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Registered number: 03004781









GRANGEGLEN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
GRANGEGLEN LIMITED
REGISTERED NUMBER: 03004781

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
16,827
17,409

Investment property
 5 
3,621,540
3,621,540

  
3,638,367
3,638,949

Current assets
  

Debtors: amounts falling due within one year
 6 
237,519
54,747

Cash at bank and in hand
 7 
191,247
437,144

  
428,766
491,891

Creditors: amounts falling due within one year
 8 
(234,203)
(373,235)

Net current assets
  
 
 
194,563
 
 
118,656

Total assets less current liabilities
  
3,832,930
3,757,605

Creditors: amounts falling due after more than one year
 9 
-
(20,081)

Provisions for liabilities
  

Deferred tax
 11 
(136,570)
(136,570)

  
 
 
(136,570)
 
 
(136,570)

Net assets
  
3,696,360
3,600,954


Capital and reserves
  

Called up share capital 
 12 
2
2

Profit and loss account
 13 
3,696,358
3,600,952

  
3,696,360
3,600,954


Page 1

 
GRANGEGLEN LIMITED
REGISTERED NUMBER: 03004781
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 31 July 2024.




C J Butler
J Lobato
Director
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Grangeglen Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Highbridge House, 93 - 96 Oxford Road, Uxbridge, Middlesex, UB8 1LU.
The company specialises in property management, property investment and provision of project management services.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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:

Rental income is recognised based on the rental period, on an accruals basis.

  
2.3

Going concern

The directors note that the company is trading adequately and if this continues, they will have sufficient working capital and other finance available to continue for a period of not less than 12 months from the Statement of financial position date. As such the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 3

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Current & Deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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 reporting 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 Statement of financial position 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 is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.9

Investment property

Investment property is carried at fair value determined annually by either external valuers or 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.

Page 4

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

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

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account the relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Plant & machinery

£



Cost 


At 1 November 2022
38,284


Additions
9,283



At 31 October 2023

47,567



Depreciation


At 1 November 2022
20,875


Charge for the year
9,865



At 31 October 2023

30,740



Net book value



At 31 October 2023
16,827



At 31 October 2022
17,409


5.


Investment property


Freehold investment property

£



Valuation


At 1 November 2022
3,621,540



At 31 October 2023
3,621,540

The 2023 valuations were made by the directors, on an open market value for existing use basis.






Page 6

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
38,706
44,049

Other debtors
188,136
1,661

Prepayments and accrued income
10,677
9,037

237,519
54,747



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
191,247
437,144

191,247
437,144



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
23,118
134,983

Trade creditors
39,513
882

Corporation tax
29,437
92,200

Other taxation and social security
6,461
10,951

Other creditors
131,072
129,617

Accruals and deferred income
4,602
4,602

234,203
373,235


The bank lending facilities are for 19 years expiring 20 March 2024. The outstanding amount at the Statement of financial position date was £23,118 (2022 - £155,064). Interest is being applied to this loan at 1.35% margin on Bank of England base rate per annum. The investment properties and the company's other assets have fixed and floating charges held over them as security on the bank loans.

Page 7

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
20,081

-
20,081


The bank lending facilities are for 19 years expiring 20 March 2024. The outstanding amount at the Statement of financial position date was £23,118 (2022 - £155,064). Interest is being applied to this loan at 1.35% margin on Bank of England base rate per annum. The investment properties and the company's other assets have fixed and floating charges held over them as security on the bank loans.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
23,118
134,983


23,118
134,983

Amounts falling due 1-2 years

Bank loans
-
20,081


-
20,081



23,118
155,064


Page 8

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
136,570
335,467


(Credited)/charged to the Statement of comprehensive income
-
(198,897)



At end of year
136,570
136,570

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Capital gain on disposal of investment property
136,570
136,570

136,570
136,570


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 Ordinary shares of £1 each
2
2



13.


Reserves

Profit & loss account

Included within the profit and loss account is a transfer of non-distributable revaluation reserves of £1,518,467 (2022 - £1,518,467).


14.


Transactions with directors

Included within other debtors due within one year are loans to directors amounting to £188,136 (2022 - £1,659). The loans are interest free and repayable on demand.


15.


Related party transactions

Included within other creditors due within one year are loans from directors amounting to £Nil (2022 - £2,886)

Page 9

 
GRANGEGLEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

16.


Controlling party

There is no ultimate controlling party.

 

Page 10