Grantock Limited 03514514 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Property Investment & Letting Digita Accounts Production Advanced 6.30.9574.0 true true 03514514 2023-04-01 2024-03-31 03514514 2024-03-31 03514514 bus:OrdinaryShareClass1 2024-03-31 03514514 core:RetainedEarningsAccumulatedLosses 2024-03-31 03514514 core:RevaluationReserve 2024-03-31 03514514 core:ShareCapital 2024-03-31 03514514 core:CurrentFinancialInstruments 2024-03-31 03514514 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03514514 core:FurnitureFittingsToolsEquipment 2024-03-31 03514514 bus:SmallEntities 2023-04-01 2024-03-31 03514514 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03514514 bus:FullAccounts 2023-04-01 2024-03-31 03514514 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03514514 bus:RegisteredOffice 2023-04-01 2024-03-31 03514514 bus:CompanySecretary1 2023-04-01 2024-03-31 03514514 bus:Director2 2023-04-01 2024-03-31 03514514 bus:Director3 2023-04-01 2024-03-31 03514514 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03514514 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03514514 bus:Agent1 2023-04-01 2024-03-31 03514514 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 03514514 core:RevaluationReserve 2023-04-01 2024-03-31 03514514 core:ShareCapital 2023-04-01 2024-03-31 03514514 core:FurnitureFittings 2023-04-01 2024-03-31 03514514 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 03514514 core:OfficeEquipment 2023-04-01 2024-03-31 03514514 countries:England 2023-04-01 2024-03-31 03514514 2023-03-31 03514514 core:RetainedEarningsAccumulatedLosses 2023-03-31 03514514 core:RevaluationReserve 2023-03-31 03514514 core:ShareCapital 2023-03-31 03514514 core:FurnitureFittingsToolsEquipment 2023-03-31 03514514 2022-04-01 2023-03-31 03514514 2023-03-31 03514514 bus:OrdinaryShareClass1 2023-03-31 03514514 core:CurrentFinancialInstruments 2023-03-31 03514514 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03514514 core:FurnitureFittingsToolsEquipment 2023-03-31 03514514 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03514514 core:RevaluationReserve 2022-04-01 2023-03-31 03514514 core:ShareCapital 2022-04-01 2023-03-31 03514514 2022-03-31 03514514 core:RetainedEarningsAccumulatedLosses 2022-03-31 03514514 core:RevaluationReserve 2022-03-31 03514514 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03514514

Grantock Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Grantock Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Grantock Limited

Company Information

Directors

Mr Tony Nelson

Mrs Frances Nelson

Company secretary

Cobat Secretarial Services Limited

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Grantock Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Tony Nelson

Mrs Frances Nelson

Principal activity

The principal activity of the company is Property Investment & Letting

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
Mr Tony Nelson
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grantock Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grantock Limited for the year ended 31 March 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Grantock Limited, 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 the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Grantock Limited 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 of the Company. You consider that Grantock Limited 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 the Company. 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 accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

7 October 2024

 

Grantock Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

152,442

138,135

Cost of sales

 

(4,143)

(3,048)

Gross profit

 

148,299

135,087

Administrative expenses

 

(66,357)

(72,608)

Operating profit

 

81,942

62,479

Profit before tax

4

81,942

62,479

Tax on profit

 

(18,059)

(11,956)

Profit for the financial year

 

63,883

50,523

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Grantock Limited

(Registration number: 03514514)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,427

1,784

Investment property

6

2,977,948

2,945,000

 

2,979,375

2,946,784

Current assets

 

Debtors

-

6,561

Cash at bank and in hand

 

156,730

186,337

 

156,730

192,898

Creditors: Amounts falling due within one year

7

(39,835)

(29,295)

Net current assets

 

116,895

163,603

Total assets less current liabilities

 

3,096,270

3,110,387

Provisions for liabilities

(345,880)

(345,880)

Net assets

 

2,750,390

2,764,507

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

2,036,830

2,036,830

Retained earnings

713,460

727,577

Shareholders' funds

 

2,750,390

2,764,507

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

 

Grantock Limited

(Registration number: 03514514)
Balance Sheet as at 31 March 2024

.........................................
Mr Tony Nelson
Director

 

Grantock Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100

2,036,830

727,577

2,764,507

Profit for the year

-

-

63,883

63,883

Dividends

-

-

(78,000)

(78,000)

At 31 March 2024

100

2,036,830

713,460

2,750,390

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

100

2,036,830

739,454

2,776,384

Profit for the year

-

-

50,523

50,523

Dividends

-

-

(62,400)

(62,400)

At 31 March 2023

100

2,036,830

727,577

2,764,507

 

Grantock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the Board on 7 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Grantock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 in the countries where the company operates and generates taxable income.

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 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

20% on reducing balance

Office equipment

20% on reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 according to the original terms of the receivables.

 

Grantock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

357

446

 

Grantock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,573

4,573

At 31 March 2024

4,573

4,573

Depreciation

At 1 April 2023

2,789

2,789

Charge for the year

357

357

At 31 March 2024

3,146

3,146

Carrying amount

At 31 March 2024

1,427

1,427

At 31 March 2023

1,784

1,784

6

Investment properties

2024
£

At 1 April

2,945,000

Additions

32,948

At 31 March

2,977,948

Investment properties were valued on the open market basis on the 31st March 2024 by the company directors

 

Grantock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

18,294

12,200

Accruals and deferred income

3,600

3,600

Other creditors

17,941

13,495

39,835

29,295

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Dividends

2024

2023

£

£

Final dividend of £780.00 (2023 - £624.00) per ordinary share

78,000

62,400