Registration number:
Prepared for the registrar
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 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
2 |
|
Profit and loss account |
(1,209) |
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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:
• |
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• |
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
Director
Grandiose Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023
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:
United Kingdom
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
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Grandiose Developments Ltd
Notes to the Unaudited Financial Statements for the Period from 5 July 2022 to 31 July 2023
Tangible assets |
Office equipment |
|
Cost |
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Additions |
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At 31 July 2023 |
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Depreciation |
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Charge for the period |
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At 31 July 2023 |
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Carrying amount |
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At 31 July 2023 |
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Debtors |
Note |
31 July 2023 |
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Amounts owed by related parties |
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Creditors |
Note |
31 July 2023 |
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Due within one year |
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Loans and borrowings |
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Accrued expenses |
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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.