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Registration number: 03033804

Grosvenor Place Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Grosvenor Place Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Grosvenor Place Holdings Limited

(Registration number: 03033804)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

24,180

28,225

Investment property

5

2,300,550

2,300,550

Investments

6

750

750

 

2,325,480

2,329,525

Current assets

 

Stocks

7

1,483,218

2,042,002

Debtors

8

518,172

349,551

Cash at bank and in hand

 

519,557

173,097

 

2,520,947

2,564,650

Creditors: Amounts falling due within one year

9

(503,494)

(779,828)

Net current assets

 

2,017,453

1,784,822

Total assets less current liabilities

 

4,342,933

4,114,347

Creditors: Amounts falling due after more than one year

9

(2,619,143)

(2,612,007)

Provisions for liabilities

(36,421)

(37,432)

Net assets

 

1,687,369

1,464,908

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,687,269

1,464,808

Shareholders' funds

 

1,687,369

1,464,908

 

Grosvenor Place Holdings Limited

(Registration number: 03033804)
Balance Sheet as at 31 March 2024

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. 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.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

N Parfitt
Director

   
     
 

Grosvenor Place Holdings 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:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
UK

These financial statements were authorised for issue by the Board on 25 November 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

Based on the information available to the directors at the date of approval, the directors consider it appropriate continue to adopt the going concern basis in preparing these financial statements and that the company has adequate resources to continue to trade for the foreseeable future being 12 months from approval of these 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.

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.

 

Grosvenor Place Holdings Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and macinery

Reducing balance 15%

Office equipment

Reducing balance 15%

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from
the current market rents and investment property yields for comparable real estate, adjusted if
necessary for any difference in the nature, location or condition of the specific asset. No depreciation
is provided. Changes in fair value are recognised in the Statement of Profit and Loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Grosvenor Place Holdings Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 stocks 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.

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 subsequently measured at amortised cost using the effective interest method.

 

Grosvenor Place Holdings Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

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

 

Grosvenor Place Holdings Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

115,089

2,155

117,244

Additions

-

367

367

Disposals

-

(358)

(358)

At 31 March 2024

115,089

2,164

117,253

Depreciation

At 1 April 2023

87,694

1,325

89,019

Charge for the year

4,109

158

4,267

Eliminated on disposal

-

(213)

(213)

At 31 March 2024

91,803

1,270

93,073

Carrying amount

At 31 March 2024

23,286

894

24,180

At 31 March 2023

27,395

830

28,225

5

Investment properties

2024
£

At 1 April 2020 and 2021

2,300,550

The fair value of the investment properties has been arrived at on the opinion of the directors. The basis of this valuation was open market value.

Had the investment properties been measured on a historical cost basis, their carrying amount would have been £1,885,319 (2020 - £1,885,319).

 

Grosvenor Place Holdings Limited

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

750

750

Subsidiaries

£

Cost or valuation

At 1 April 2023

750

Provision

Carrying amount

At 31 March 2024

750

At 31 March 2023

750

7

Stocks

2024
£

2023
£

Work in progress

1,483,218

2,042,002

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

3,670

4,192

Amounts owed by related parties

11

491,048

329,250

Other debtors

 

18,653

10,193

Prepayments

 

4,801

5,916

 

518,172

349,551

 

Grosvenor Place Holdings Limited

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

9

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

10

56,791

396,812

Trade creditors

 

102,466

58,174

Amounts due to related parties

11

100,000

100,000

Other creditors

 

22,198

34,141

Accruals

 

8,632

4,263

Corporation tax liability

213,407

186,438

 

503,494

779,828

Due after one year

 

Loans and borrowings

10

2,619,143

2,612,007

The loans and borrowings are secured by way of fixed and floating charges agaisnt the assets to which they relate.

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

56,791

387,392

Bank overdrafts

-

9,420

56,791

396,812


 

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

499,110

524,964

Other borrowings

2,120,033

2,087,043

2,619,143

2,612,007

 

Grosvenor Place Holdings Limited

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

11

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

329,250

329,250

Advanced

168,780

168,780

Repaid

(6,982)

(6,982)

At end of period

491,048

491,048

2023

Other related parties
£

Total
£

At start of period

268,042

268,042

Advanced

61,208

61,208

At end of period

329,250

329,250

Terms of loans to related parties

The loans to other related parties are interest free and repayable on demand.

Loans from related parties

2024

Key management
£

Total
£

At start of period

2,187,044

2,187,044

Advanced

85,052

85,052

Repaid

(52,063)

(52,063)

At end of period

2,220,033

2,220,033

2023

Key management
£

Total
£

At start of period

2,116,616

2,116,616

Advanced

137,966

137,966

Repaid

(67,538)

(67,538)

At end of period

2,187,044

2,187,044

Terms of loans from related parties

The loans from key management are interest free and repayable on demand.