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Company registration number: 02527217
Granville Mansions (Management) Limited
Unaudited filleted financial statements
31 December 2023
GRANVILLE MANSIONS (MANAGEMENT) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors
Mrs Natalie Sully
Mrs Helena Cocheme
Mr John - Paul Hamilton (Appointed 13 June 2023)(Appointed 13 June 2023) (Resigned 15 December 2023)
Mrs Iona Sterling (Appointed 30 October 2023)
Company number 02527217
Registered office Flat 6 Granville Mansions
Shepherds Bush Green
London
W12 8QA
Accountants Westcotts
30 St Peter Street
Tiverton
Devon
EX16 6NR
GRANVILLE MANSIONS (MANAGEMENT) LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 12,581 12,581
_______ _______
12,581 12,581
Current assets
Debtors 6 51,980 70,896
Cash at bank and in hand 194,946 220,533
_______ _______
246,926 291,429
Net current assets 246,926 291,429
_______ _______
Total assets less current liabilities 259,507 304,010
Creditors: amounts falling due
after more than one year 7 ( 246,859) ( 291,362)
_______ _______
Net assets 12,648 12,648
_______ _______
Capital and reserves
Called up share capital 200 200
Share premium account 8 13,570 13,570
Profit and loss account 8 ( 1,122) ( 1,122)
_______ _______
Shareholders funds 12,648 12,648
_______ _______
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.
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 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.
These financial statements were approved by the board of directors and authorised for issue on 03 September 2024 , and are signed on behalf of the board by:
Mrs Natalie Sully
Director
Company registration number: 02527217
GRANVILLE MANSIONS (MANAGEMENT) 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 address of the registered office is Granville Mansions (Management) Limited , Flat 6 Granville Mansions, Shepherds Bush Green, London, W12 8QA.
Principal activity
The company was formed to purchase the freehold of Granville Mansions.The principal activity is the management and administration of Granville Mansions through Managing agents.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - No depreciation is provided on land and buildings
Equipment - Book value now £1 so no longer depreciated.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 12,580 1,000 13,580
_______ _______ _______
Depreciation
At 1 January 2023 and 31 December 2023 - 999 999
_______ _______ _______
Carrying amount
At 31 December 2023 12,580 1 12,581
_______ _______ _______
At 31 December 2022 12,580 1 12,581
_______ _______ _______
Depreciation - The Directors consider the freehold property should not be depreciated as any diminution in value through wear and tear is offset by appreciation in value since the acquisition of the property.The Directors believe that this accounting treatment which represents a departure from the standard accounting practice is necessary to provide a true and fair view.
6. Debtors
2023 2022
£ £
Other debtors 51,980 70,896
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 246,859 291,362
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.