REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Grovemoor Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Grovemoor Properties Limited |
Grovemoor Properties Limited (Registered number: SC208332) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 8 |
Grovemoor Properties Limited (Registered number: SC208332) |
Balance Sheet |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 10 | 240,020 | 240,020 |
Fair value reserve | 10 |
Retained earnings | 10 | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Grovemoor Properties Limited (Registered number: SC208332) |
Balance Sheet - continued |
31 October 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 director and authorised for issue on |
Grovemoor Properties Limited (Registered number: SC208332) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Grovemoor Properties Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In applying the company's accounting policies, management is required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The significant judgement and key source of estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is the valuation of investment properties, which as stated in Note 6, is stated at fair value based on the valuation performed by the director. |
Turnover |
Turnover represents rents receivable and outlays recoverable from tenants for the period and the proceeds of sale of trading properties, excluding value added tax. |
Tangible fixed assets |
Office equipment | - |
Investment property |
Investment properties, which are properties held to earn rentals and/or capital appreciation, are accounted for as follows: |
(a) Initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. |
(b) Revalued annually at each balance sheet date to their fair value where this can be measured reliably. The surplus or deficit arising on revaluation in the financial year is recognised in the income statement for that year. Revaluation gains and losses are accumulated in a non distributable Fair Value Equity Reserve in the Balance Sheet |
(c) No depreciation is provided in respect of Investment Properties. |
(d) No tax is payable on the revaluation gains or losses until such time as there is a disposal of the properties. |
(e) Deferred tax is provided on any revaluation gains at the rate expected to apply when a property is sold. |
(f) Properties are accounted for at the date of legal completion. |
Grovemoor Properties Limited (Registered number: SC208332) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments being cash at bank, debtors, prepaid costs, creditors, accrued costs and bank loan. Basic financial instruments are recognised at initial transaction price which is the amount due to be received or paid and are not amortised. |
Debtors being monetary amounts due to be received by the company are recognised at the settlement amount due. Prepaid expenses are valued at the amount of expense prepaid at the balance sheet date. |
Creditors being amounts due to be paid by the company are recognised at the settlement amount to be paid. Accrued expenses are valued at the costs applicable to the period to the balance sheet date that will be paid after that date. |
The bank loan is recognised at the fixed amount to be repaid. |
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 and in respect of revaluation gains on investment properties. |
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 |
Grovemoor Properties Limited (Registered number: SC208332) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2022 |
Additions |
Revaluations | (916,922 | ) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 2023 | (1,712,701 | ) |
Cost | 2,722,701 |
1,010,000 |
Investment properties are carried at an open market value of £1,010,000. This valuation represents the director's opinion of fair value as at 31 October 2023. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
Grovemoor Properties Limited (Registered number: SC208332) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Directors' current accounts | 8,717 | 32,219 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans due after 5 years | 559,891 | 511,090 |
Directors' loan accounts | 161,650 | 81,650 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans due after 5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
10. | RESERVES |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 November 2022 | 265,354 | 240,020 | 497,041 | 1,002,415 |
Deficit for the year | ( |
) | - | - | ( |
) |
Transferred to retained profit | 150,000 | - | (150,000 | ) | - |
At 31 October 2023 | (547,701 | ) | 240,020 | 347,041 | 39,360 |
The above fair value reserve is the non distributable profit on revaluation of an investment property. |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Creditors due within one year include £8,717 (2022 - Creditor £32,219) due to L.M. Crawford and his wife in respect of finance provided by them to the company. This loan is interest free and repayable on demand. |
Creditors due after more than one year include £161,650 (2022 - £81,650) due to L.M. Crawford and his wife in respect of finance provided by them to the company. Interest of 7.5% per annum is charged on this loan. |
Mr Crawford has provided a guarantee to the bank lender limited to £270,000 plus interest and costs. |
Grovemoor Properties Limited (Registered number: SC208332) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is L M Crawford. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Grovemoor Properties Limited |
The following reproduces the text of the report prepared for the director 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 Director 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 Grovemoor Properties Limited for the year ended 31 October 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the director of Grovemoor Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grovemoor Properties Limited and state those matters that we have agreed to state to the director of Grovemoor Properties Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Grovemoor Properties 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 Grovemoor Properties Limited. You consider that Grovemoor Properties 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 Grovemoor Properties 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 Accountants |
60 Wellington Street |
Glasgow |
G2 6HJ |