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Registered number: 14022638
Grove Residential Estates Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Grove Residential Estates Ltd for the year ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Grove Residential Estates Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Grove Residential Estates Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Grove Residential Estates Ltd and state those matters that we have agreed to state to the director of Grove Residential Estates Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grove Residential Estates Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Grove Residential Estates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Grove Residential Estates Ltd . You consider that Grove Residential Estates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Grove Residential Estates Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
14/09/2024
MPU Associates Limited
2 Water Street
Stamford
Lincs
PE9 2NJ
Page 1
Page 2
Balance Sheet
Registered number: 14022638
31 December 2023 31 December 2022
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 980,578 824,259
Debtors 5 2,608 1
Cash at bank and in hand 1,887 -
985,073 824,260
Creditors: Amounts Falling Due Within One Year 6 (10,102 ) (1,684 )
NET CURRENT ASSETS (LIABILITIES) 974,971 822,576
TOTAL ASSETS LESS CURRENT LIABILITIES 974,971 822,576
Creditors: Amounts Falling Due After More Than One Year 7 (983,551 ) (825,741 )
NET LIABILITIES (8,580 ) (3,165 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (8,581 ) (3,166 )
SHAREHOLDERS' FUNDS (8,580) (3,165)
Page 2
Page 3
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A R Turner
Director
14/09/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Grove Residential Estates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14022638 . The registered office is Arnescote Farm, Stapleford Road, Whissendine, Oakham, Rutland, LE15 7HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Stocks
31 December 2023 31 December 2022
£ £
Work in progress 980,578 824,259
Page 4
Page 5
5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Prepayments and accrued income 594 -
Deferred tax current asset 2,013 -
Director's loan account 1 -
Called up share capital not paid - 1
2,608 1
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 7,267 184
Accruals and deferred income 2,835 1,500
10,102 1,684
7. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 December 2022
£ £
Amounts owed to other participating interests 983,551 825,741
983,551 825,741
8. Share Capital
31 December 2023 31 December 2022
£ £
Called Up Share Capital not Paid - 1
Called Up Share Capital has been paid up 1 -
Amount of Allotted, Called Up Share Capital 1 1
Page 5