REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 DECEMBER 2022 TO 29 DECEMBER 2023 |
FOR |
GROUND RENT TRADING LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 DECEMBER 2022 TO 29 DECEMBER 2023 |
FOR |
GROUND RENT TRADING LIMITED |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 11 |
GROUND RENT TRADING LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Russell House |
140 High Street |
Edgware |
HA8 7LW |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
BALANCE SHEET |
29 DECEMBER 2023 |
29.12.23 | 30.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
BALANCE SHEET - continued |
29 DECEMBER 2023 |
29.12.23 | 30.12.22 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserve | 13 |
Retained earnings | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Ground Rent Trading Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents invoiced ground rents on investment properties and insurance commissions received. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Interest payable |
Interest payable is charged to the profit and loss account on an accruals basis. |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive income. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at the market rate of interest. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method. |
Cash and cash equivalent |
Cash and cash equivalent include cash in hand, deposits held at call with banks, other short term liquid investment with original maturities of three months or less. |
Taxation |
Current tax is recognised for the amounts of income tax payable in respect of the taxable profit for the current of past reporting requirements using the tax rates and laws have been enacted or substantively enacted by the reporting dates. |
Deferred tax is recognised in respect of all timing differences at the reporting date and are presented within the provision for liabilities using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 31 December 2022 |
and 29 December 2023 |
NET BOOK VALUE |
At 29 December 2023 |
At 30 December 2022 |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 December 2022 |
Additions |
At 29 December 2023 |
NET BOOK VALUE |
At 29 December 2023 |
At 30 December 2022 |
Fair value at 29 December 2023 is represented by: |
£ |
Valuation in 2014 | 563,474 |
Valuation in 2019 | 369,110 |
Valuation in 2020 | 288,000 |
Cost | 2,254,814 |
3,475,398 |
Investment property was valued on an open market value basis on 29 December 2023 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.12.23 | 30.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.12.23 | 30.12.22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.12.23 | 30.12.22 |
£ | £ |
Bank loans (see note 9) |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,428,633 | 1,496,615 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
29.12.23 | 30.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst | 914,835 | 914,835 |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,428,633 | 1,496,615 |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.12.23 | 30.12.22 |
£ | £ |
Bank loans |
Bank loans are secured against the investment property held by the company. |
11. | PROVISIONS FOR LIABILITIES |
29.12.23 | 30.12.22 |
£ | £ |
Deferred tax | 237,706 | 237,706 |
Deferred |
tax |
£ |
Balance at 31 December 2022 |
Balance at 29 December 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.12.23 | 30.12.22 |
value: | £ | £ |
Ordinary shares | 1 | 100 | 100 |
13. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 31 December 2022 | ( |
) | 1,176,552 |
Deficit for the period | ( |
) | ( |
) |
At 29 December 2023 | ( |
) | 1,171,691 |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
14. | RELATED PARTY DISCLOSURES |
Woodberry Management Limited |
A fully owned subsidiary of Ground Rent Trading Limited. |
29.12.23 | 30.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 150 | - |
MP Group Services Ltd |
A company under common control |
The amount is repayable on demand. |
29.12.23 | 30.12.22 |
£ | £ |
Amount due to related party at the balance sheet date | 151,327 | 88,953 |
Moreland Property Group Ltd |
A company under common control |
This amount is repayable on demand. |
29.12.23 | 30.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 44,572 | - |
Moreland Estate Management Ltd |
A company under common control |
29.12.23 | 30.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 2,138 | - |
GROUND RENT TRADING LIMITED (REGISTERED NUMBER: 05995318) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 DECEMBER 2022 TO 29 DECEMBER 2023 |
14. | RELATED PARTY DISCLOSURES - continued |
Reelstone Property Holdings Limited |
A company under common control |
This amount is repayable on demand. |
29.12.23 | 30.12.22 |
£ | £ |
Amount due to related party at the balance sheet date | 32,933 | 32,933 |
15. | ULTIMATE PARENT COMPANY |
The Moreland Property Group is regarded by the director as being the ultimate parent company. |
ULTIMATE CONTROLLING PARTY |
The director considers the ultimate controlling party of the company to be the board of the Moreland Property Group Limited. |
ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GROUND RENT TRADING LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ground Rent Trading Limited for the period ended 29 December 2023 which comprise the Income Statement, 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 firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Ground Rent Trading Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ground Rent Trading Limited and state those matters that we have agreed to state to the director of Ground Rent Trading Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ground Rent Trading Limited and its director for our work or for this report. |
It is your duty to ensure that Ground Rent Trading Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ground Rent Trading Limited. You consider that Ground Rent Trading Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Ground Rent Trading Limited. 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 statutory financial statements. |
Chartered Accountants |
Russell House |
140 High Street |
Edgware |
HA8 7LW |