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REGISTERED NUMBER: 03046034 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

GROVESPEAR LIMITED

GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GROVESPEAR LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTOR: Adrian Richard Goldsmith





REGISTERED OFFICE: 30 Macaulay Road
London
SW4 0QX





REGISTERED NUMBER: 03046034 (England and Wales)






GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

STATEMENT OF FINANCIAL POSITION
31 May 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 394,483 298,229

CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

5

32,720

145,241
NET CURRENT ASSETS 361,763 152,988
TOTAL ASSETS LESS CURRENT
LIABILITIES

361,763

152,988

PROVISIONS FOR LIABILITIES 6 - 12,687
NET ASSETS 361,763 140,301

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 361,761 140,299
SHAREHOLDERS' FUNDS 361,763 140,301

GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

STATEMENT OF FINANCIAL POSITION - continued
31 May 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 February 2025 and were signed by:





Adrian Richard Goldsmith - Director


GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024


1. Statutory information

Grovespear 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The director has not been required to make any material critical judgements in the process of applying the company's accounting policies.

Turnover
Turnover represents finance charges on leases. Income is recognised using the effective interest method.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise cash and cash equivalents and loans.

Cash and cash equivalents - these include deposits held with banks.

Loans - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement.

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 that have been enacted or substantively enacted by the statement of financial position date.


GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Finance leases
Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Amounts receivable under finance leases are apportioned between repayments of capital and interest so as to give a constant rate of return on the net cash investment in the lease.

Amounts payable under finance leases are apportioned between repayments of capital and interest so that the interest charge for each accounting period is a constant percentage of the remaining balance of the capital sum outstanding.

Going concern
During the financial year all lease interests in land and buildings came to an end. The director does not intend to purchase any further lease interests and has decided that the company should cease trading.

Since the year end the director has voted an interim dividend comprising all accumulated profits to be paid to the company's holding company, Prestigic Holdings Limited.

Once the company has settled all of its liabilities, including the corporation tax, the director will apply to Companies House to dissolve the company.

Whilst the company is therefore not an ongoing going concern, no adjustments are required to the figures in the financial statements to reflect this fact.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

4. Debtors: amounts falling due within one year
2024 2023
£    £   
Amounts owed by group undertakings 152,843 165,009
Amounts receivable in respect of finance
leases

-

131,328
Prepayments and accrued income 241,640 1,892
394,483 298,229

The amounts owed by group undertakings are unsecured and have no fixed repayment terms.

GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024


5. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts - 132,549
Corporation tax 32,126 10,075
Accruals and deferred income 594 2,617
32,720 145,241

6. Provisions for liabilities
2024 2023
£    £   
Deferred tax - 12,687

Deferred
tax
£   
Balance at 1 June 2023 12,687
Transfer (to)/from income
statement (12,687 )
Balance at 31 May 2024 -

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

8. Contingent liabilities

The company is included in a group registration for VAT purposes and is therefore jointly and severally liable for all other group companies' unpaid debts in this connection, amounting to £32,623 (2023 - £43,852) at 31 May 2024.