Grimwood Capital Management Limited 11805529 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property rentals. Digita Accounts Production Advanced 6.30.9574.0 true 11805529 2023-04-01 2024-03-31 11805529 2024-03-31 11805529 core:RetainedEarningsAccumulatedLosses 2024-03-31 11805529 core:ShareCapital 2024-03-31 11805529 core:CurrentFinancialInstruments 2024-03-31 11805529 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11805529 core:Non-currentFinancialInstruments 2024-03-31 11805529 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 11805529 bus:SmallEntities 2023-04-01 2024-03-31 11805529 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11805529 bus:FilletedAccounts 2023-04-01 2024-03-31 11805529 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11805529 bus:RegisteredOffice 2023-04-01 2024-03-31 11805529 bus:Director1 2023-04-01 2024-03-31 11805529 bus:Director2 2023-04-01 2024-03-31 11805529 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11805529 countries:EnglandWales 2023-04-01 2024-03-31 11805529 2023-03-31 11805529 2022-02-01 2023-03-31 11805529 2023-03-31 11805529 core:RetainedEarningsAccumulatedLosses 2023-03-31 11805529 core:ShareCapital 2023-03-31 11805529 core:CurrentFinancialInstruments 2023-03-31 11805529 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11805529 core:Non-currentFinancialInstruments 2023-03-31 11805529 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 11805529

Grimwood Capital Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Grimwood Capital Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Grimwood Capital Management Limited

Company Information

Directors

P C Grimwood

C A Grimwood

Registered office

50 Riplingham Road
Kirk Ella
Hull
East Yorkshire
HU10 7TR

 

Grimwood Capital Management Limited

(Registration number: 11805529)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

511,445

387,573

Current assets

 

Debtors

5

479

6,445

Cash at bank and in hand

 

69,062

60,485

 

69,541

66,930

Creditors: Amounts falling due within one year

6

(229,929)

(175,896)

Net current liabilities

 

(160,388)

(108,966)

Total assets less current liabilities

 

351,057

278,607

Creditors: Amounts falling due after more than one year

6

(347,757)

(281,225)

Net assets/(liabilities)

 

3,300

(2,618)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,298

(2,620)

Shareholders' funds/(deficit)

 

3,300

(2,618)

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
P C Grimwood
Director

.........................................
C A Grimwood
Director

 

Grimwood Capital Management 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 and Wales and the company registration number is 11805529.

The address of its registered office is:
50 Riplingham Road
Kirk Ella
Hull
East Yorkshire
HU10 7TR

These financial statements were authorised for issue by the Board on 17 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover represents rents receivable, excluding value added tax.

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.

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.

 

Grimwood Capital Management Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

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.

3

Staff numbers

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

4

Investment properties

2024
£

At 1 April

387,573

Additions

123,872

At 31 March

511,445

There has been no valuation of investment property by an independent valuer.

5

Debtors

2024
£

2023
£

Prepayments

479

394

Other debtors

-

6,051

479

6,445

 

Grimwood Capital Management Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

227,717

174,396

Taxation and social security

 

952

-

Accruals and deferred income

 

1,260

1,500

 

229,929

175,896

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

347,757

281,225

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

347,757

281,225

Current loans and borrowings

2024
£

2023
£

Other borrowings

227,717

174,396

Other borrowings relate to unsecured directors loan accounts.

The bank loan is secured by fixed and floating charges over the properties.

8

Related party transactions

Other transactions with Directors

At the year end, the company owed the directors £227,717 (2023: £174,396). These amounts are unsecured, interest free and repayable on demand.