Company registration number 11155168 (England and Wales)
GRAND LAND AND HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
GRAND LAND AND HOMES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GRAND LAND AND HOMES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GRAND LAND AND HOMES LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grand Land and Homes Limited for the year ended 31 January 2024 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Grand Land and Homes Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grand Land and Homes Limited and state those matters that we have agreed to state to the board of directors of Grand Land and Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grand Land and Homes Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Grand Land and Homes 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 profit of Grand Land and Homes Limited. You consider that Grand Land and Homes 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 financial statements of Grand Land and Homes 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.
Carpenter Box
11 October 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
GRAND LAND AND HOMES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,898
14,531
Investment property
4
720,000
720,000
730,898
734,531
Current assets
Debtors
5
929
426
Cash at bank and in hand
3,355
10,905
4,284
11,331
Creditors: amounts falling due within one year
6
(79,720)
(91,785)
Net current liabilities
(75,436)
(80,454)
Total assets less current liabilities
655,462
654,077
Creditors: amounts falling due after more than one year
7
(453,313)
(453,313)
Provisions for liabilities
(37,223)
(37,223)
Net assets
164,926
163,541
Capital and reserves
Called up share capital
8
100
100
Non-distributable profits reserve
9
111,669
111,669
Distributable profit and loss reserves
53,157
51,772
Total equity
164,926
163,541
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GRAND LAND AND HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
Mr S N Farrell
Director
Company registration number 11155168 (England and Wales)
GRAND LAND AND HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Grand Land and Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Upton Avenue, Southwick, Brighton, East Sussex, BN42 4WP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on a going concern basis, which assumes that the company will continue trading for the foreseeable future. The company is dependant on the directors' support and are currently trading within the agreed terms. The financial statements do not include any adjustment that would result from a withdrawal of their supporttrue
1.3
Turnover
Revenue comprises rental income, which is recognised on a straight line basis over the term of the lease.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Motor Vehicles
25% on a diminishing basis
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
GRAND LAND AND HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons employed by the company during the year was 0 (2023 - 0).
GRAND LAND AND HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Motor Vehicles
£
Cost
At 1 February 2023 and 31 January 2024
15,500
Depreciation and impairment
At 1 February 2023
969
Depreciation charged in the year
3,633
At 31 January 2024
4,602
Carrying amount
At 31 January 2024
10,898
At 31 January 2023
14,531
4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
720,000
The fair value of the investment property has been arrived at on the basis that the properties are sold subject to contract shortly after the reporting date.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
929
426
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
396
Other creditors
79,324
91,785
79,720
91,785
GRAND LAND AND HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
453,313
453,313
The bank loans are secured by fixed charges over the properties.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
111,669
165,152
Non distributable profits in the year
-
(53,483)
At the end of the year
111,669
111,669