Grizzly Bear Property Holdings Limited 14964539 false 2023-06-27 2024-02-29 2024-02-29 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true 14964539 2023-06-27 2024-02-29 14964539 2024-02-29 14964539 core:CurrentFinancialInstruments 2024-02-29 14964539 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 14964539 bus:SmallEntities 2023-06-27 2024-02-29 14964539 bus:AuditExemptWithAccountantsReport 2023-06-27 2024-02-29 14964539 bus:FullAccounts 2023-06-27 2024-02-29 14964539 bus:SmallCompaniesRegimeForAccounts 2023-06-27 2024-02-29 14964539 bus:RegisteredOffice 2023-06-27 2024-02-29 14964539 bus:Director1 2023-06-27 2024-02-29 14964539 bus:PrivateLimitedCompanyLtd 2023-06-27 2024-02-29 14964539 countries:EnglandWales 2023-06-27 2024-02-29 iso4217:GBP xbrli:pure

Registration number: 14964539

Prepared for the registrar

Grizzly Bear Property Holdings Limited

Annual Report and Unaudited Financial Statements

for the Period from 27 June 2023 to 29 February 2024

 

Grizzly Bear Property Holdings Limited

(Registration number: 14964539)
Balance Sheet as at 29 February 2024

Note

2024
£

Fixed assets

 

Investment property

4

440,622

Current assets

 

Debtors

5

168

Cash at bank and in hand

 

10,080

 

10,248

Creditors: Amounts falling due within one year

6

(450,934)

Net current liabilities

 

(440,686)

Net liabilities

 

(64)

Capital and reserves

 

Called up share capital

2

Profit and loss account

(66)

Shareholders' deficit

 

(64)

For the financial period ending 29 February 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 October 2024 and signed on its behalf by:
 


A J Heath
Director

 

Grizzly Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 27 June 2023 to 29 February 2024

 

1

General information

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

The address of its registered office is:
Unit 14 Apex Court Woodlands
Bradley Stoke
Bristol
BS32 4JT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises of gross rental income that is derived in the period.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

 

Grizzly Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 27 June 2023 to 29 February 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

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

 

Grizzly Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Period from 27 June 2023 to 29 February 2024

 

4

Investment properties

£

Additions

440,622

The carrying value of the investment property is based on the market value as estimated by the directors'. The carrying amount at historical cost is £440,622.

 

5

Debtors

29 February 2024
 £

Other debtors

168

 

168

 

6

Creditors

29 February 2024
 £

Due within one year

Loans

447,104

Accrued expenses

1,980

Deferred income

1,850

450,934

 

7

Related party transactions

At 29 February 2024 the company owed £1,804 to Polar Bear Property Holdings Limited, a company related by virtue of the directors. The loan is unsecured, repayable on demand and no interest is payable.

At 29 February 2024 the company owed £445,300 to PHD Property Advisory Limited, a company related by virtue of the directors. The loan is unsecured and repayable on demand. Interest is due on this loan and has been added to the balance.