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Registered number: 12247396
Grange Developments Warwickshire Ltd
Unaudited Financial Statements
For the Period 1 November 2022 to 31 July 2023
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Grange Developments Warwickshire Ltd for the period 1 November 2022 to 31 July 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grange Developments Warwickshire Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Grange Developments Warwickshire Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Grange Developments Warwickshire Ltd and state those matters that we have agreed to state to the director of Grange Developments Warwickshire Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grange Developments Warwickshire Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Grange Developments Warwickshire Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Grange Developments Warwickshire Ltd . You consider that Grange Developments Warwickshire Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Grange Developments Warwickshire Ltd . 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 financial statements.
Signed
29 November 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 12247396
31 July 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,248 1,550
Investment Properties 5 543,000 510,000
544,248 511,550
CURRENT ASSETS
Debtors 6 130,211 88,023
Cash at bank and in hand 14,233 7,643
144,444 95,666
Creditors: Amounts Falling Due Within One Year 7 (194,827 ) (205,188 )
NET CURRENT ASSETS (LIABILITIES) (50,383 ) (109,522 )
TOTAL ASSETS LESS CURRENT LIABILITIES 493,865 402,028
Creditors: Amounts Falling Due After More Than One Year 8 (421,730 ) (414,147 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,255 ) -
NET ASSETS/(LIABILITIES) 61,880 (12,119 )
CAPITAL AND RESERVES
Called up share capital 10 2 2
Fair value reserve 11 30,785 6,517
Profit and Loss Account 31,093 (18,638 )
SHAREHOLDERS' FUNDS 61,880 (12,119)
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Page 3
For the period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The financial statements were approved by the board of directors on 29 November 2024 and were signed on its behalf by:
Mr R E Perrin
Director
29 November 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Grange Developments Warwickshire Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12247396 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
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 and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Plant & Machinery 20% on cost and 20% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 20% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the period was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 November 2022 1,171 1,775 100 3,046
As at 31 July 2023 1,171 1,775 100 3,046
Depreciation
As at 1 November 2022 521 923 52 1,496
Provided during the period 127 160 15 302
As at 31 July 2023 648 1,083 67 1,798
Net Book Value
As at 31 July 2023 523 692 33 1,248
As at 1 November 2022 650 852 48 1,550
5. Investment Property
31 July 2023
£
Fair Value
As at 1 November 2022 510,000
Revaluations 33,000
As at 31 July 2023 543,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
31 July 2023 31 October 2022
£ £
Cost 501,954 501,954
The investment properties were valued on an open market basis basis on 31 July 2023 by the director.
6. Debtors
31 July 2023 31 October 2022
£ £
Due within one year
Other debtors 130,211 88,023
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7. Creditors: Amounts Falling Due Within One Year
31 July 2023 31 October 2022
£ £
Trade creditors 7,336 572
Bank loans and overdrafts 8,556 5,556
Other creditors 125,418 161,965
Taxation and social security 53,517 37,095
194,827 205,188
8. Creditors: Amounts Falling Due After More Than One Year
31 July 2023 31 October 2022
£ £
Bank loans 44,620 37,037
Other creditors 377,110 377,110
421,730 414,147
9. Secured Creditors
Of the creditors the following amounts are secured.
One loan is a mortgage secured on the investment property to which it relates.
The other bank loan is a Coronavirus Bounce Back Loan.
31 July 2023 31 October 2022
£ £
Bank loans and overdrafts 415,536 419,703
10. Share Capital
31 July 2023 31 October 2022
Allotted, called up and fully paid £ £
2 Ordinary Shares of £ 1 each 2 2
11. Reserves
Fair Value Reserve
£
As at 1 November 2022 6,517
Transfer to profit and loss 24,268
As at 31 July 2023 30,785
12. Related Party Transactions
The director of the company has loaned the company money which is unsecured, interest free, and repayable on demand. At the end of the year the outstanding amount totalled £100,038 (2022 - £136,715).
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