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REGISTERED NUMBER: 02251229 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

GRANDLY DEVELOPMENTS LIMITED

GRANDLY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02251229)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GRANDLY DEVELOPMENTS LIMITED

Company Information
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: A Artemiou





REGISTERED OFFICE: 37 Curthwaite Gardens
Oakwood
Enfield
Middlesex
EN2 7LW





REGISTERED NUMBER: 02251229 (England and Wales)





ACCOUNTANTS: G & A Partners LLP
Chartered Accountants
120 Cockfosters Road
Barnet
EN4 0DZ

GRANDLY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02251229)

Statement of Financial Position
31 MAY 2023

31.5.23 31.5.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 10,558 15,513
Investment property 5 900,000 900,000
910,558 915,513

CURRENT ASSETS
Debtors 6 20,110 25,056
Cash at bank and in hand 49,740 42,662
69,850 67,718
CREDITORS
Amounts falling due within one year 7 18,332 17,466
NET CURRENT ASSETS 51,518 50,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

962,076

965,765

CREDITORS
Amounts falling due after more than one
year

8

(205,888

)

(210,092

)

PROVISIONS FOR LIABILITIES 9 (155,312 ) (155,745 )
NET ASSETS 600,876 599,928

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 600,776 599,828
SHAREHOLDERS' FUNDS 600,876 599,928

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.

GRANDLY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02251229)

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 4 January 2024 and were signed by:





A Artemiou - Director


GRANDLY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02251229)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Grandly Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover comprises revenue recognised by the company in respect of rents received during the year. Rents are recognised up to the year end date.

The total turnover of the company for the year has been derived from its principal activity wholly undertaken within the UK.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method.

Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

GRANDLY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02251229)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£
COST
At 1 June 2022
and 31 May 2023 22,095
DEPRECIATION
At 1 June 2022 6,582
Charge for year 4,955
At 31 May 2023 11,537
NET BOOK VALUE
At 31 May 2023 10,558
At 31 May 2022 15,513

5. INVESTMENT PROPERTY
Total
£
COST OR VALUATION
At 1 June 2022
and 31 May 2023 900,000
NET BOOK VALUE
At 31 May 2023 900,000
At 31 May 2022 900,000

The fair value of the properties at May 2023 has been arrived at on the basis of a valuation carried out at that date by the director of the company who is not professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in the location and takes into account the yield from rentals in the area where the property is situated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£ £
Other debtors 20,110 25,056

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£ £
Bank loans and overdrafts 10,526 10,526
Hire purchase contracts 4,204 4,265
Taxation and social security 3,002 2,275
Other creditors 600 400
18,332 17,466

GRANDLY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02251229)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MAY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£ £
Bank loans 205,888 205,888
Hire purchase contracts - 4,204
205,888 210,092

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instalments 205,888 205,888

9. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£ £
Deferred tax
Accelerated capital allowances (308 ) 125
Deferred tax 155,620 155,620
155,312 155,745

Deferred tax
£
Balance at 1 June 2022 155,745
Provided during year 1,887
Balance at 31 May 2023 157,632

** BALANCE ABOVE AT END OF YEAR RE DEFERRED TAX ON CLIENT SCREEN OF 157,632
DOES NOT AGREE TO CURRENT YEAR TOTAL OF ACCOUNTS PER TB 155,312

PLEASE CHECK CLIENT SCREEN - NOTES TO FINANCIAL STATEMENTS - BALANCE SHEET ITEMS - PROVISIONS FOR LIABILITIES - MOVEMENT IN PROVISIONS ETC

Please note: a deferred tax asset should be entered as a negative balance (i.e. include a "-" sign)


10. RELATED PARTY DISCLOSURES

At the year end the director owes the company £15,319 (2022 - £23,621).