Company registration number 10949821 (England and Wales)
GRACEROSE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GRACEROSE PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr M Asbury
Miss L Timmins
Secretary
Mr M Asbury
Company number
10949821
Registered office
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Accountants
Fields Business Advisors Limited
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Bankers
Santander UK plc
25 Union Street
Birmingham
West Midlands
B2 4QS
GRACEROSE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
GRACEROSE PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
28 February 2024
30 September 2022
Notes
£
£
£
£
Fixed assets
Investment property
4
-
0
35,238
Current assets
Debtors
5
-
0
1
Cash at bank and in hand
268
17,899
268
17,900
Creditors: amounts falling due within one year
6
(168)
(51,533)
Net current assets/(liabilities)
100
(33,633)
Net assets
100
1,605
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
-
0
1,505
Total equity
100
1,605

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 July 2024 and are signed on its behalf by:
Mr M Asbury
Director
Company registration number 10949821 (England and Wales)
GRACEROSE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
100
(297)
(197)
Year ended 30 September 2022:
Profit and total comprehensive income
-
1,802
1,802
Balance at 30 September 2022
100
1,505
1,605
Period ended 28 February 2024:
Profit and total comprehensive income
-
-
0
-
0
Dividends
-
(1,505)
(1,505)
Balance at 28 February 2024
100
-
0
100
GRACEROSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Gracerose Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is shown on the company information page.

1.1
Reporting period

Due to the company disposing of the investment property as at 28 February 2024, the annual financial statements are presented for a period of 17 months. The comparative amounts presented in the financial statements (including the related notes) are for 12 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover in the period represents rents receivable, by the company in the normal course of business, excluding value added tax. Turnover is only recognised when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Rental income from operating leases are recognised in the income statement on a straight line basis over the term of the lease.

Interest receivable is measured at the fair value of the consideration receivable.

1.4
Investment property

Freehold ground rents are included at fair value. Any changes in fair value are recognised in the Income Statement and, because the gains are not distributable, they are included within a fair value reserve.

1.5
Cash and cash equivalents

Cash is represented by cash at bank.

1.6
Financial instruments

The company only enters into basic financial instrument transactions, that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties. Basic financial instruments are recognised at amortised cost.

1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

 

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

GRACEROSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.

 

The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as stated above.

3
Employees

The average number of employees during the period (including the directors) was 2 (2022 - 2).

2024
2022
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 October 2022
35,238
Disposals
(35,238)
At 28 February 2024
-
0
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
1
GRACEROSE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2022
£
£
Corporation tax
-
0
358
Other creditors
168
51,175
168
51,533
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