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COMPANY REGISTRATION NUMBER: 693528
Grovebury Asset Management Limited
Filleted Unaudited Financial Statements
31 March 2024
Grovebury Asset Management Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Grovebury Asset Management Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grovebury Asset Management Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grovebury Asset Management Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Grovebury Asset Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Grovebury Asset Management Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grovebury Asset Management Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Grovebury Asset Management 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 profit of Grovebury Asset Management Limited. You consider that Grovebury Asset Management 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 Grovebury Asset Management 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
20 January 2025
Grovebury Asset Management Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
3,130,347
3,101,797
Current assets
Debtors
5
48,879
53,677
Cash at bank and in hand
216,434
61,273
---------
---------
265,313
114,950
Creditors: amounts falling due within one year
6
65,402
46,395
---------
---------
Net current assets
199,911
68,555
------------
------------
Total assets less current liabilities
3,330,258
3,170,352
Provisions
Taxation including deferred tax
484,727
478,453
------------
------------
Net assets
2,845,531
2,691,899
------------
------------
Grovebury Asset Management Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,765,256
1,746,506
Profit and loss account
1,080,175
945,293
------------
------------
Shareholders funds
2,845,531
2,691,899
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 January 2025 , and are signed on behalf of the board by:
J P Day
D C Day
Director
Director
Mrs J Bonham
Director
Company registration number: 693528
Grovebury Asset Management Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Hebblethwaites, 2 Westbrook Court, Sharrow Vale Road, Sheffield, South Yorkshire, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
The turnover shown in the profit and loss account represents rental income received for the year, net of Value Added Tax, where applicable.
Deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Investment Property
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 April 2023
3,100,000
15,033
3,115,033
Additions
4,000
4,000
Revaluations
25,000
25,000
------------
--------
------------
At 31 March 2024
3,129,000
15,033
3,144,033
------------
--------
------------
Depreciation
At 1 April 2023
13,236
13,236
Charge for the year
450
450
------------
--------
------------
At 31 March 2024
13,686
13,686
------------
--------
------------
Carrying amount
At 31 March 2024
3,129,000
1,347
3,130,347
------------
--------
------------
At 31 March 2023
3,100,000
1,797
3,101,797
------------
--------
------------
The directors have considered the carrying value of the investment properties at the year end date. As a result and based on current open market value, the properties in the portfolio have been subject to a net revaluation surplus of £25,000 in the year which gives rise to a total carrying value of the portfolio, of £3,129,000 as at the year end date. The historic cost of the investment properties amounts to a total of £877,463 (2023 £873,463).
5. Debtors
2024
2023
£
£
Other debtors
48,879
53,677
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,769
( 89)
Corporation tax
44,944
9,391
Social security and other taxes
2,864
2,538
Other creditors
15,825
34,555
--------
--------
65,402
46,395
--------
--------
7. Related party transactions
Included in other debtors, at the year end date, is a loan liability of £48,641 (2023 £46,705) owing from D and J Autos Limited, a company in which Mr J P Day is a director. There are no formal terms for repayment of this loan.