REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
GREMESTY PROPERTIES LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
GREMESTY PROPERTIES LTD |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 9 |
GREMESTY PROPERTIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
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. |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
BALANCE SHEET - continued |
30 APRIL 2024 |
The financial statements were approved by the director and authorised for issue on |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Gremesty Properties Limited is a private company,limited by shares, registered in England and Wales.The company's registered number is 11955035 and registered office address is 7 Cranford Avenue, London, United Kingdom, N13 4NY. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
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. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Deferred taxes at the balance sheet date have been measured using the enacted tax rates of 19% as reflected in these financial statements. |
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. |
Finance costs amortisation |
Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then amortised , on a straight line basis, over the duration of the loans. |
Going concern |
The directors have considered the working capital position of the company and future working capital requirements, including any impact from the ongoing conflict in Ukraine and the high rate of interest in the UK and are satisfied that the company will be able to meet its liabilities as they fall due for a period of not less than one year from date of approval of these financial statements. |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 30 April 2024 |
DEPRECIATION |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2020 | 14,210 |
Valuation in 2023 | 100,000 |
Cost | 635,790 |
750,000 |
If had not been revalued would have been included at the following historical cost: |
30.4.24 | 30.4.23 |
£ | £ |
Cost | 635,790 | 635,790 |
Investment property was valued on an open market basis on 30 April 2024 by the director . |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Tax |
VAT | 2,768 | 2,791 |
Rent received in advance | 3,924 | 3,924 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans (see note 8) |
Other loans (see note 8) | ( |
) | ( |
) |
Directors' loan accounts | 93,048 | 82,700 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 164,053 | 193,611 |
Bounce bank loan | 7,084 | 10,483 |
Finance costs | (2,130 | ) | (2,678 | ) |
169,007 | 201,416 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or on demand: |
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: |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | LOANS - continued |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 164,053 | 193,611 |
Bounce bank loan | 7,084 | 10,483 |
Finance costs | (2,130 | ) | (2,678 | ) |
169,007 | 201,416 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
10. | DIRECTOR'S LOAN |
Included in Creditors - amounts falling due after more than one year is a loan of £93,048 (2023: 82,700) due to the Director. This loan is recognised at transaction price. The director's loan is not due until after more than 1 year and is interest free. |
11. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Capital gains tax provision | 28,552 | 28,552 |
28,715 | 28,552 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Charge to Income Statement during year |
Balance at 30 April 2024 |
Capital gains tax on uncrystallised gains on property investments during the year was £28,552. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
GREMESTY PROPERTIES LTD (REGISTERED NUMBER: 11955035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 May 2023 |
Profit for the year |
At 30 April 2024 |
Included in Retained earnings as at 31 March 2024 is an amount of £85,658 (2023: £85,658) of revaluation reserves less deferred capital gains tax which are non distributable. |
14. | RELATED PARTY DISCLOSURES |
The Print Unit Ltd , a related company by virtue of being a company under common control with Gremesty Properties Ltd , has provided an omnius guarantee, in relation to the bank loan. |
The Print Unit Ltd rents premises from Gremesty Properties Ltd . Rent is charged at market rates. |
15. | CONTROLLING PARTIES |
The company is controlled by Mr F. Gremesty and Mrs M. Gremesty the company director and secretary ( 50 £1 ordinary shares each). |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GREMESTY PROPERTIES LTD |
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 Gremesty Properties Ltd for the year ended 30 April 2024 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 Gremesty Properties Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gremesty Properties Ltd and state those matters that we have agreed to state to the director of Gremesty Properties Ltd 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 Gremesty Properties Ltd and its director for our work or for this report. |
It is your duty to ensure that Gremesty Properties Ltd 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 profit of Gremesty Properties Ltd. You consider that Gremesty Properties Ltd 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 financial statements of Gremesty Properties Ltd. 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 |
2nd Floor |
10(b) Aldermans Hill |
Palmers Green |
London |
N13 4PJ |