Grandiose Developments Ltd 14216775 false 2022-07-05 2023-07-31 2023-07-31 The principal activity of the company is buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true true 14216775 2022-07-05 2023-07-31 14216775 2023-07-31 14216775 core:CurrentFinancialInstruments 2023-07-31 14216775 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 14216775 core:FurnitureFittingsToolsEquipment 2023-07-31 14216775 bus:SmallEntities 2022-07-05 2023-07-31 14216775 bus:AuditExemptWithAccountantsReport 2022-07-05 2023-07-31 14216775 bus:FullAccounts 2022-07-05 2023-07-31 14216775 bus:SmallCompaniesRegimeForAccounts 2022-07-05 2023-07-31 14216775 bus:RegisteredOffice 2022-07-05 2023-07-31 14216775 bus:Director1 2022-07-05 2023-07-31 14216775 bus:PrivateLimitedCompanyLtd 2022-07-05 2023-07-31 14216775 core:FurnitureFittingsToolsEquipment 2022-07-05 2023-07-31 14216775 core:OfficeEquipment 2022-07-05 2023-07-31 14216775 countries:EnglandWales 2022-07-05 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 14216775

Prepared for the registrar

Grandiose Developments Ltd

Annual Report and Unaudited Financial Statements

for the Period from 5 July 2022 to 31 July 2023

 

Grandiose Developments Ltd

(Registration number: 14216775)
Balance Sheet as at 31 July 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

1,580

Current assets

 

Debtors

5

381,176

Cash at bank and in hand

 

89

 

381,265

Creditors: Amounts falling due within one year

6

(384,052)

Net current liabilities

 

(2,787)

Net liabilities

 

(1,207)

Capital and reserves

 

Called up share capital

2

Profit and loss account

(1,209)

Shareholders' deficit

 

(1,207)

For the financial period ending 31 July 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 March 2024 and signed on its behalf by:
 


N S Gandhi
Director

 

Grandiose Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Ludow Developments Ltd.

The address of its registered office is:
47 Fordhook Avenue
Ealing Common
London
W5 3LS
United Kingdom

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Grandiose Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line basis 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Grandiose Developments Ltd

Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023

 

4

Tangible assets

Office equipment
£

Cost

Additions

1,614

At 31 July 2023

1,614

Depreciation

Charge for the period

34

At 31 July 2023

34

Carrying amount

At 31 July 2023

1,580

 

5

Debtors

Note

31 July 2023
 £

Amounts owed by related parties

7

381,176

 

6

Creditors

Note

31 July 2023
 £

Due within one year

 

Loans and borrowings

7

382,552

Accrued expenses

 

1,500

 

384,052

 

7

Related party transactions

At 31 July 2023, the company owed £382,552 to N S Gandhi in the form of a director's loan account. The loan is unsecured, repayable on demand and no interest is payable.

At 31 July 2023, the company was owed £381,176 by P&S Property Services Limited. The loan is unsecured, repayable on demand and no interest is payable. These companies are related by virtue of the director N S Gandhi.