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Grand Park Homes Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13920987
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 179,667 201,667
Tangible Assets 5 696,312 668,901
875,979 870,568
CURRENT ASSETS
Debtors 6 59,666 88,266
Cash at bank and in hand 191,538 104,887
251,204 193,153
Creditors: Amounts Falling Due Within One Year 7 (292,038 ) (362,523 )
NET CURRENT ASSETS (LIABILITIES) (40,834 ) (169,370 )
TOTAL ASSETS LESS CURRENT LIABILITIES 835,145 701,198
Creditors: Amounts Falling Due After More Than One Year 8 (633,509 ) (652,888 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,810 ) (4,716 )
NET ASSETS 195,826 43,594
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 195,824 43,592
SHAREHOLDERS' FUNDS 195,826 43,594
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
A Abu-Baker
Director
H K Han
Director
8 November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Grand Park Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13920987 . The registered office is St George's Nursing Home, 42 Kneesworth Street, Royston, SG8 5AQ.
The presentation currency of the financial statements is the Pound Sterling (£).
The prior period was longer than 12 months, therefore the comparatives are not directly comparable.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, value added tax and other sales taxes. Revenue is recognised when services are performed.  
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets aremeasured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold straight line over 50 years
Plant & Machinery 25% on cost
Fixtures & Fittings 50% on cost
Computer Equipment 33% on cost
2.5. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are accounted for based on the accrual model. Revenue grants are recognised in income on a systematic basis over the periods in which they company recognises the related costs for which the grant is intended to compensate.
3. Average Number of Employees
Average number of employees during the year was: 39 (2023: 31)
39 31
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 220,000
As at 31 March 2024 220,000
Amortisation
As at 1 April 2023 18,333
Provided during the period 22,000
As at 31 March 2024 40,333
Net Book Value
As at 31 March 2024 179,667
As at 1 April 2023 201,667
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 654,860 6,614 20,000 1,559 683,033
Additions - 51,106 2,499 400 54,005
As at 31 March 2024 654,860 57,720 22,499 1,959 737,038
Depreciation
As at 1 April 2023 4,822 696 8,333 281 14,132
Provided during the period 5,897 9,671 10,451 575 26,594
As at 31 March 2024 10,719 10,367 18,784 856 40,726
Net Book Value
As at 31 March 2024 644,141 47,353 3,715 1,103 696,312
As at 1 April 2023 650,038 5,918 11,667 1,278 668,901
Included in cost of land and buildings is freehold land of £360,000 which is not depreciated.
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6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 5,301 43,743
Other debtors 54,365 44,523
59,666 88,266
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 996 765
Bank loans and overdrafts 19,340 12,112
Other creditors 212,989 337,841
Taxation and social security 58,713 11,805
292,038 362,523
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Bank loans 633,509 652,888
9. Secured Creditors
Assetz Capital Trust Company Limited holds a fixed and floating charge over certain assets of the company.
Of the creditors the following amounts are secured.
31 March 2024 31 March 2023
£ £
Bank loans and overdrafts 652,849 665,000
10. Share Capital
31 March 2024 31 March 2023
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1.00 each 2 2
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 March 2024 31 March 2023
£ £
Not later than one year 3,940 5,760
Later than one year and not later than five years 13,464 1,440
17,404 7,200
12. Related Party Transactions
At the balance sheet date, the company owed each director £44,160 (2023: £119,848 and £119,858 respectively). The amounts are interest free and repayable upon demand. However, the directors have confirmed that they will continue to financially support the company for the foreseeable future, and will not withdraw their loans to the detriment of the company or its other creditors.
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