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Registered number: 04557305
Grosvenor Menghini Financial Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Martin & Co
Chartered Certified Accountants
10 Shingle Road
Shoreham-By-Sea
BN43 5RH
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Grosvenor Menghini Financial Ltd for the year ended 31 October 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Grosvenor Menghini Financial 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 directors of Grosvenor Menghini Financial Ltd , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Grosvenor Menghini Financial Ltd and state those matters that we have agreed to state to the directors of Grosvenor Menghini Financial 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 Grosvenor Menghini Financial Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that Grosvenor Menghini Financial 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 Grosvenor Menghini Financial Ltd . You consider that Grosvenor Menghini Financial Ltd 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 accounts of Grosvenor Menghini Financial 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
03/01/2025
Martin & Co
Chartered Certified Accountants
10 Shingle Road
Shoreham-By-Sea
BN43 5RH
Page 1
Page 2
Balance Sheet
Registered number: 04557305
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 48,000 54,000
Tangible Assets 5 38,399 49,877
Investment Properties 6 270,000 197,000
356,399 300,877
CURRENT ASSETS
Debtors 7 4,803 3,300
Cash at bank and in hand 67,266 113,974
72,069 117,274
Creditors: Amounts Falling Due Within One Year 8 (24,126 ) (7,713 )
NET CURRENT ASSETS (LIABILITIES) 47,943 109,561
TOTAL ASSETS LESS CURRENT LIABILITIES 404,342 410,438
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,176 ) (14,476 )
NET ASSETS 394,166 395,962
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Fair value reserve 11 4,725 21,315
Profit and Loss Account 388,441 373,647
SHAREHOLDERS' FUNDS 394,166 395,962
Page 2
Page 3
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
On behalf of the board
Mr Anthony Menghini
Director
02/01/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Grosvenor Menghini Financial Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04557305 . The registered office is 10 Shingle Road, Shoreham-By-Sea, West Sussex, BN43 5RH.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
2.5. 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.
2.6. 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.
...CONTINUED
Page 4
Page 5
2.6. Taxation - continued
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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 120,000
As at 31 October 2024 120,000
Amortisation
As at 1 November 2023 66,000
Provided during the period 6,000
As at 31 October 2024 72,000
Net Book Value
As at 31 October 2024 48,000
As at 1 November 2023 54,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost or Valuation
As at 1 November 2023 29,840 57,510 87,350
Additions 1,318 - 1,318
As at 31 October 2024 31,158 57,510 88,668
Depreciation
As at 1 November 2023 27,888 9,585 37,473
Provided during the period 815 11,981 12,796
As at 31 October 2024 28,703 21,566 50,269
Net Book Value
As at 31 October 2024 2,455 35,944 38,399
As at 1 November 2023 1,952 47,925 49,877
Page 5
Page 6
6. Investment Property
2024
£
Fair Value
As at 1 November 2023 197,000
Additions 94,590
Fair value adjustments (21,590 )
As at 31 October 2024 270,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 265,275 170,685
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,300 3,300
Other debtors 1,503 -
4,803 3,300
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 2,859 2,929
Taxation and social security 21,267 4,784
24,126 7,713
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Directors Advances, Credits and Guarantees
Included within Debtors and (Creditors) are the following loans to and (from) directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr Anthony Menghini - 1,890 396 - 1,494
Mrs Florence Menghini (993 ) (312 ) 396 - (909 )
The above loan is unsecured, interest free and repayable on demand.
Page 6
Page 7
11. Reserves
Fair Value Reserve
£
As at 1 November 2023 21,315
Movements in fair value reserve (16,590)
As at 31 October 2024 4,725
Page 7