Silverfin false false 31/03/2024 18/11/2022 31/03/2024 G P Burton 18/11/2022 09 August 2024 The principal activity of the company during the year was that of operating own real estate. 14493612 2024-03-31 14493612 bus:Director1 2024-03-31 14493612 core:CurrentFinancialInstruments 2024-03-31 14493612 core:ShareCapital 2024-03-31 14493612 core:RetainedEarningsAccumulatedLosses 2024-03-31 14493612 2022-11-17 14493612 bus:OrdinaryShareClass1 2024-03-31 14493612 2022-11-18 2024-03-31 14493612 bus:FilletedAccounts 2022-11-18 2024-03-31 14493612 bus:SmallEntities 2022-11-18 2024-03-31 14493612 bus:AuditExemptWithAccountantsReport 2022-11-18 2024-03-31 14493612 bus:PrivateLimitedCompanyLtd 2022-11-18 2024-03-31 14493612 bus:Director1 2022-11-18 2024-03-31 14493612 core:CurrentFinancialInstruments 2022-11-18 2024-03-31 14493612 bus:OrdinaryShareClass1 2022-11-18 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14493612 (England and Wales)

U S GRANT LTD

Unaudited Financial Statements
For the financial period from 18 November 2022 to 31 March 2024
Pages for filing with the registrar

U S GRANT LTD

Unaudited Financial Statements

For the financial period from 18 November 2022 to 31 March 2024

Contents

U S GRANT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
U S GRANT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Investment property 3 467,455
467,455
Current assets
Debtors 4 2,767
Cash at bank and in hand 4,563
7,330
Creditors: amounts falling due within one year 5 ( 478,340)
Net current liabilities (471,010)
Total assets less current liabilities (3,555)
Net liabilities ( 3,555)
Capital and reserves
Called-up share capital 6 100
Profit and loss account ( 3,655 )
Total shareholder's deficit ( 3,555)

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of U S Grant Ltd (registered number: 14493612) were approved and authorised for issue by the Director. They were signed on its behalf by:

G P Burton
Director

09 August 2024

U S GRANT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 18 November 2022 to 31 March 2024
U S GRANT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 18 November 2022 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

U S Grant Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballard Lane, London, N3 2BL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements are presented for the period 18 November 2022 to 31 March 2024 being the first period since incorporation.

Turnover

Turnover is recognised by the company in respect of rental income during the period.

Leases


The company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

Period from
18.11.2022 to
31.03.2024
Number
Monthly average number of persons employed by the company during the period, including the director 1

3. Investment property

Investment property
£
Valuation
As at 18 November 2022 0
Additions 467,455
As at 31 March 2024 467,455

Valuation

Investment property is held at historic cost.

4. Debtors

31.03.2024
£
Prepayments 2,767

5. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 7,190
Amounts owed to associates 450,920
Amounts owed to director 18,461
Accruals and deferred income 1,769
478,340

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to associated companies are repayable on demand and do not bear interest.

6. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

31.03.2024
£
Outsource Bookkeeping and Management Services (O.B.M.S.) Limited (450,920)