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Registration number: 09919460

Grampian Continental Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Grampian Continental Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Grampian Continental Properties Ltd

Company Information

Director

M D Farrow

Company secretary

B R Clifft

Registered office

Grampian House
Hewett Road
Gapton Hall Industrial Estate
Great Yarmouth
Norfolk, NR31 0NN

Accountants

Pacific Limited
1st Floor, Woburn House
84 St Benedicts Street
Norwich
Norfolk
NR2 4AB

 

Grampian Continental Properties Ltd

(Registration number: 09919460)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,120,000

1,120,000

Current assets

 

Debtors

5

122,399

85,696

Cash at bank and in hand

 

12,720

18,644

 

135,119

104,340

Creditors: Amounts falling due within one year

6

(57,091)

(61,087)

Net current assets

 

78,028

43,253

Total assets less current liabilities

 

1,198,028

1,163,253

Creditors: Amounts falling due after more than one year

6

(363,011)

(380,287)

Provisions for liabilities

(110,944)

(110,944)

Net assets

 

724,073

672,022

Capital and reserves

 

Called up share capital

7

1

1

Other reserves

349,036

349,036

Profit and loss account

375,036

322,985

Shareholders' funds

 

724,073

672,022

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 September 2024
 



 

M D Farrow
Director

 

Grampian Continental Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Grampian House
Hewett Road
Gapton Hall Industrial Estate
Great Yarmouth
Norfolk, NR31 0NN

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

The company recognises revenue when:

The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Tax

The tax expense for the period comprises current and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Grampian Continental Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

Debtors
Debtors are amounts due from tenants for rent receivable and other associated letting fees in the ordinary course of the business.

Debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2022 - 0).

4

Investment property

2023
£

2022
£

At 1 January

1,120,000

950,000

Fair value adjustments

-

170,000

At 31 December

1,120,000

1,120,000

The property was valued by the director at its market value using current market data for similar properties in the same areas.

 

Grampian Continental Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

2023
£

2022
£

Trade debtors

11,805

20,079

Amounts owed by related party

110,594

65,617

122,399

85,696

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Bank loans

17,282

17,449

Trade creditors

1,307

1,421

Taxation and social security

18,531

22,605

Accruals

19,971

19,612

57,091

61,087

Creditors include a bank loan which is secured by a fixed and floating charge and negative pledge over the company's investment property in the sum of £17,282 (2022 - £17,449).

Creditors: amounts falling due after more than one year

2023
£

2022
£

Bank loan

363,011

380,287

363,011

380,287

2023
£

2022
£

Due after more than five years

After more than five years by instalments

278,844

297,468

-

-

Creditors include a bank loan which is secured by a fixed and floating charge and negative pledge over the company's investment property in the sum of £363,011 (2022 - £380,287).

 

Grampian Continental Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Related party transactions


Other related party transactions

A company of which the director is a director and shareholder has provided a guarantee for £545,000 and a debenture and legal charge as security for the bank loan.