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Registrar

Registration number: 10903090

GRD Property Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

GRD Property Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

GRD Property Management Limited

Company Information

Directors

G Petley

H M Darlington

Registered office

The Barn, Woods Farm
Grange Road
Pleshey
Chelmsford
Essex
CM3 1HZ

Bankers

Metro Bank Plc
One Southampton Row
London
WC1B 5HA

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

GRD Property Management Limited

(Registration number: 10903090)
Balance Sheet as at 30 April 2024

Note

2024
£

September 2022 to
April 2023
£

Fixed assets

 

Investment property

4

200,000

187,973

Current assets

 

Cash at bank and in hand

 

4,101

5,971

Creditors: Amounts falling due within one year

5

(49,160)

(47,713)

Net current liabilities

 

(45,059)

(41,742)

Total assets less current liabilities

 

154,941

146,231

Creditors: Amounts falling due after more than one year

5

(135,000)

(135,000)

Provisions for liabilities

(2,714)

433

Net assets

 

17,227

11,664

Capital and reserves

 

Called up share capital

100

100

Retained earnings

17,127

11,564

Shareholders' funds

 

17,227

11,664

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

H M Darlington
Director

 

GRD Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: The Barn, Woods Farm, Grange Road, Pleshey, Chelmsford, Essex, CM3 1HZ.

These financial statements were authorised for issue by the Board on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

GRD Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 May

187,973

Fair value adjustments

12,027

At 30 April

200,000

There has been no valuation of investment property by an independent valuer.

 

GRD Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

510

Accruals and deferred income

912

1,141

Other creditors

48,248

46,062

49,160

47,713

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

135,000

135,000

Bank borrowings

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

135,000

135,000

Included in the balance sheet are financial commitments of £135,000 (2023 - £135,000). Security has been provided to Metro Bank PLC to the bank borrowings within the loans in note 5 by the way of fixed and floating charges over the investment property and undertaking of the company.

 

GRD Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Related party transactions

Loans from related parties

2024

Parent
£

Total
£

At start of period

44,249

44,249

Advanced

1,328

1,328

At end of period

45,577

45,577

2023

Parent
£

Total
£

At start of period

44,249

44,249

At end of period

44,249

44,249

Included within creditors is an interest free loan with related parties. The balance owed by the company at the period end was £45,577 (2023: £44,249). Other related party balances within debtors and creditors relate to trading and charges, these transactions have been conducted on an arms length basis.