591321ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3112591321ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-05-3112591321ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-05-3112591321ns5:Secured2023-05-3112591321ns5:Secured2022-05-3112591321ns5:DeferredTaxation2022-05-3112591321ns5:DeferredTaxation2023-05-3112591321ns5:FurtherSpecificReserve3ComponentTotalEquity2022-05-31
REGISTERED NUMBER: 12591321 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

GRAND CAPITAL LONDON LTD

GRAND CAPITAL LONDON LTD (REGISTERED NUMBER: 12591321)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


GRAND CAPITAL LONDON LTD (REGISTERED NUMBER: 12591321)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,854 3,805
Investment property 5 475,000 475,000
477,854 478,805

CURRENT ASSETS
Debtors 6 155,119 155,914
Cash at bank and in hand 2,640 1,367
157,759 157,281
CREDITORS
Amounts falling due within one year 7 115,139 114,251
NET CURRENT ASSETS 42,620 43,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

520,474

521,835

CREDITORS
Amounts falling due after more than one
year

8

(361,594

)

(361,594

)

PROVISIONS FOR LIABILITIES 10 (32,963 ) (32,963 )
NET ASSETS 125,917 127,278

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 140,525 140,525
Retained earnings (14,708 ) (13,347 )
125,917 127,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

GRAND CAPITAL LONDON LTD (REGISTERED NUMBER: 12591321)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 February 2024 and were signed by:





Mr O M Qureshi - Director


GRAND CAPITAL LONDON LTD (REGISTERED NUMBER: 12591321)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 MAY 2023

1. STATUTORY INFORMATION

Grand Capital London Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12591321

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the reporting date.

GRAND CAPITAL LONDON LTD (REGISTERED NUMBER: 12591321)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 June 2022
and 31 May 2023 4,740
DEPRECIATION
At 1 June 2022 935
Charge for year 951
At 31 May 2023 1,886
NET BOOK VALUE
At 31 May 2023 2,854
At 31 May 2022 3,805

GRAND CAPITAL LONDON LTD (REGISTERED NUMBER: 12591321)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 475,000
NET BOOK VALUE
At 31 May 2023 475,000
At 31 May 2022 475,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2022 173,487
Cost 301,513
475,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 301,513 301,513

Investment property was valued on an open market basis on 31 May 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,853 2,648
Other debtors 153,266 153,266
155,119 155,914

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 115,139 114,251

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 361,594 361,594

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 361,594 361,594

GRAND CAPITAL LONDON LTD (REGISTERED NUMBER: 12591321)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 MAY 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 361,594 361,594

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 32,963 32,963

Deferred
tax
£   
Balance at 1 June 2022 32,963
Balance at 31 May 2023 32,963

11. RESERVES
Fair
value
reserve
£   
At 1 June 2022
and 31 May 2023 140,525

12. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £10,016 (2022: £10,152) due to the director of the company. The amount is interest free and repayable on demand.

Included in other creditors is an amount of £103,140 (2022: £103,020) due to connected companies under common directorship. The amount was interest free and repayable on demand.

Included in other debtors is an amount of £153,109 (2022: £153,109) due from connected companies under common directorship. The amount was interest fee and repayable on demand.