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REGISTERED NUMBER: 03503695 (England and Wales)















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: Mrs B M C Dodson
P A Dodson





SECRETARY: P A Dodson





REGISTERED OFFICE: Market House
21 Lenten Street
Alton
Hampshire
GU34 1HG





REGISTERED NUMBER: 03503695 (England and Wales)





ACCOUNTANTS: Wettone Matthews Limited
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 4,886 6,107
Investments 5 57 53
4,943 6,160

CURRENT ASSETS
Stocks 1,995,557 2,261,314
Debtors 6 525,291 931,887
Cash at bank 928 32,054
2,521,776 3,225,255
CREDITORS
Amounts falling due within one year 7 1,325,260 2,015,395
NET CURRENT ASSETS 1,196,516 1,209,860
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,201,459

1,216,020

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 1,201,359 1,215,920
SHAREHOLDERS' FUNDS 1,201,459 1,216,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 February 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





P A Dodson - Director


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 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.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on reducing balance

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 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 28 February 2022
and 27 February 2023 46,488
DEPRECIATION
At 28 February 2022 40,381
Charge for year 1,221
At 27 February 2023 41,602
NET BOOK VALUE
At 27 February 2023 4,886
At 27 February 2022 6,107

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 53
Additions 7
Disposals (3 )
At 27 February 2023 57
NET BOOK VALUE
At 27 February 2023 57
At 27 February 2022 53

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 265,761 641,190
Directors' loan account 251,535 239,916
VAT 7,995 50,781
525,291 931,887

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 153,722 441,507
Amounts owed to group undertakings 412,684 373,793
Tax 38,032 30,332
Social security and other taxes 20,547 16,683
Other creditors 688,075 839,794
Accrued expenses 12,200 313,286
1,325,260 2,015,395

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: £    £   
52 Ordinary A £1 52 52
48 Ordinary B £1 48 48
100 100

9. RESERVES
Retained
earnings
£   

At 28 February 2022 1,215,920
Deficit for the year (14,561 )
At 27 February 2023 1,201,359

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.






Wettone Matthews Limited
Chartered Certified Accountants
Market House
21 Lenten Street
Alton
GU34 1HG


20 March 2024