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Company registration number: 00500303
Grosvenor Confectionery Company Ltd
Unaudited filleted financial statements
30 November 2023
Grosvenor Confectionery Company Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Grosvenor Confectionery Company Ltd
Directors and other information
Directors Wendy Barnacle
Susan Brown
Roy Knatchbull
Fiona Woodford
Secretary Susan Brown
Company number 00500303
Registered office 7 The Willows
Thorpe Bay
Essex
SS1 3SH
Business address 7 The Willows
Thorpe Bay
Essex
SS1 3SH
Accountants MCL Accountants
29-31 Shoebury Road
Thorpe Bay
Southend-on-Sea
Essex
SS1 3RP
Grosvenor Confectionery Company Ltd
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 5 3,146 3,330
Investments 6 1,280,000 1,280,000
Cash at bank and in hand 166,540 160,338
_______ _______
1,449,686 1,443,668
Creditors: amounts falling due
within one year 7 ( 24,553) ( 20,469)
_______ _______
Net current assets 1,425,133 1,423,199
_______ _______
Total assets less current liabilities 1,425,133 1,423,199
Provisions for liabilities ( 136,769) ( 136,769)
_______ _______
Net assets 1,288,364 1,286,430
_______ _______
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 1,283,364 1,281,430
_______ _______
Shareholders funds 1,288,364 1,286,430
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
Roy Knatchbull Susan Brown
Director Director
Company registration number: 00500303
Grosvenor Confectionery Company Ltd
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 7 The Willows, Thorpe Bay, Essex, SS1 3SH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.
Turnover
Turnover represents rent receivable for the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Debtors
2023 2022
£ £
Trade debtors 3,146 3,146
Other debtors - 184
_______ _______
3,146 3,330
_______ _______
6. Investments
2023 2022
£ £
Investment property 1,280,000 1,280,000
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 120 120
Corporation tax 22,603 19,869
Other creditors 1,830 480
_______ _______
24,553 20,469
_______ _______