Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 4 | ||||||
Investment Properties | 5 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Provisions for liabilities | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Non Distributable Reserve | 8 | ||||||
Profit and loss account | 9 | ||||||
Shareholders' funds | |||||||
Mr A E Taylor | |||||||
Director | |||||||
Approved by the board on |
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The Notes on pages 2 to 6 form part of these financial statements. | |||||||
Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
1.1 | Basis of preparation | |||||||
1.2 | Going concern | |||||||
The Company has generated sufficient cash inflows from their activities to allow the directors to believe that the Company is well placed to manage its business risks successfully in the current economic climate. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and they believe it is appropriate to adopt the going concern basis of accounting in preparing these financial statements. |
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1.3 | Turnover | |||||||
Revenue from sale of stock properties is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, usually on completion of contracts, the amount of revenue can be measured reliably. |
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1.4 | Other Income | |||||||
Other Income represents rental income received in respect of the companies Investment properties and also rental income from other properties held as Stock awaiting sale. | ||||||||
1.5 | Tangible fixed assets | |||||||
Fixtures, tools and office equipment | 25% Reducing Balance | |||||||
1.6 | Investment Properties | |||||||
Investment Properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment Properties are recognised initially at cost. The initial cost of the Investment properties comprises of its purchase price and any directly attributable expenditure. Subsequently Investment Properties held for investment purpose are stated at Fair Value at each reporting date with changes in fair value recognised in the income statement in the period that they arise. No depreciation is provided in respect of Investment properties applying the fair value model. Investment Properties is carried at Fair value determine annually by the Directors and derived from the current market rents and Investment property yields of comparable properties, adjusted if necessary for any difference in the nature, location or condition of the specific property. Any aggregate surplus or deficit arising from changes in fair value are transferred to Non Distributable Revaluation reserve. |
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1.7 | Stocks | |||||||
These properties are not held as investment properties as it is the director's intention to sell in the future. These properties are maintained to such a standard that their estimated residual value is not less than cost. Depreciation is not provided on properties held as Stock. |
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1.8 | Debtors | |||||||
1.9 | Creditors | |||||||
1.10 | Taxation | |||||||
Current Tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes iteams that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred Tax Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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1.11 | Provisions | |||||||
1.12 | Foreign currency translation | |||||||
2 | Judgements in applying Accounting policies and key sources of estimation uncertainty | |||||||
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are nor readily apperent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the provision affects only that period, or in the period of revision and future periods where the revision affects both current and the future periods. Impariment of Debtors - Bad Debts provision The directors make an estimate of the recoverable value of debtors being rent still due from tenants at the year end. When assessing impairment of rent debtors, the directors consider factors including the ageing profile of the debtors and historical experience. Valuation of Investment Properties The directors make an estimate of the fair value of the investment properties. When assessing the fair value, the directors consider, amongst other things the expected rental yields, the length of the term of the lease, the valuation of other properties in the immediate vicinity and the condition of the property. |
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3 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Tangible fixed assets | |||||||
Office Equipments | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 October 2022 | ||||||||
At 30 September 2023 | ||||||||
Depreciation | ||||||||
At 1 October 2022 | ||||||||
Charge for the year | ||||||||
At 30 September 2023 | ||||||||
Net book value | ||||||||
At 30 September 2023 | ||||||||
At 30 September 2022 | ||||||||
5 | Investment Properties | |||||||
Investments | Participating | |||||||
In | Interest | |||||||
Property | Investment | Total | ||||||
£ | £ | £ | ||||||
Fair value | ||||||||
At 1 October 2022 | ||||||||
Revaluation of Investment Properties | ( |
( |
(67,000) | |||||
At 30 September 2023 | ||||||||
Investment properties comprise residential properties. The fair value of investment properties has been arrived at on the basis of valuation carried out at the year end by the directors. Investment Properties is carried at Fair value determine annually by the Directors and derived from the current market rents and Investment property yields of comparable properties, adjusted if necessary for any difference in the nature, location or condition of the specific property. |
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6 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Other debtors | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Taxation and social security costs | - | |||||||
Other creditors | ||||||||
8 | Non Distributable Reserve | 2023 | 2022 | |||||
£ | £ | |||||||
At 1 October 2022 | ||||||||
(Loss)/gain on revaluation of land and buildings | ( |
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Deferred taxation arising on the revaluation of land and buildings | ( |
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At 30 September 2023 | ||||||||
These investment property reserve represents the difference between fair value of investment property and its original cost. The investment property revaluation reserve is not distributable, it contains unrealised gains on the valuations of investment properties. The tax treatment of items included within the Fair value non distributable reserve is the recognition of the movement in the deferred tax liability which will be due on the sale of the investment properties. |
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9 | Profit and loss account | 2023 | 2022 | |||||
£ | £ | |||||||
At 1 October 2022 | 1,715,292 | 1,689,797 | ||||||
Profit/(loss) this year | (7,843) | 25,495 | ||||||
At 30 September 2023 | 1,707,449 | 1,715,292 | ||||||
This comprises the accumulated profits and losses of the company since incorporation. | ||||||||
10 | Other information | |||||||
GRAEMESDYKE PROPERTY CO.LIMITED is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
97 Chamberlayne Road, | Kensal Rise, | London, | NW10 3NN | England | ||||
11 | Post Balance sheet event | |||||||
The directors are currently at advanced stages of negotiation of the sale contract for a group of the company's properties held in stock and expect completion within a month of signing these Accounts. |