Registration number:
The Grove Trust Limited
for the Year Ended 31 March 2024
The Grove Trust Limited
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
The Grove Trust Limited
Company Information
Directors |
Mary Armstrong Mrs Christine M Barber Mrs Ruth Anderson Mr Mark Bloomer |
Company secretary |
Ian Stoner |
Registered office |
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Accountants |
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Grove Trust Limited
for the Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Grove Trust Limited for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practicing member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of The Grove Trust Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Grove Trust Limited and state those matters that we have agreed to state to the Board of Directors of The Grove Trust Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/ october/factsheet-163-audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Grove Trust Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Grove Trust Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Grove Trust Limited. You consider that The Grove Trust Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of The Grove Trust Limited. We have prepared an independent examination taking into consideration the requirements of the Companies Act 2006. An examination includes a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from the directors concerning such matters. The procedures undertaken do not provide all of the evidence that would be required in an audit, and consequently we do not express an audit opinion on the accounts.
In connection with my examination, I have reasonable cause to believe that:
(1) |
In all material respects the requirements to keep accounting records and prepare accounts in accordance with Companies House 2006 have been met; and |
(2) |
There are no material matters which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
......................................
Certified
32 High Street
Cullompton
Devon
EX15 1AE
The Grove Trust Limited
(Registration number: 00149914)
Abridged Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Other financial assets |
837,097 |
786,076 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
35,000 |
35,000 |
|
Revaluation reserve |
1,568,882 |
1,514,720 |
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Retained earnings |
974,145 |
1,019,156 |
|
Shareholders' funds |
2,578,027 |
2,568,876 |
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:
• |
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• |
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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
The Grove Trust Limited
(Registration number: 00149914)
Abridged Balance Sheet as at 31 March 2024
Approved and authorised by the
......................................... |
The Grove Trust Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged 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 abridged 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 comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of any rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured.
Tax
The tax expense for the period comprises current tax.
Investment property
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.
The Grove Trust Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at full realisable value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 at the transaction price.
Share capital
All issued shares are classified as Equity. The Balance Sheet value represents full payment for the shares at the time of issue.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared and paid.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Investment properties
2024 |
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At 1 April |
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Using all information available to them, including estimates and other information from agents located in the area of each property, the directors have looked at each individual property and arrived at a conservative value taking into account the state of the property, its location, the local conditions of that area and the status and length of the tenancies to arrive at what they consider to be a fair value for each property.
There has been no valuation of investment property by an independent valuer.
The Grove Trust Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Investments |
2024 |
2023 |
Other investments
The market value of the listed investments at 31 March 2024 was £837,097 (2023 - £786,076).
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2023 |
786,076 |
786,076 |
Fair value adjustments |
54,163 |
54,163 |
Additions |
87,553 |
87,553 |
Disposals |
(94,262) |
(94,262) |
Transfers |
3,567 |
3,567 |
At 31 March 2024 |
837,097 |
837,097 |
Impairment |
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Carrying amount |
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At 31 March 2024 |
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837,097 |
Debtors |
Debtors includes £Nil (2023 - £Nil) due after more than one year.
Share capital |
Allotted, called up and fully paid shares
The Grove Trust Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
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20,000 |
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20,000 |
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10,000 |
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10,000 |
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5,000 |
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5,000 |
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|
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Retained earnings |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
- |
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Surplus/deficit on revaluation of other assets |
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- |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Retained earnings |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
- |
( |
( |
Surplus/deficit on revaluation of other assets |
( |
- |
( |
( |
( |
( |
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Dividends |
Final dividends paid
2024 |
2023 |
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Final dividend of £ |
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Final dividend of £ |
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Related party transactions |
The Grove Trust Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Dividends paid to directors
2024 |
2023 |
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Mary Armstrong |
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14,438 |
15,695 |
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Mrs Christine M Barber |
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9,663 |
10,537 |
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Mrs Ruth Anderson |
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13,200 |
14,400 |
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Mr Mark Bloomer |
||||
8,987 |
8,040 |
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