REGISTERED NUMBER: |
Grinlow Limited |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: |
Grinlow Limited |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
Grinlow Limited (Registered number: 10965426) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
Grinlow Limited |
Company Information |
for the Year Ended 29 February 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Mynshull House |
78 Churchgate |
Stockport |
Cheshire |
SK1 1YJ |
Grinlow Limited (Registered number: 10965426) |
Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 7 |
Fair value reserve | 8 |
Retained earnings |
Shareholders' funds |
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. |
Grinlow Limited (Registered number: 10965426) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Grinlow Limited (Registered number: 10965426) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | Statutory information |
Grinlow Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. |
Investment property |
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view. |
If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified. |
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. |
Grinlow Limited (Registered number: 10965426) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | Accounting policies - continued |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Investment property |
Total |
£ |
Fair value |
At 1 March 2023 |
Valuation changes | 129,083 |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2024 | 930,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
29.2.24 | 28.2.23 |
£ | £ |
Cost | 729,757 | 729,757 |
Investment properties were valued on an open market basis on 28 February 2024 by the directors . |
Grinlow Limited (Registered number: 10965426) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | Creditors: amounts falling due within one year |
29.2.24 | 28.2.23 |
£ | £ |
Taxation and social security |
Other creditors |
6. | Creditors: amounts falling due after more than one year |
29.2.24 | 28.2.23 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans more 5yrs instal | 700,000 | 700,000 |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
Ordinary C | £1 | 100 | 100 |
Ordinary D | £1 | 100 | 100 |
Ordinary E | £1 | 100 | 100 |
500 | 500 |
8. | Reserves |
Fair |
value |
reserve |
£ |
At 1 March 2023 |
Transfer from retained earnings | 92,542 |
At 29 February 2024 |