REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
GROSVENOR CHASE LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
GROSVENOR CHASE LIMITED |
GROSVENOR CHASE LIMITED (REGISTERED NUMBER: 09401897) |
Contents of the Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Accountants' Report | 6 |
GROSVENOR CHASE LIMITED |
Company Information |
for the year ended 29 February 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
GROSVENOR CHASE LIMITED (REGISTERED NUMBER: 09401897) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
GROSVENOR CHASE LIMITED (REGISTERED NUMBER: 09401897) |
Notes to the Financial Statements |
for the year ended 29 February 2024 |
1. | Statutory information |
Grosvenor Chase Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and is recognised as artworks are delivered to buyers. |
Tangible fixed assets |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | Employees and directors |
The average number of employees during the year was |
GROSVENOR CHASE LIMITED (REGISTERED NUMBER: 09401897) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
4. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 March 2023 |
and 29 February 2024 |
Depreciation |
At 1 March 2023 |
and 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 March 2023 |
and 29 February 2024 |
Provisions |
Provision for year | 222,662 |
At 29 February 2024 | 222,662 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
The investment is unlisted and measured at cost less any impairment. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
Directors' current accounts | 217,512 | 212,208 |
Tax |
VAT |
Prepayments |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Accrued expenses |
GROSVENOR CHASE LIMITED (REGISTERED NUMBER: 09401897) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Grosvenor Chase Limited |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grosvenor Chase Limited for the year ended 29 February 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the director of Grosvenor Chase Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grosvenor Chase Limited and state those matters that we have agreed to state to the director of Grosvenor Chase Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Grosvenor Chase Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Grosvenor Chase Limited. You consider that Grosvenor Chase Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Grosvenor Chase Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |