Grove House Investments Ltd
Registered number: 01788573
Statement of Financial Position
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,560,000 1,400,000
Current assets
Debtors 5 2,767 1,880
Cash at bank and in hand 66,017 62,266
68,784 64,146
Creditors: amounts falling due within one year 6 (11,463) (16,012)
Net current assets 57,321 48,134
Total assets less current liabilities 1,617,321 1,448,134
Creditors: amounts falling due after more than one year 7 (107,000) (107,000)
Provisions for liabilities (15,314) -
Net assets 1,495,007 1,341,134
Capital and reserves
Called up share capital 16,834 16,834
Share premium 64,716 64,716
Fair value reserve 8 143,286 -
Profit and loss account 1,270,171 1,259,584
Shareholders' funds 1,495,007 1,341,134
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Karen Bartlett
Director
Approved by the board on 2 October 2024
Grove House Investments Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from property rental. Turnover from the rental is recognised by reference to the stage of completion of the tenancy.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Investment Property
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
2 Exceptional items 2024 2023
£ £
Value adjustments on fixed assets and current asset investments (160,000) -
(160,000) -
3 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 3 3
4 Tangible fixed assets
Investment Property
£
Cost
At 1 July 2023 1,400,000
Fair value movements 160,000
At 30 June 2024 1,560,000
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 1,560,000
At 30 June 2023 1,400,000
5 Debtors 2024 2023
£ £
Prepayments 1,994 1,880
Other debtors 773 -
2,767 1,880
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 136 -
Accruals 4,885 4,789
Corporation tax 2,128 2,786
Other taxes and social security costs 3,751 3,474
Other creditors 563 4,963
11,463 16,012
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 107,000 107,000
8 Fair value reserve 2024 2023
£ £
Gain on revaluation of land and buildings 158,600 -
Deferred taxation arising on the revaluation of land and buildings (15,314) -
At 30 June 2024 143,286 -
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Hilde Bartlett
Repayable on demand - 773 - 773
- 773 - 773
10 Other information
Grove House Investments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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