6 2 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 24,371,293 24,371,293 24,371,293 18,050 100,500 118,550 118,550 18,050 5,776,729 xbrli:pure xbrli:shares iso4217:GBP 00732789 2023-04-01 2024-03-31 00732789 2024-03-31 00732789 2023-03-31 00732789 2022-04-01 2023-03-31 00732789 2023-03-31 00732789 2022-03-31 00732789 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 00732789 bus:Director4 2023-04-01 2024-03-31 00732789 bus:Director6 2023-04-01 2024-03-31 00732789 core:WithinOneYear 2024-03-31 00732789 core:WithinOneYear 2023-03-31 00732789 core:UKTax 2023-04-01 2024-03-31 00732789 core:UKTax 2022-04-01 2023-03-31 00732789 core:ShareCapital 2024-03-31 00732789 core:ShareCapital 2023-03-31 00732789 core:RetainedEarningsAccumulatedLosses 2024-03-31 00732789 core:RetainedEarningsAccumulatedLosses 2023-03-31 00732789 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 00732789 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 00732789 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 00732789 core:Non-currentFinancialInstruments 2024-03-31 00732789 core:Non-currentFinancialInstruments 2023-03-31 00732789 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 00732789 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 00732789 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00732789 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00732789 core:DeferredTaxation 2024-03-31 00732789 bus:SmallEntities 2023-04-01 2024-03-31 00732789 bus:Audited 2023-04-01 2024-03-31 00732789 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00732789 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00732789 bus:FullAccounts 2023-04-01 2024-03-31 00732789 bus:OrdinaryShareClass1 2024-03-31 00732789 bus:OrdinaryShareClass1 2023-03-31 00732789 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00732789 core:OtherRelatedParties 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 00732789
Greystead Properties Limited
Filleted Financial Statements
31 March 2024
Greystead Properties Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Greystead Properties Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
24,371,293
24,371,293
Investments
7
118,550
18,050
-------------
-------------
24,489,843
24,389,343
Current assets
Debtors
8
23,202
28,719
Cash at bank and in hand
572,402
686,100
---------
---------
595,604
714,819
Creditors: amounts falling due within one year
9
139,783
125,665
---------
---------
Net current assets
455,821
589,154
-------------
-------------
Total assets less current liabilities
24,945,664
24,978,497
Provisions
Taxation including deferred tax
10
5,776,729
5,776,729
-------------
-------------
Net assets
19,168,935
19,201,768
-------------
-------------
Capital and reserves
Called up share capital
12
25,000
25,000
Profit and loss account
13
19,143,935
19,176,768
-------------
-------------
Shareholders funds
19,168,935
19,201,768
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
A R Salem
J R M Krantz
Director
Director
Company registration number: 00732789
Greystead Properties Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Brickworks, Church Road, Harold Wood, Romford, RM3 0JA, Essex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rental income receivable during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property, which is property held to earn rentals, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
119,822
91,861
Deferred tax:
Origination and reversal of timing differences
1,386,415
---------
------------
Tax on profit
119,822
1,478,276
---------
------------
The rate deferred tax has been charged at has increased from 19% to 25% in the year.
6. Tangible assets
Investment Freehold property
£
Cost
At 1 April 2023 and 31 March 2024
24,371,293
-------------
Depreciation
At 1 April 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
24,371,293
-------------
At 31 March 2023
24,371,293
-------------
Investment properties were valued at fair value by the directors of the company at the balance date with the assistance of property consultants. Freehold investment properties are not depreciated and therefore, there is no difference between the depreciation based on cost or the revalued amount.
7. Investments
Shares in related companies
£
Cost
At 1 April 2023
18,050
Additions
100,500
---------
At 31 March 2024
118,550
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
118,550
---------
At 31 March 2023
18,050
---------
In the year, the company invested £100,500, including associated costs, into Eastern Suburbs Estates Limited for 1,550 ordinary shares of £1 each.
At the year end, the total investment in Eastern Suburbs Estates Limited is £118,550 and is for 3,175 ordinary shares of £1 each, which represents a holding of 31.75%.
8. Debtors
2024
2023
£
£
Trade debtors
9,882
28,179
Prepayments and accrued income
13,320
540
--------
--------
23,202
28,719
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,965
11,928
Accruals and deferred income
9,996
21,876
Corporation tax
119,822
91,861
---------
---------
139,783
125,665
---------
---------
10. Provisions
Deferred tax (note 11)
£
At 1 April 2023 and 31 March 2024
5,776,729
------------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 10)
5,776,729
5,776,729
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
5,776,729
5,776,729
------------
------------
12. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
--------
--------
--------
--------
13. Reserves
Profit and loss account - This reserve includes both distributable and non-distributable reserves as follows;
2024 2023
£ £
Distributable 1,022,658 1,055,491
Non-distributable 18,121,277 18,121,277
------------- -------------
Total 19,143,935 19,176,768
------------- -------------
14. Summary audit opinion
The auditor's report dated 2 October 2024 was unqualified .
The senior statutory auditor was S C Drain , for and on behalf of Edmund Carr LLP .
15. Related party transactions
During the year the company received dividend income of £8,125 (2023: £8,125) from a related undertaking.