Company registration number 08162303 (England and Wales)
GROWEN ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
GROWEN ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GROWEN ESTATES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,091
12,317
Investment properties
4
1,480,000
1,261,284
1,491,091
1,273,601
Current assets
Debtors
5
477,413
422,009
Cash at bank and in hand
44,251
234,216
521,664
656,225
Creditors: amounts falling due within one year
6
(630,934)
(709,036)
Net current liabilities
(109,270)
(52,811)
Total assets less current liabilities
1,381,821
1,220,790
Creditors: amounts falling due after more than one year
7
(14,574)
(24,667)
Provisions for liabilities
(184,080)
(130,188)
Net assets
1,183,167
1,065,935
Capital and reserves
Called up share capital
1,000
1,000
Retained earnings
1,182,167
1,064,935
Total equity
1,183,167
1,065,935
GROWEN ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The directors of the company have elected not to include a copy of the income statement 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.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mrs V M Scoble
Mr P M Scoble
Director
Director
Company Registration No. 08162303
GROWEN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Growen Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Growen Farm, Growen Lane, Cullompton, Devon, United Kingdom, EX15 1NH.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents invoiced sales of services.
1.3
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
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.
GROWEN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible
preference and non-puttable ordinary shares which are measured at fair value, with changes
recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter
at fair value with changes recognised in profit or loss.
1.6
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
GROWEN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
16,838
Additions
2,998
At 31 January 2024
19,836
Depreciation and impairment
At 1 February 2023
4,521
Depreciation charged in the year
4,224
At 31 January 2024
8,745
Carrying amount
At 31 January 2024
11,091
At 31 January 2023
12,317
4
Investment property
2024
£
Fair value
At 1 February 2023
1,261,284
Revaluations
218,716
At 31 January 2024
1,480,000
GROWEN ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Investment property
(Continued)
- 6 -
Investment property was revalued on an open market basis by the directors on 31 January 2023. If the property had not been revalued, it would have been included at its historical cost of £697,505.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,433
29,433
Other debtors
447,980
392,576
477,413
422,009
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,135
10,039
Trade creditors
274
Taxation and social security
10,582
72,523
Other creditors
610,217
626,200
630,934
709,036
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,574
24,667
8
Related party transactions
Included in other creditors are amounts owed to the directors of £590,718. The loans are interest free and carry no fixed terms of repayment.