REGISTERED NUMBER: |
Grandmere Limited |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
REGISTERED NUMBER: |
Grandmere Limited |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
Grandmere Limited (Registered number: 01560089) |
Contents of the Financial Statements |
for the year ended 29 February 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Grandmere Limited |
Company Information |
for the year ended 29 February 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Grandmere Limited (Registered number: 01560089) |
Report of the Director |
for the year ended 29 February 2024 |
The director presents his report with the financial statements of the company for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Letting of a Residential Property |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Grandmere Limited (Registered number: 01560089) |
Income Statement |
for the year ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
3,890 | 6,083 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
17,117 | 16,083 |
Interest payable and similar expenses | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 5 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Grandmere Limited (Registered number: 01560089) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
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 |
Grandmere Limited (Registered number: 01560089) |
Notes to the Financial Statements |
for the year ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Grandmere Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes and relates to rent receivable. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation by the director. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit ot loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. No current tax is payable due to losses brought forward. |
Deferred tax |
Deferred tax is recognised in respect of all 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Grandmere Limited (Registered number: 01560089) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
The company's corporation tax liability for the year ended 29th February 2024 was £168 after taking into account losses brought forward. |
In addition there was an increase in the provision for deferred tax of £9,269 following an increase in the valuation of the freehold property by £13,000 as well as an increase for 11 months of the year in the rate charged for corporation tax to 20% and 25% depending on the size of the profit. |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cost or valuation at 29 February 2024 is represented by: |
Plant and |
machinery |
etc |
£ |
Cost | 641 |
If the freehold property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 46,779 | 46,779 |
Value of land in freehold land and buildings | 205,000 | 205,000 |
28 Wexham Street was valued on 28th February 2023 basis on 28 February 2023 by the director . |
Grandmere Limited (Registered number: 01560089) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
7. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Revaluations | 13,000 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Cost | 218,000 |
The freehold property was valued on an open market basis on 29 February 2024 by the director . |
9. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
Grandmere Limited (Registered number: 01560089) |
Notes to the Financial Statements - continued |
for the year ended 29 February 2024 |
12. | RELATED PARTY DISCLOSURES |
The company employed Fowler and Hare [Anglesey] Limited to prepare the short leasehold leases and to manage th property. The fee was £120 and £480 respectively The amount outstanding at the year end was £960. |
The company employed Fowler and Hare [Porthmadog Limited to write up the company books. The fee was £130. The balance outstanding at the year end was £1,175. |
The company obtained an unsecured loan from First Iindependent Commerce of North Wales Limited to fund repairs to the property owned by the company. £3,720 was borrowed and £2,720 was owed at 29th February 2024.Interest was charged at 5% above Bank of England base rate.The loan is repay able on demand and interest was charged of £293 which was paid after the year end. |
All the companies mentioned above are associated companies. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr P H Fowler. |