Registered number
04090179
Grosvenor Homes Ltd
Filleted Accounts
31 March 2024
Grosvenor Homes Ltd
Registered number: 04090179
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 225,301 227,757
Current assets
Stocks 1,344,395 1,225,542
Debtors 4 4,072 3,208
Cash at bank and in hand 11,493 6,841
1,359,960 1,235,591
Creditors: amounts falling due within one year 5 (1,059,261) (875,446)
Net current assets 300,699 360,145
Total assets less current liabilities 526,000 587,902
Creditors: amounts falling due after more than one year 6 (11,621) (21,631)
Provisions for liabilities (1,398) (1,865)
Net assets 512,981 564,406
Capital and reserves
Called up share capital 206,000 206,000
Profit and loss account 306,981 358,406
Shareholders' funds 512,981 564,406
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Cornelius
Director
Approved by the board on 14 November 2024
Grosvenor Homes Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5-10 years
Fixtures, fittings, tools and equipment over 3-10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 217,939 91,542 47,252 356,733
At 31 March 2024 217,939 91,542 47,252 356,733
Depreciation
At 1 April 2023 - 83,981 44,995 128,976
Charge for the year - 1,891 565 2,456
At 31 March 2024 - 85,872 45,560 131,432
Net book value
At 31 March 2024 217,939 5,670 1,692 225,301
At 31 March 2023 217,939 7,561 2,257 227,757
4 Debtors 2024 2023
£ £
Other debtors 4,072 3,208
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,237 12,225
Taxation and social security costs 929 6,733
Other creditors 1,046,095 856,488
1,059,261 875,446
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,621 21,631
7 Related party transactions
The company has been working on a property for the directors for which it is being paid cost plus 5%. The balance on Work-in-progress at the year end was £87,705.
8 Controlling party
The company is controlled by the directors S and R Cornelius.
9 Other information
Grosvenor Homes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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