3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 771831 2023-04-01 2024-03-31 771831 2024-03-31 771831 2023-03-31 771831 2022-04-01 2023-03-31 771831 2023-03-31 771831 2022-03-31 771831 core:MotorVehicles 2023-04-01 2024-03-31 771831 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 771831 bus:Director1 2023-04-01 2024-03-31 771831 core:LandBuildings 2023-03-31 771831 core:MotorVehicles 2023-03-31 771831 core:LandBuildings 2024-03-31 771831 core:MotorVehicles 2024-03-31 771831 core:LandBuildings 2023-04-01 2024-03-31 771831 core:WithinOneYear 2024-03-31 771831 core:WithinOneYear 2023-03-31 771831 core:AfterOneYear 2024-03-31 771831 core:AfterOneYear 2023-03-31 771831 core:ShareCapital 2024-03-31 771831 core:ShareCapital 2023-03-31 771831 core:RevaluationReserve 2024-03-31 771831 core:RevaluationReserve 2023-03-31 771831 core:CapitalRedemptionReserve 2024-03-31 771831 core:CapitalRedemptionReserve 2023-03-31 771831 core:RetainedEarningsAccumulatedLosses 2024-03-31 771831 core:RetainedEarningsAccumulatedLosses 2023-03-31 771831 core:RevaluationInvestmentPropertyDeferredTax 2024-03-31 771831 core:RevaluationInvestmentPropertyDeferredTax 2023-03-31 771831 core:LandBuildings 2023-03-31 771831 core:MotorVehicles 2023-03-31 771831 bus:SmallEntities 2023-04-01 2024-03-31 771831 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 771831 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 771831 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 771831 bus:FullAccounts 2023-04-01 2024-03-31 771831 bus:OrdinaryShareClass1 2024-03-31 771831 bus:OrdinaryShareClass1 2023-03-31 771831 core:RevaluationReserve 2023-04-01 2024-03-31 771831 core:CapitalRedemptionReserve 2023-04-01 2024-03-31 771831 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 771831
Gramdale Property Investment Co. Limited
Filleted Unaudited Accounts
31 March 2024
Gramdale Property Investment Co. Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,517,335
8,027,571
Current assets
Debtors
6
1,718,889
1,307,084
Cash at bank and in hand
49,327
89,942
------------
------------
1,768,216
1,397,026
Creditors: amounts falling due within one year
7
( 306,912)
( 268,256)
------------
------------
Net current assets
1,461,304
1,128,770
------------
------------
Total assets less current liabilities
8,978,639
9,156,341
Creditors: amounts falling due after more than one year
8
( 2,381,579)
( 2,454,210)
Provisions
Taxation including deferred tax
( 470,000)
( 522,000)
------------
------------
Net assets
6,127,060
6,180,131
------------
------------
Capital and reserves
Called up share capital
10
24,291
26,625
Revaluation reserve
11
2,206,762
2,369,162
Capital redemption reserve
11
5,709
3,375
Profit and loss account
11
3,890,298
3,780,969
------------
------------
Shareholders funds
6,127,060
6,180,131
------------
------------
These accounts 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 accounts 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 accounts .
Gramdale Property Investment Co. Limited
Statement of Financial Position (continued)
31 March 2024
These accounts were approved by the board of directors and authorised for issue on 25 March 2025 , and are signed on behalf of the board by:
P W Daniel
Director
Company registration number: 771831
Gramdale Property Investment Co. Limited
Notes to the Accounts
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 120-125 Peascod Street, Windsor, Berkshire, SL4 1DP.
2. Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Investment properties
In accordance with Financial Reporting Standard 102, investment properties are included in the balance sheet at their open market value and are not depreciated. The valuation is undertaken by the directors based on professional advice.
Going concern
In the opinion of the directors the company is a going concern as it maintains a strong property portfolio from which consistent revenues are received and it has sufficient resources to enable it to meet its ongoing trading obligations as they fall due.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in the form of rents from the letting of investment property. Rental income is recognised on an accruals basis, in accordance with the expected rent receivable from the tenant as outlined in the lease agreement.
Income tax
Provision is made for deferred taxation, where material.
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
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. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Land and buildings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
8,025,205
23,629
8,048,834
Additions
113,472
113,472
Disposals
( 623,117)
( 623,117)
------------
--------
------------
At 31 March 2024
7,515,560
23,629
7,539,189
------------
--------
------------
Depreciation
At 1 April 2023
21,263
21,263
Charge for the year
591
591
------------
--------
------------
At 31 March 2024
21,854
21,854
------------
--------
------------
Carrying amount
At 31 March 2024
7,515,560
1,775
7,517,335
------------
--------
------------
At 31 March 2023
8,025,205
2,366
8,027,571
------------
--------
------------
The freehold investment properties are held at their open market value. The directors have undertaken a review of the fair value position of the investment properties, as at 31st March 2024, and have concluded that no adjustment to fair value is required. The directors base their decision on their experience and knowledge of investment yields and the investment property market as a whole. The historical cost of the investment properties is £4,979,004, with no new properties added to the portfolio in in the current reporting period. If the investment properties were to be sold at the open market value shown in the accounts a potential tax liability of approximately £470,000 would arise.
6. Debtors
2024
2023
£
£
Trade debtors
135,244
101,643
Other debtors
1,583,645
1,205,441
------------
------------
1,718,889
1,307,084
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
72,632
72,632
Corporation tax
68,504
44,097
Other creditors
165,776
151,527
---------
---------
306,912
268,256
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,381,579
2,454,210
------------
------------
The bank loans are secured by a fixed charge over certain of the company's freehold property.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
470,000
522,000
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
470,000
522,000
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
24,291
24,291
26,625
26,625
--------
--------
--------
--------
In January 2024, the company completed a share buy-back whereby 2,334 Ordinary £1 shares were purchased for a consideration of £345,783. The acquired shares were subsequently cancelled.
11. Reserves
Other reserve - This reserve records the value of investment property asset revaluations and fair value movements on assets recognised in other comprehensive income. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Related party transactions
The company was under the control of the directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.