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REGISTERED NUMBER: 11365327 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

GRAND AVENUE ESTATES LTD

GRAND AVENUE ESTATES LTD (REGISTERED NUMBER: 11365327)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRAND AVENUE ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: A H Haagman
H Yeganeh-Toussi





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 11365327 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

GRAND AVENUE ESTATES LTD (REGISTERED NUMBER: 11365327)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 53,753 72,853
Investment property 4 32,025,257 31,909,676
32,079,010 31,982,529

CURRENT ASSETS
Debtors 5 629,057 619,367
Cash at bank 106,067 324,380
735,124 943,747
CREDITORS
Amounts falling due within one year 6 326,219 374,528
NET CURRENT ASSETS 408,905 569,219
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,487,915

32,551,748

CREDITORS
Amounts falling due after more than one
year

7

(17,233,691

)

(17,252,449

)

PROVISIONS FOR LIABILITIES (13,438 ) (18,213 )
NET ASSETS 15,240,786 15,281,086

CAPITAL AND RESERVES
Called up share capital 14,243,310 14,243,310
Retained earnings 997,476 1,037,776
15,240,786 15,281,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GRAND AVENUE ESTATES LTD (REGISTERED NUMBER: 11365327)

BALANCE SHEET - continued
31 MAY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:




A H Haagman - Director



H Yeganeh-Toussi - Director


GRAND AVENUE ESTATES LTD (REGISTERED NUMBER: 11365327)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

GRAND AVENUE ESTATES LTD (REGISTERED NUMBER: 11365327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 76,399
DEPRECIATION
At 1 June 2023 3,546
Charge for year 19,100
At 31 May 2024 22,646
NET BOOK VALUE
At 31 May 2024 53,753
At 31 May 2023 72,853

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 75,400
DEPRECIATION
At 1 June 2023 3,512
Charge for year 18,850
At 31 May 2024 22,362
NET BOOK VALUE
At 31 May 2024 53,038
At 31 May 2023 71,888

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 31,909,676
Additions 115,581
At 31 May 2024 32,025,257
NET BOOK VALUE
At 31 May 2024 32,025,257
At 31 May 2023 31,909,676

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,785 -
Other debtors 600,840 600,840
Tax 2,368 -
Prepayments 22,064 18,527
629,057 619,367

GRAND AVENUE ESTATES LTD (REGISTERED NUMBER: 11365327)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 8,757 8,757
Tax - 2,368
Social security and other taxes 208 -
Other creditors 140,977 187,909
Directors' current accounts 4,174 4,174
Accruals and deferred income 42,900 54,337
Accrued expenses 119,203 106,983
326,219 374,528

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 17,169,266 17,179,266
Hire purchase contracts 54,425 63,183
17,233,691 17,252,449

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, Mr A H Haagman maintained his loan to the company. As at 2024, the company owed him £1,087 (2023: £1,087). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

During the year, Mr H Yeganeh-Toussi maintained his loan to the company. As at 2024, the company owed him £3,087 (2023: £3,087). This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Haagman and H Yeganeh-Toussi.

This was by virtue of their 100% holding of the issued share capital.