Company registration number 10002739 (England and Wales)
GROVE CRESCENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
GROVE CRESCENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GROVE CRESCENT LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,000,000
4,000,000
Current assets
Debtors
4
17,070
35,445
Cash at bank and in hand
129,740
144,772
146,810
180,217
Creditors: amounts falling due within one year
5
(27,394)
(36,231)
Net current assets
119,416
143,986
Total assets less current liabilities
4,119,416
4,143,986
Creditors: amounts falling due after more than one year
6
(3,419,025)
(3,520,000)
Net assets
700,391
623,986
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
700,291
623,886
Total equity
700,391
623,986
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Mrs J Smith
Director
Company registration number 10002739 (England and Wales)
GROVE CRESCENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Grove Crescent Limited is a private company limited by shares incorporated in England and Wales (company number: 10002739). The registered office is 32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP.
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 prepared 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.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Leasehold land and buildings
Not depreciated
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GROVE CRESCENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies, are initially recognised at transaction. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
GROVE CRESCENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 September 2023 and 31 August 2024
4,000,000
Depreciation and impairment
At 1 September 2023 and 31 August 2024
Carrying amount
At 31 August 2024
4,000,000
At 31 August 2023
4,000,000
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,786
30,656
Other debtors
8,284
4,789
17,070
35,445
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
9,647
27,697
Other creditors
17,747
8,534
27,394
36,231
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
3,419,025
3,520,000
GROVE CRESCENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
7
Related party transactions
The company acquired the lease of the investment properties owned by the ultimate parent company, K5 Properties Limited, for a premium of £4,000,000 in the period to 31 August 2016. The payment for the lease premium was made by way of a loan agreement between K5 Properties Limited and Grove Crescent Limited.
The loan is interest free unless and until K5 Properties Limited demands an interest to be paid and is repayable on demand. The loan is registered as a charge against the properties of Grove Crescent Limited.
During the year to 31 August 2024 interest payments were not demanded by K5 Properties Limited.