Company registration number 02417413 (England and Wales)
GREYFRIARS COURT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
GREYFRIARS COURT LIMITED
CONTENTS
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 9
GREYFRIARS COURT LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs A P Holmes
(Appointed 29 February 2024)
Mr N A I A Romanov
(Appointed 18 July 2024)
Mrs Mary Romanov
(Appointed 13 September 2024)
Ms Susan Hill
(Appointed 13 September 2024)
Company number
02417413
Registered office
Greyfriars Court
Court Road
Lewes
East Sussex
BN7 2RF
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
GREYFRIARS COURT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
4
17,633
17,175
Current assets
Inventories
675
555
Trade and other receivables
6
82,146
115,788
Cash and cash equivalents
109,865
45,772
192,686
162,115
Current liabilities
7
(49,031)
(43,984)
Net current assets
143,655
118,131
Total assets less current liabilities
161,288
135,306
Non-current liabilities
8
(161,245)
(135,263)
Net assets
43
43
Equity
Called up share capital
10
43
43
GREYFRIARS COURT LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

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

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.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr N A I A Romanov
Director
Company registration number 02417413 (England and Wales)
GREYFRIARS COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Greyfriars Court Limited is a private company limited by shares incorporated in England and Wales. The registered office is Greyfriars Court, Court Road, Lewes, East Sussex, BN7 2RF.

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 modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The board assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.true

 

At the time of approving the financial statements the board believes that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate.

1.3
Revenue

Revenue represents amounts receivable for service charges and other income. Revenue is recognised in the period to which it relates.

1.4
Non-current investments

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

1.5
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to and sell. Cost comprises direct materials and, where applicable, and those overheads that have been incurred in bringing the inventories to their present location and condition cost.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GREYFRIARS COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

GREYFRIARS COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.

 

Usually, taxable profit only arises on bank interest received.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases
1.12

Maintenance reserve

The Maintenance reserve represents accumulated funds received from owners which is held for the future maintenance of the property.

2
Directors' remuneration

None of the directors have been remunerated for their services as directors during the year or in the previous year.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
15
GREYFRIARS COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
17,633
17,175
Movements in non-current investments
Investments
£
Cost or valuation
At 1 July 2023
17,175
Valuation changes
458
At 31 March 2024
17,633
Carrying amount
At 31 March 2024
17,633
At 31 March 2023
17,175
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
17,298
17,175
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
79,964
115,635
Other receivables
2,182
153
82,146
115,788
GREYFRIARS COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Current liabilities
2024
2023
£
£
Trade payables
-
0
4,863
Corporation tax
515
21
Other taxation and social security
(3,876)
3,617
Other payables
52,392
35,483
49,031
43,984
8
Non-current liabilities
2024
2023
£
£
Other payables
161,245
135,263
9
Funds for future maintenance
2024
2023
£
£
At the beginning of the year
135,263
177,145
Expenditure in year deducted from the maintenance reserve
(47,871)
(84,504)
Net surpluses transferred to the maintenance reserve
73,853
42,622
At the beginning and end of the year
161,245
135,263

The above represents funds from the owners held for future maintenance. The Statement of Changes in Equity on shows the breakdown of transfers between operating, catering and laundry accounts.

 

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
43
43
43
43
11
Financial commitments, guarantees and contingent liabilities

The company has contingent liabilities to be covered by the funds held on behalf of the lessees for future maintenance of buildings, for external and internal decoration and the periodic replacement of the furniture and fittings in communal areas.

GREYFRIARS COURT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
12
Directors' transactions

All the directors, apart from Mr P Gannon, are owners of properties within Greyfriars Court. They are charged normal service charges and also for any additional services they may require from time to tome, at exactly the same rates as other owners. Any amounts due to the company from the directors at 31 March 2024 are under normal market conditions and have been paid since that date.

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