Gratton Homes Limited 10011336 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the development of building projects and construction of domestic buildings Digita Accounts Production Advanced 6.30.9574.0 true true 10011336 2023-04-01 2024-03-31 10011336 2024-03-31 10011336 core:CurrentFinancialInstruments 2024-03-31 10011336 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10011336 core:Non-currentFinancialInstruments 2024-03-31 10011336 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10011336 core:OtherProvisionsContingentLiabilities 2024-03-31 10011336 bus:SmallEntities 2023-04-01 2024-03-31 10011336 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10011336 bus:FullAccounts 2023-04-01 2024-03-31 10011336 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10011336 bus:RegisteredOffice 2023-04-01 2024-03-31 10011336 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 10011336 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10011336 core:OtherProvisionsContingentLiabilities 2023-04-01 2024-03-31 10011336 core:OtherRelatedParties 2023-04-01 2024-03-31 10011336 countries:EnglandWales 2023-04-01 2024-03-31 10011336 core:OtherProvisionsContingentLiabilities 2023-03-31 10011336 2022-04-01 2023-03-31 10011336 2023-03-31 10011336 core:CurrentFinancialInstruments 2023-03-31 10011336 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10011336 core:Non-currentFinancialInstruments 2023-03-31 10011336 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 10011336

Prepared for the registrar

Gratton Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Gratton Homes Limited

(Registration number: 10011336)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

334,792

325,458

Debtors

5

225,383

255,255

Cash at bank and in hand

 

4,461

8,293

 

564,636

589,006

Creditors: Amounts falling due within one year

6

(6,968)

(30,155)

Total assets less current liabilities

 

557,668

558,851

Creditors: Amounts falling due after more than one year

6

(227,250)

(227,250)

Provisions

 

(5,000)

(10,000)

Net assets

 

325,418

321,601

Capital and reserves

 

Called up share capital

50

50

Profit and loss account

325,368

321,551

Shareholders' funds

 

325,418

321,601

For the financial year ending 31 March 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 year 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 14 November 2024 and signed on its behalf by:
 


R A Le Grand
Company secretary and director

 

Gratton Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
3 Knightsbridge Crescent
Cheltenham
GL53 7QW

 

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 current forecasts and projections, together with the facilities available to the company, 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises only current 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 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.

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.

 

Gratton Homes Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Gratton Homes Limited

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

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

4

Stocks

2024
£

2023
£

Work in progress

334,792

325,458

At 31 March 2024, borrowing costs of £44,797 (2023: £36,616) are included in work in progress.

 

5

Debtors

Note

2024
 £

2023
 £

Amounts owed by related parties

9

220,383

243,979

Other debtors

 

5,000

11,276

   

225,383

255,255

 

Gratton Homes Limited

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

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

998

1,145

Trade creditors

 

-

5,721

Social security and other taxes

 

215

-

Other creditors

 

-

419

Accrued expenses

 

4,860

3,992

Corporation tax liability

895

18,878

 

6,968

30,155

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

227,250

227,250

 

7

Provisions

Other provisions
£

At 1 April 2023

10,000

Movement in provision

(5,000)

At 31 March 2024

5,000

 

8

Loans and borrowings

Note

2024
£

2023
£

Current loans and borrowings

Other borrowings

9

998

1,145

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

227,250

227,250

The bank loans are secured on the properties included in Work In Progress.

 

Gratton Homes Limited

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

 

9

Related party transactions

Summary of transactions with other related parties

At 31 March 2024 the company owed £998 (2023: £600) to Mark Le Grand, the director. No interest was charged on this balance and there are no fixed repayment terms.

At 31 March 2024 the company was owed £124 (2023: £545 owed to) from Ross Le Grand, the director. No interest was charged on this balance and there are no fixed repayment terms.

At 31 March 2024 the company was owed £2,431 (2023: £4,314) by Le Grand Developments Limited, a company under common control. No interest was charged on this balance and there are no fixed repayment terms.

At 31 March 2024 the company was owed £217,828 (2023: £239,665) by M&R Le Grand Limited, a company under common control. No interest was charged on this balance and there are no fixed repayment terms.