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Registered number: 08929176









30 GRAYS INN LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
30 GRAYS INN LIMITED
REGISTERED NUMBER: 08929176

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
750,000
1,000,000

Current assets
  

Stocks
 5 
753,901
753,901

Debtors: amounts falling due within one year
 6 
2,197,683
2,160,845

Cash at bank and in hand
  
84,344
28,895

  
3,035,928
2,943,641

Creditors: amounts falling due within one year
 7 
(359,395)
(332,941)

Net current assets
  
 
 
2,676,533
 
 
2,610,700

Net assets
  
3,426,533
3,610,700


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,426,433
3,610,600

  
3,426,533
3,610,700


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 June 2024.




H.R. Merali
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
30 GRAYS INN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

30 Grays Inn Limited is a private company, limited by shares, incorporated in England and Wales. The registered office is 61 Charlotte Street, London, W1T 4PF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of property
Revenue from the sale of properties is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably. 

Rental income

The Company generates rental income from investment properties let to third parties. Sales invoices are raised monthly in advance for services provided. Revenue is recognised in the accounting period in which the services are rendered. Sales are made with credit terms.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Page 2

 
30 GRAYS INN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

Page 3

 
30 GRAYS INN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

he Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
1,000,000


Surplus on revaluation
(250,000)



At 31 October 2023
750,000

The Directors are of the opinion that £750,000 represents the market value on a fair value basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,210,602
1,210,602

Accumulated impairments
(460,602)
(210,602)

750,000
1,000,000


5.


Stocks

2023
2022
£
£

Stocks
753,901
753,901


Page 4

 
30 GRAYS INN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£

Amounts owed by group undertakings
2,164,956
2,151,456

Other debtors
29,329
8,240

Prepayments
3,398
1,149

2,197,683
2,160,845



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,671
10,654

Amounts owed to group undertakings
295,657
254,157

Corporation tax
15,123
22,434

Other creditors
15,897
41,296

Accruals and deferred income
23,047
4,400

359,395
332,941



8.


Financial commitments, guarantees and contingent liabilities

The Company has given a cross guarantee to secure the borrowings of fellow group undertakings controlled by Holbud Group Limited. The amount secured at the year end is £1,796,250 (2022 - £1,796,250).


9.


Related party transactions

Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS 102 Section 1AC.35.


10.


Controlling party

Holbud Group Limited is the parent of the group for which consolidated financial statements are prepared. The registered office is 61 Charlotte Street, London, W1T 4PF.  

Page 5

 
30 GRAYS INN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 17 June 2024 by Andrew May ACCA (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 6