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Registration number: NI049348

Gribbin Homes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Gribbin Homes Ltd

(Registration number: NI049348)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

55,143

68,940

Investment property

5

597,714

597,714

 

652,857

666,654

Current assets

 

Stocks

6

294,565

292,955

Debtors

7

663

202

Cash at bank and in hand

 

551,823

511,428

 

847,051

804,585

Creditors: Amounts falling due within one year

8

(147,600)

(138,509)

Net current assets

 

699,451

666,076

Total assets less current liabilities

 

1,352,308

1,332,730

Creditors: Amounts falling due after more than one year

8

(612,576)

(613,216)

Provisions for liabilities

(15,187)

(13,866)

Net assets

 

724,545

705,648

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

724,544

705,647

Shareholders' funds

 

724,545

705,648

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gribbin Homes Ltd

(Registration number: NI049348)
Balance Sheet as at 31 January 2024

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 October 2024
 

.........................................
Mr John Gribbin
Director

 

Gribbin Homes Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 132 Moneynick Road,, Randalstown,, Co Antrim., BT41 3HU.

These financial statements were authorised for issue by the director on 28 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the total rental income for the year.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Gribbin Homes Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Investment property

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

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks and work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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 the director) during the year, was 1 (2023 - 1).

 

Gribbin Homes Ltd

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

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

89,444

6,253

95,697

At 31 January 2024

89,444

6,253

95,697

Depreciation

At 1 February 2023

23,553

3,204

26,757

Charge for the year

13,187

610

13,797

At 31 January 2024

36,740

3,814

40,554

Carrying amount

At 31 January 2024

52,704

2,439

55,143

At 31 January 2023

65,891

3,049

68,940

 

Gribbin Homes Ltd

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

5

Investment properties

2024
£

At 1 February

597,714

At 31 January

597,714

Investment properties are carried in the balance sheet at the director's valuation as at 31st January 2018.

6

Stocks

2024
£

2023
£

Work in progress

294,565

292,955

7

Debtors

Current

2024
£

2023
£

Other debtors

663

202

 

663

202

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Other creditors

147,600

138,509

 

Gribbin Homes Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Related party transactions

Included in creditors due after one year are the following amounts due to related parties:

Due to director: £502,354 (2023: £502,993)
Due to Sanitatis Ltd: £110,223 (2023:£110,223)

Sanitatis Ltd is a related party by virtue of a common director.