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REGISTERED NUMBER: 08580939 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

GROVE RENTAL MANAGEMENT LIMITED

GROVE RENTAL MANAGEMENT LIMITED (REGISTERED NUMBER: 08580939)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GROVE RENTAL MANAGEMENT LIMITED

COMPANY INFORMATION
for the Year Ended 30 JUNE 2024







DIRECTORS: Mr T A Kirkwood
Mrs K Kirkwood





REGISTERED OFFICE: 12 St Nicholas Close
Tingrith
Beds
MK17 9EL





REGISTERED NUMBER: 08580939 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

GROVE RENTAL MANAGEMENT LIMITED (REGISTERED NUMBER: 08580939)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 184,711 207,392
Investment property 5 4,587,950 4,587,950
4,772,661 4,795,342

CURRENT ASSETS
Debtors 6 100,000 -
Cash at bank 306,140 409,654
406,140 409,654
CREDITORS
Amounts falling due within one year 7 290,301 265,033
NET CURRENT ASSETS 115,839 144,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,888,500

4,939,963

CREDITORS
Amounts falling due after more than one
year

8

(2,718,397

)

(2,734,159

)

PROVISIONS FOR LIABILITIES (321,391 ) (321,391 )
NET ASSETS 1,848,712 1,884,413

CAPITAL AND RESERVES
Called up share capital 10 429,246 429,246
Fair value reserve 11 1,370,140 1,370,140
Retained earnings 49,326 85,027
SHAREHOLDERS' FUNDS 1,848,712 1,884,413

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GROVE RENTAL MANAGEMENT LIMITED (REGISTERED NUMBER: 08580939)

BALANCE SHEET - continued
30 JUNE 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:




Mr T A Kirkwood - Director



Mrs K Kirkwood - Director


GROVE RENTAL MANAGEMENT LIMITED (REGISTERED NUMBER: 08580939)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024

1. STATUTORY INFORMATION

Grove Rental Management 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - not provided
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

GROVE RENTAL MANAGEMENT LIMITED (REGISTERED NUMBER: 08580939)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2023
and 30 June 2024 152,000 10,069 26,116 89,285 277,470
DEPRECIATION
At 1 July 2023 - 9,091 26,116 34,871 70,078
Charge for year - 361 - 22,320 22,681
At 30 June 2024 - 9,452 26,116 57,191 92,759
NET BOOK VALUE
At 30 June 2024 152,000 617 - 32,094 184,711
At 30 June 2023 152,000 978 - 54,414 207,392

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 39,090
DEPRECIATION
At 1 July 2023 9,773
Charge for year 9,772
At 30 June 2024 19,545
NET BOOK VALUE
At 30 June 2024 19,545
At 30 June 2023 29,317

GROVE RENTAL MANAGEMENT LIMITED (REGISTERED NUMBER: 08580939)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 4,587,950
NET BOOK VALUE
At 30 June 2024 4,587,950
At 30 June 2023 4,587,950

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 4,587,950

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 2,896,419 2,896,419

Investment properties were valued on an open market basis on 30 June 2021 by the directors. .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 100,000 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 5,762 4,275
Trade creditors 13,099 120
Taxation and social security 14,560 12,265
Other creditors 246,880 238,373
290,301 265,033

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 2,692,181 2,702,181
Hire purchase contracts 26,216 31,978
2,718,397 2,734,159

GROVE RENTAL MANAGEMENT LIMITED (REGISTERED NUMBER: 08580939)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 2,681,348 2,681,348

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 31,978 36,253
Mortgages - 2,681,348
31,978 2,717,601

Mortgage are secured against the investment properties.

Hire purchase agreements are secured against the individual assets they relate to.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
214,623 Ordinary £1 214,623 214,623
214,623 B Ordinary £1 214,623 214,623
429,246 429,246

On 3 May 2023 the share capital has reduced to 214623 Ordinary £1 shares and 214623 B Ordinary £1 shares.

All shares rank pari-pasu in relation to voting rights and dividends.

11. RESERVES
Fair
value
reserve
£   
At 1 July 2023
and 30 June 2024 1,370,140