Company registration number 00549088 (England and Wales)
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
D J C Pilling
R A Hughes
R J M Hughes
S J Tidswell-Norrish
J Hughes
S A M Tidswell-Norrish
D Pilling
(Appointed 6 March 2024)
Company number
00549088
Registered office
58 Oak End Way
Gerrards Cross
Buckinghamshire
SL9 8BR
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Accountants' report
3
Group statement of comprehensive income
4
Group balance sheet
5 - 6
Company balance sheet
7
Group statement of changes in equity
8
Company statement of changes in equity
9
Notes to the financial statements
10 - 18
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of management of a property portfolio comprising a number of offices, shops and residential flats.

Results and dividends
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G R Williams
(Resigned 31 December 2023)
D J C Pilling
R A Hughes
R J M Hughes
S J Tidswell-Norrish
J Hughes
S A M Tidswell-Norrish
D Pilling
(Appointed 6 March 2024)
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

GROVE COURT PROPERTIES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
D Pilling
Director
30 April 2024
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GROVE COURT PROPERTIES (HOLDINGS) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grove Court Properties (Holdings) Limited for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and the related notes from the accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Grove Court Properties (Holdings) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Grove Court Properties (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Grove Court Properties (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grove Court Properties (Holdings) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Grove Court Properties (Holdings) 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 Grove Court Properties (Holdings) Limited. You consider that Grove Court Properties (Holdings) 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 Grove Court Properties (Holdings) 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.

Evelyn Partners (Thames Valley) Limited
30 April 2024
Chartered Accountants
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2023
2022
Notes
£
£
Turnover
2,395,727
2,111,667
Administrative expenses
(844,311)
(546,570)
Operating profit
1,551,416
1,565,097
Interest receivable and similar income
4
91,518
2,250
Interest payable and similar expenses
(404,609)
(301,855)
Fair value gains and losses on investment properties
6
1,062,803
56,167
Profit before taxation
2,301,128
1,321,659
Tax on profit
222,769
(141,454)
Profit for the financial year
12
2,523,897
1,180,205
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
33,486
39,817
Investment properties
6
46,205,000
44,500,000
46,238,486
44,539,817
Current assets
Debtors
9
879,892
1,578,318
Cash at bank and in hand
2,305,911
2,337,087
3,185,803
3,915,405
Creditors: amounts falling due within one year
10
(8,634,498)
(7,591,556)
Net current liabilities
(5,448,695)
(3,676,151)
Total assets less current liabilities
40,789,791
40,863,666
Creditors: amounts falling due after more than one year
11
-
(1,140,120)
Provisions for liabilities
(3,160,449)
(3,618,101)
Net assets
37,629,342
36,105,445
Capital and reserves
Called up share capital
701,249
701,249
Capital redemption reserve
1,348,100
1,348,100
Profit and loss reserves
12
35,579,993
34,056,096
Total equity
37,629,342
36,105,445

For the financial year ended 31 December 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

GROVE COURT PROPERTIES (HOLDINGS) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
30 April 2024
D Pilling
Director
Company registration number 00549088 (England and Wales)
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
7
2,970,699
2,970,699
Current assets
Debtors
9
2,712,943
2,712,943
Net current assets
2,712,943
2,712,943
Net assets
5,683,642
5,683,642
Capital and reserves
Called up share capital
701,249
701,249
Capital redemption reserve
1,348,100
1,348,100
Profit and loss reserves
12
3,634,293
3,634,293
Total equity
5,683,642
5,683,642

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,000,000 (2022 - £828,650 profit).

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
30 April 2024
D Pilling
Director
Company registration number 00549088 (England and Wales)
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
701,249
1,348,100
34,625,891
36,675,240
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,180,205
1,180,205
Dividends
-
-
(1,750,000)
(1,750,000)
Balance at 31 December 2022
701,249
1,348,100
34,056,096
36,105,445
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,523,897
2,523,897
Dividends
-
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
701,249
1,348,100
35,579,993
37,629,342
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
701,249
1,348,100
4,555,643
6,604,992
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
828,650
828,650
Dividends
-
-
(1,750,000)
(1,750,000)
Balance at 31 December 2022
701,249
1,348,100
3,634,293
5,683,642
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,000,000
1,000,000
Dividends
-
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
701,249
1,348,100
3,634,293
5,683,642
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Grove Court Properties (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 58 Oak End Way, Gerrards Cross, Buckinghamshire, SL9 8BR.

 

The group consists of Grove Court Properties (Holdings) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Grove Court Properties (Holdings) Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Turnover

All revenue relating to property rental income is recognised on a straight line basis over the life of the lease.

 

Revenue from the sale of investment properties is recognised at the point of completion, in accordance with the sale contract.

 

Revenue is recognised to the extent that it is possible that economic benefits will flow to the company and the revenue can be reliably measured.

 

Revenue relating to property rental income is recognised on a straight line basis over the life of the lease.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings (used in property investment)
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Revaluations are carried out by the directors, who have experience in the location and class of the investment property being valued.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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 current liabilities.

1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the group’s balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

 

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Retirement benefits

There is a group pension scheme, which provides pensions and lump sums upon retirement to all employees eligible under the rules of the scheme.

 

The scheme is a defined contribution scheme with assets held separately from the group in independently administered funds.

 

Payments to pension scheme represent contributions payable by the group to the fund at a fixed percentage of employees' gross salaries and are chargeable to profit and loss account as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible fixed assets

The useful economic lives used by the group in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate.

Investment Property

The valuation of the group's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the group places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.

 

The investment property valuation is based on a number of assumptions as at 31 December 2023. The assumptions on which the property valuation reports have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market yields and comparable market transactions. These assumptions are market standard and accord with the Royal Institution of Chartered Surveyors (RICS).

 

 

3
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
11
10
7
7
4
Interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
91,518
2,250
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
5
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
195,334
Depreciation and impairment
At 1 January 2023
155,517
Depreciation charged in the year
6,331
At 31 December 2023
161,848
Carrying amount
At 31 December 2023
33,486
At 31 December 2022
39,817
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
6
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
44,500,000
-
Additions
642,197
-
Revaluations
1,062,803
-
At 31 December 2023
46,205,000
-

Investment properties are valued by adopting the investment method of valuation. This approach involves applying market-derived capitalisation yields to current and market-derived future income streams with appropriate adjustments for income voids arising from vacancies or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs in the valuation. Other factors taken into account in the valuation include the tenure of the property, tenancy details and ground and structural conditions. The valuations were undertaken by the director who has experience in the local property market.

 

There are no restrictions on the realisability of investment properties or the remittance of income. Furthermore, there are no contractual obligations that must be disclosed with regards to the investment properties.

 

The original cost of these properties was £21,446,889 (2022 - £20,804,693).

GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
-
0
-
0
2,970,699
2,970,699
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,970,699
Carrying amount
At 31 December 2023
2,970,699
At 31 December 2022
2,970,699
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Grove Court Properties (Beaconsfield) Ltd
England
Ordinary
100.00
0
Gerrards House Ltd
England
Ordinary
0
100.00
9
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
167,936
54,194
-
0
-
0
Corporation tax recoverable
691,913
1,042,541
-
0
-
0
Amounts owed by group
-
0
-
0
2,712,943
2,712,943
Other debtors
20,043
481,583
-
-
879,892
1,578,318
2,712,943
2,712,943
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
37,861
51,926
-
0
-
0
Corporation tax payable
91,233
121,420
-
0
-
0
Other taxation and social security
115,166
81,763
-
0
-
0
Other creditors
8,390,238
7,336,447
-
0
-
0
8,634,498
7,591,556
-
0
-
0
11
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other creditors
-
0
1,140,120
-
0
-
0
12
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
34,056,096
34,625,891
3,634,293
4,555,643
Profit for the year
2,523,897
1,180,205
1,000,000
828,650
Dividends
(1,000,000)
(1,750,000)
(1,000,000)
(1,750,000)
At the end of the year
35,579,993
34,056,096
3,634,293
3,634,293
Group
Company
2023
2022
2023
2022
£
£
£
£
Non-distributable profits included above
At the beginning of the year
20,044,514
20,222,219
-
-
Non distributable profits in the year
881,604
(177,705)
-
-
At the end of the year
20,926,118
20,044,514
-
-
Distributable profits
14,653,875
14,011,582
3,634,293
3,634,293
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
13
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
139,000
146,150
-
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

 

Group
Company
2023
2022
2023
2022
£
£
£
£
15,085,630
16,967,270
-
-
14
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rental income receivable
Interest receivable/(payable)
2023
2022
2023
2022
£
£
£
£
Group
Directors of the company
10,000
10,000
(229,697)
(146,534)
Directors of the parent company
-
-
(171,022)
(120,850)

A director of the parent company is a tenant of a property owned by a subsidiary company.

 

Interest is payable on the related party creditor balances detailed below, and receivable on the related party debtor balances detailed below.

Amounts due to related parties
2023
2022
£
£
Group
Directors of the company
2,129,833
3,552,264
Directors of the parent company
2,859,564
2,087,372
Close family of directors of the parent company
748,372
626,944
Other related parties
1,988,272
1,629,947
GROVE COURT PROPERTIES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Related party transactions
(Continued)
- 18 -

Amounts owed by other related parties are amounts owed by settlements benefitting the directors of the parent company and their close family members.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Close family of directors of the parent company
-
475,148
Other information

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

15
Controlling party

The group was under the control of the Hughes family and trusts for the benefit of the family throughout the current and previous period.

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