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REGISTERED NUMBER: 01560089 (England and Wales)










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: Mr P H Fowler





SECRETARY: D Crewsdon





REGISTERED OFFICE: 18 Field Street
Llangefni
Gwynedd
LL77 7EH





REGISTERED NUMBER: 01560089 (England and Wales)

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
Mr P H Fowler held office during the whole of the period from 1 March 2023 to the date of this report.

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:





Mr P H Fowler - Director


29 November 2024

Grandmere Limited (Registered number: 01560089)

Income Statement
for the year ended 29 February 2024

2024 2023
Notes £    £   

TURNOVER 7,210 7,146

Administrative expenses (3,320 ) (1,063 )
3,890 6,083

Other operating income 13,000 10,000
OPERATING PROFIT 4 16,890 16,083

Interest receivable and similar income 227 -
17,117 16,083

Interest payable and similar expenses (1,790 ) (1,615 )
PROFIT BEFORE TAXATION 15,327 14,468

Tax on profit 5 (9,438 ) (1,900 )
PROFIT FOR THE FINANCIAL YEAR 5,889 12,568

Grandmere Limited (Registered number: 01560089)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 6 7
Investments 7 1 1
Investment property 8 218,000 205,000
218,007 205,008

CURRENT ASSETS
Debtors 9 1,318 1,100
Cash at bank 1,427 3,335
2,745 4,435
CREDITORS
Amounts falling due within one year 10 5,042 7,759
NET CURRENT LIABILITIES (2,297 ) (3,324 )
TOTAL ASSETS LESS CURRENT LIABILITIES 215,710 201,684

CREDITORS
Amounts falling due after more than one year 11 (13,231 ) (14,363 )

PROVISIONS FOR LIABILITIES (30,326 ) (21,057 )
NET ASSETS 172,153 166,264

CAPITAL AND RESERVES
Called up share capital 33 33
Share premium 19,847 19,847
Other reserves 171,221 158,221
Retained earnings (18,948 ) (11,837 )
172,153 166,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:



Mr P H Fowler - Director


Grandmere Limited (Registered number: 01560089)

Notes to the Financial Statements
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Grandmere Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

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 1 (2023 - 1 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 1 2

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 169 -

Deferred tax 9,269 1,900
Tax on profit 9,438 1,900

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 641
DEPRECIATION
At 1 March 2023 634
Charge for year 1
At 29 February 2024 635
NET BOOK VALUE
At 29 February 2024 6
At 28 February 2023 7

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 1
NET BOOK VALUE
At 29 February 2024 1
At 28 February 2023 1

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 205,000
Revaluations 13,000
At 29 February 2024 218,000
NET BOOK VALUE
At 29 February 2024 218,000
At 28 February 2023 205,000

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 1,318 1,100

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,653 4,039
Taxation and social security 169 -
Other creditors 1,220 3,720
5,042 7,759

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 13,231 14,363

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.