Silverfin false false 31/08/2023 01/09/2022 31/08/2023 C Beviss 29/04/2020 J Beviss 05/07/2019 J Mcveigh 29/04/2020 J Watt 18/04/2019 05 February 2024 The principal activity of the company during the financial year was property management and rental. 11953154 2023-08-31 11953154 bus:Director1 2023-08-31 11953154 bus:Director2 2023-08-31 11953154 bus:Director3 2023-08-31 11953154 bus:Director4 2023-08-31 11953154 2022-08-31 11953154 core:CurrentFinancialInstruments 2023-08-31 11953154 core:CurrentFinancialInstruments 2022-08-31 11953154 core:Non-currentFinancialInstruments 2023-08-31 11953154 core:Non-currentFinancialInstruments 2022-08-31 11953154 core:ShareCapital 2023-08-31 11953154 core:ShareCapital 2022-08-31 11953154 core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31 11953154 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 11953154 core:RetainedEarningsAccumulatedLosses 2023-08-31 11953154 core:RetainedEarningsAccumulatedLosses 2022-08-31 11953154 core:CurrentFinancialInstruments core:Secured 2023-08-31 11953154 core:MoreThanFiveYears 2023-08-31 11953154 core:MoreThanFiveYears 2022-08-31 11953154 2022-09-01 2023-08-31 11953154 bus:FilletedAccounts 2022-09-01 2023-08-31 11953154 bus:SmallEntities 2022-09-01 2023-08-31 11953154 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 11953154 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11953154 bus:Director1 2022-09-01 2023-08-31 11953154 bus:Director2 2022-09-01 2023-08-31 11953154 bus:Director3 2022-09-01 2023-08-31 11953154 bus:Director4 2022-09-01 2023-08-31 11953154 2021-09-01 2022-08-31 11953154 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 11953154 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 11953154 core:MoreThanFiveYears 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: 11953154 (England and Wales)

GREY STAG LETTINGS LTD

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

GREY STAG LETTINGS LTD

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

GREY STAG LETTINGS LTD

BALANCE SHEET

As at 31 August 2023
GREY STAG LETTINGS LTD

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 1,032,136 1,008,472
1,032,136 1,008,472
Current assets
Debtors 4 7,546 8,162
Cash at bank and in hand 25,369 11,379
32,915 19,541
Creditors: amounts falling due within one year 5 ( 382,892) ( 453,038)
Net current liabilities (349,977) (433,497)
Total assets less current liabilities 682,159 574,975
Creditors: amounts falling due after more than one year 6 ( 438,662) ( 449,918)
Provision for liabilities ( 5,916) 0
Net assets 237,581 125,057
Capital and reserves
Called-up share capital 4 4
Fair value reserve 17,749 0
Profit and loss account 219,828 125,053
Total shareholder's funds 237,581 125,057

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Grey Stag Lettings Ltd (registered number: 11953154) were approved and authorised for issue by the Director on 05 February 2024. They were signed on its behalf by:

J Beviss
Director
GREY STAG LETTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
GREY STAG LETTINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Grey Stag Lettings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Prockters Farm Office, West Monkton, TA2 8QN, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable as rental income in the normal course of business.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the entity

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Investment property

Investment property
£
Valuation
As at 01 September 2022 1,008,472
Fair value movement 23,664
As at 31 August 2023 1,032,136

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £1,032,136 (2022 - £1,008,472).

4. Debtors

2023 2022
£ £
Prepayments 7,546 8,162

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 64,347 86,597
Amounts owed to Group undertakings 284,874 344,836
Taxation and social security 25,981 14,469
Other creditors 7,690 7,136
382,892 453,038

Bank loans of £64,347 (2022: £86,597) are secured on the asset to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 438,662 449,918

Bank loans of £438,662 (2022: £449,918) are secured on the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (repayable by instalments) 74,620 108,126

Bank loans of £74,620 (2022: £108,126) are secured on the assets to which they relate.

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 25,200 153,300

The total amount of financial commitments not included in the balance sheet is £25,200 (2022 - £153,300).