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COMPANY REGISTRATION NUMBER: 08791655
GRADON ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
GRADON ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
3,699,462
3,757,545
CURRENT ASSETS
Stocks
1,096,580
1,096,580
Debtors
6
375,141
213,572
Cash at bank and in hand
57,725
1,533
--------------
--------------
1,529,446
1,311,685
CREDITORS: amounts falling due within one year
7
4,350,282
4,298,333
--------------
--------------
NET CURRENT LIABILITIES
2,820,836
2,986,648
--------------
--------------
TOTAL ASSETS LESS CURRENT LIABILITIES
878,626
770,897
PROVISIONS
Taxation including deferred tax
66,311
73,247
-----------
-----------
NET ASSETS
812,315
697,650
-----------
-----------
GRADON ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
300
300
Revaluation reserve
360,967
356,341
Profit and loss account
451,048
341,009
-----------
-----------
SHAREHOLDERS FUNDS
812,315
697,650
-----------
-----------
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 comprehensive income has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 31 July 2024 , and are signed on behalf of the board by:
D Gradon
Director
Company registration number: 08791655
GRADON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Marsh Dene Farm, Marsh Lane, Southowram, Halifax, HX3 9NR, West Yorkshire.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent net of Value Added Tax where applicable and the sale of property. Revenue from rent or from the sale of a development is recognised when the significant risks and rewards of ownership of the property or lease have transferred to the buyer or leasee, usually on exchange of contracts or signing of a lease and the amount of revenue can be measured reliably and it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Investment properties
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
3,755,466
5,901
6,395
3,767,762
Additions
3,000
3,000
Disposals
( 60,000)
( 60,000)
--------------
--------
--------
--------------
At 31 October 2023
3,695,466
8,901
6,395
3,710,762
--------------
--------
--------
--------------
Depreciation
At 1 November 2022
4,656
5,561
10,217
Charge for the year
874
209
1,083
--------------
--------
--------
--------------
At 31 October 2023
5,530
5,770
11,300
--------------
--------
--------
--------------
Carrying amount
At 31 October 2023
3,695,466
3,371
625
3,699,462
--------------
--------
--------
--------------
At 31 October 2022
3,755,466
1,245
834
3,757,545
--------------
--------
--------
--------------
The investment property has been professionally valued by Redwoods Estate Agents (Halifax) Limited as at 30 September 2019 on a market value basis. The directors do not consider there to be a significant change in the valuation at 31 October 2023.
6. DEBTORS
2023
2022
£
£
Trade debtors
1,242
1,242
Other debtors
373,899
212,330
-----------
-----------
375,141
213,572
-----------
-----------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,245
4,190
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,258,365
4,260,614
Corporation tax
76,534
19,879
Social security and other taxes
9,338
9,325
Other creditors
3,800
4,325
--------------
--------------
4,350,282
4,298,333
--------------
--------------
8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the period the directors had unsecured interest free loans from the company of £303,085, as at 31 October 2023 of which £136,750 was repaid shortly after the year end. (2022 - £70,017 due to the company).
9. RELATED PARTY TRANSACTIONS
During the year, the company had an unsecured interest free loan with Peter Gradon Meat & Poultry Marketing Limited, a company in which, Peter Gradon, is also a director and shareholder. The balance as at 31 October 2023 was £4,258,365 (2022: £4,260,614). This balance is repayable on demand.