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COMPANY REGISTRATION NUMBER: 05979007
Granville Properties (Barnet) Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Granville Properties (Barnet) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
648,501
669,856
Current assets
Debtors
5
56,043
58,899
Cash at bank and in hand
907
10,035
--------
--------
56,950
68,934
Creditors: amounts falling due within one year
6
5,111
3,941
--------
--------
Net current assets
51,839
64,993
---------
---------
Total assets less current liabilities
700,340
734,849
Creditors: amounts falling due after more than one year
7
435,886
446,078
---------
---------
Net assets
264,454
288,771
---------
---------
Granville Properties (Barnet) Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
264,354
288,671
---------
---------
Shareholders funds
264,454
288,771
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 May 2024 , and are signed on behalf of the board by:
J F Tillisch
Director
Company registration number: 05979007
Granville Properties (Barnet) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The trading address is Lower Ground Floor, 36 Hyde Park Square, London, W2 2NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Going concern
The financial statements have been prepared on a going concern basis despite the loss for the year. The director is satisfied the company has sufficient funds and arrangements in place to meet liabilities as they fall due for payment for a period of at least 12 months from the date the accounts are approved.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets consist of Investment property and fixtures & fittings. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Fixtures & fittings are intially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Tangible assets
Freehold property
Long leasehold property
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 January 2023
294,246
373,771
2,102
670,119
Revaluations
( 15,313)
( 5,516)
( 20,829)
---------
---------
-------
---------
At 31 December 2023
278,933
368,255
2,102
649,290
---------
---------
-------
---------
Depreciation
At 1 January 2023
263
263
Charge for the year
526
526
---------
---------
-------
---------
At 31 December 2023
789
789
---------
---------
-------
---------
Carrying amount
At 31 December 2023
278,933
368,255
1,313
648,501
---------
---------
-------
---------
At 31 December 2022
294,246
373,771
1,839
669,856
---------
---------
-------
---------
5. Debtors
2023
2022
£
£
Other debtors
56,043
58,899
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
5,111
3,941
-------
-------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
435,886
446,078
---------
---------
Bank loans and overdrafts are secured against assets to which they relate.