REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 FEBRUARY 2023 |
FOR |
GROVELAND ESTATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 FEBRUARY 2023 |
FOR |
GROVELAND ESTATES LIMITED |
GROVELAND ESTATES LIMITED (REGISTERED NUMBER: 03503695) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 8 |
GROVELAND ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 27 FEBRUARY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Market House |
21 Lenten Street |
Alton |
GU34 1HG |
GROVELAND ESTATES LIMITED (REGISTERED NUMBER: 03503695) |
BALANCE SHEET |
27 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
GROVELAND ESTATES LIMITED (REGISTERED NUMBER: 03503695) |
BALANCE SHEET - continued |
27 FEBRUARY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GROVELAND ESTATES LIMITED (REGISTERED NUMBER: 03503695) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
Groveland Estates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company meets its day to day working capital requirements through various bank loan facilities and cash flow agreements, which are supplemented by ongoing financial support provided by the directors, through the provision of short term loans when required. |
The nature of the company's business is such that there can be considerable unpredictable variations in the timing of cash flows, particularly during the economic recession. The company has continued to operate within the main terms of its existing bank loan facilities and therefore the directors consider that it is appropriate to prepare the financial statements on the going concern basis. Consequently, they do not include any adjustments that would result from any withdrawal of the financial support referred to above. |
Turnover |
Turnover represents amounts receivable for goods and services, net of VAT and trade discounts. |
Revenue on long term development contracts is recognised in accordance with the stages of completion of those contracts. The amount by which recorded turnover is in excess of payments received on account is disclosed as amounts receivable on contract with trade debtors. |
Revenue on all other development work is recognised at the time of legal exchange of contracts for sale. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stock and work in progress |
Work in progress and completed stocks of properties that have not been developed under contract, and are held for resale, are valued at the lower of cost and net realisable value. Cost includes the purchase price of the land, together with those costs directly attributable to its development, including overhead expenses. Financial costs, including bank and loan interest, are written off in the year they are incurred. |
Long term development contracts are valued at cost, net of amounts transferred to cost of sales that have been recognised, in accordance with the stages of completion of those contracts. Provision has been made for all foreseeable losses. |
GROVELAND ESTATES LIMITED (REGISTERED NUMBER: 03503695) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 28 February 2022 |
and 27 February 2023 |
DEPRECIATION |
At 28 February 2022 |
Charge for year |
At 27 February 2023 |
NET BOOK VALUE |
At 27 February 2023 |
At 27 February 2022 |
GROVELAND ESTATES LIMITED (REGISTERED NUMBER: 03503695) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 FEBRUARY 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 28 February 2022 |
Additions |
Disposals | ( |
) |
At 27 February 2023 |
NET BOOK VALUE |
At 27 February 2023 |
At 27 February 2022 |
The company holds 100 % of the issued share capital of Cavendish Place (Hyde Farm) Limited, Egbert Mews Management Company Ltd, Egbert Mews Estate Company Ltd and Waldron Properties Limited. Cavendish Place (Hyde Farm) Limited, Egbert Mews Estate Company Ltd and Egbert Mews Management Company Ltd are dormant companies and have not traded since incorporation. Groveland Estates Limited has claimed exemption from preparing consolidated financial statements under the small companies regime. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Directors' loan account | 251,535 | 239,916 |
VAT |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
GROVELAND ESTATES LIMITED (REGISTERED NUMBER: 03503695) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 FEBRUARY 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 52 | 52 |
Ordinary B | £1 | 48 | 48 |
100 | 100 |
9. | RESERVES |
Retained |
earnings |
£ |
At 28 February 2022 |
Deficit for the year | ( |
) |
At 27 February 2023 |
10. | RELATED PARTY DISCLOSURES |
A party related to the company was advanced £11,619 (2022: repaid £16,843). Interest is charged on the advance at the official rate. In the event that this person ceases to be a director of the company the advance becomes immediately repayable. At the year end date amounts owed on the advance totalled £251,535 (2022: £239,916). |
Certain bank loans have been secured by way of a legal charge against properties owned by related parties. |
At the year end the company was owed £265,761 (2022: £641,190) by companies which are connected via related parties.The company owed £412,684 (2022: £373,793) to companies which are connected via related parties. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GROVELAND ESTATES LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Groveland Estates Limited for the year ended 27 February 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Groveland Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Groveland Estates Limited and state those matters that we have agreed to state to the Board of Directors of Groveland Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Groveland Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Groveland Estates Limited. You consider that Groveland Estates Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Groveland Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
Market House |
21 Lenten Street |
Alton |
GU34 1HG |