Company registration number 00679817 (England and Wales)
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
27,989
33,486
Investment property
5
46,305,000
46,205,000
Investments
6
100
100
46,333,089
46,238,586
Current assets
Debtors
8
5,151,282
6,071,119
Cash at bank and in hand
1,729,874
2,298,166
6,881,156
8,369,285
Creditors: amounts falling due within one year
9
(13,481,731)
(11,571,324)
Net current liabilities
(6,600,575)
(3,202,039)
Total assets less current liabilities
39,732,514
43,036,547
Creditors: amounts falling due after more than one year
10
(4,595,481)
(4,844,972)
Provisions for liabilities
(3,203,538)
(3,160,449)
Net assets
31,933,495
35,031,126
Capital and reserves
Called up share capital
11
62,700
62,700
Profit and loss reserves
31,870,795
34,968,426
Total equity
31,933,495
35,031,126
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
D Pilling
Director
Company registration number 00679817 (England and Wales)
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Grove Court Properties (Beaconsfield) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 58 Oak End Way, Gerrards Cross, Buckinghamshire, SL9 8BR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is measured at the fair value of consideration receivable, net of Value Added Tax.
Revenue is recognised to the extent that it is possible that economic benefits will flow to the company and the revenue can be reliably measured.
Revenue relating to property rental income is recognised on a straight line basis over the life of the lease.
Revenue from the sale of investment properties is recognised at the point of completion, in accordance with the sale contract.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Revaluations are carried out by the directors, who have experience in the location and class of the investment property being valued.
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuation
The valuation of the company's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the Company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
The investment property valuations contains a number of assumptions upon which the Company's valuers have based their valuation of the Company's properties as at the balance sheet date. The assumptions on which the property valuation reports have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market yields and comparable market transactions. These assumptions are market standard and accord with the Royal Institution of Chartered Surveyors (RICS).
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
195,334
Depreciation and impairment
At 1 January 2024
161,848
Depreciation charged in the year
5,497
At 31 December 2024
167,345
Carrying amount
At 31 December 2024
27,989
At 31 December 2023
33,486
5
Investment property
2024
£
Fair value
At 1 January 2024
46,205,000
Additions
240,905
Revaluations
(140,905)
At 31 December 2024
46,305,000
Investment properties are valued by adopting the investment method of valuation. This approach involves applying market-derived capitalisation yields to current and market-derived future income streams with appropriate adjustments for income voids arising from vacancies or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs in the valuation. Other factors taken into account in the valuation include the tenure of the property, tenancy details and ground and structural conditions.
There are no restrictions on the realisability of investment properties or the remittance of income. Furthermore, there are no contractual obligations that must be disclosed with regards to the investment properties.
The historic cost of these properties is £21,687,794 (2023 - £21,446,889).
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Principal place of business
Nature of business
Class of
% Held
shares held
Direct
Gerrards House Limited
England & Wales
Property management
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
192,873
158,286
Corporation tax recoverable
691,913
Amounts owed by group undertakings
4,951,471
5,214,357
Prepayments and accrued income
6,938
6,563
5,151,282
6,071,119
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
45,182
37,258
Amounts owed to group undertakings
2,712,943
2,712,943
Corporation tax
95,160
89,083
Other taxation and social security
115,078
115,166
Other creditors
9,762,772
7,840,615
Accruals and deferred income
750,596
776,259
13,481,731
11,571,324
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,595,481
4,844,972
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
42,700
42,700
42,700
42,700
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
7% non redeemable non-cumulative preference shares of £1 each
20,000
20,000
20,000
20,000
Preference shares classified as equity
20,000
20,000
Total equity share capital
62,700
62,700
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
27,900
7,150
Between two and five years
111,600
28,600
In over five years
264,600
103,250
404,100
139,000
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
Within one year
2,569,742
2,034,590
Between two and five years
8,921,633
7,242,708
In over five years
11,017,809
11,206,871
22,509,184
20,484,169
GROVE COURT PROPERTIES (BEACONSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
13
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rental income receivable
Interest receivable/(payable)
2024
2023
2024
2023
£
£
£
£
Directors of the company
10,000
10,000
-
(229,697)
Directors of the parent company
-
-
(151,167)
(171,022)
Other related parties
-
-
(89,197)
-
A director of the company is a tenant of a property owned by the company.
Interest is payable on the term loans from Directors of the parent company and other related parties below.
2024
2023
Amounts due to related parties
£
£
Directors of the company
29,689
2,129,833
Directors of the parent company
2,709,023
2,859,564
Close family of directors of the parent company
658,252
748,372
Other related parties
6,278,333
1,988,272
Amounts owed to other related parties are owed to settlements benefitting the directors of the parent company and their close family, and companies owned by settlements benefitting the directors of the parent company and their close family.
Other information
The company is a wholly owned member of Grove Court Properties (Holdings) Limited, and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.
14
Parent company
The parent company of Grove Court Properties (Beaconsfield) Limited is Grove Court Properties (Holdings) Limited and its registered office is 58 Oak End Way, Gerrards Cross, Buckinghamshire, SL9 8BR.
The results of Grove Court Properties (Beaconsfield) Limited are consolidated into accounts of Grove Court Properties (Holdings) Limited.
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