GRANVILLE PROPERTIES LIMITED

Company Registration Number:
02777336 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2024

Period of accounts

Start date: 01 July 2023

End date: 30 June 2024

GRANVILLE PROPERTIES LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Balance sheet
Notes

GRANVILLE PROPERTIES LIMITED

Balance sheet

As at 30 June 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 1,990,355 1,958,355
Investments: 4 2 2
Total fixed assets: 1,990,357 1,958,357
Current assets
Debtors:   43,074 45,577
Cash at bank and in hand: 105,231 169,251
Total current assets: 148,305 214,828
Creditors: amounts falling due within one year:   (266,964) (200,488)
Net current assets (liabilities): (118,659) 14,340
Total assets less current liabilities: 1,871,698 1,972,697
Creditors: amounts falling due after more than one year:     (70,731)
Provision for liabilities: (160,000) (160,000)
Total net assets (liabilities): 1,711,698 1,741,966
Capital and reserves
Called up share capital: 60,000 60,000
Revaluation reserve:5939,745999,406
Profit and loss account: 711,953 682,560
Shareholders funds: 1,711,698 1,741,966

The notes form part of these financial statements

GRANVILLE PROPERTIES LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 10 December 2024
and signed on behalf of the board by:

Name: Jonathon G Bailey
Status: Director

The notes form part of these financial statements

GRANVILLE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible assets All fixed assets are initailly valued at cost. Investment properties are revalued periodically and the aggregate surplus or deficit is transferred to a revaluation reserve and no depreciation is provided. The directors consider that this accounting policy results in the financiial statements giving a true and far view. 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: If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Other accounting policies

Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Impairment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. 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 in finance costs in profit or loss in the period it arises. Financial instruments A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

GRANVILLE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

GRANVILLE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible Assets

Total
Cost £
At 01 July 2023 1,958,355
Additions 152,000
Disposals (120,000)
At 30 June 2024 1,990,355
Net book value
At 30 June 2024 1,990,355
At 30 June 2023 1,958,355

The property portfolio was valued at 30th June 2018 by the directors who have the appropriate knowledge of the property market to ensure that this represents fair value. If the freehold properties were included in the balance sheet on an historical cost basis, then the carrying amount would be £890,610.

GRANVILLE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Fixed investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

GRANVILLE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Revaluation reserve

2024
£
Balance at 01 July 2023 999,406
Surplus or deficit after revaluation (59,661)
Balance at 30 June 2024 939,745

GRANVILLE PROPERTIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Changes in presentation and prior period adjustments

Prior period errors The revaluation reserve has been adjusted to remove the revaluation amount of a property personally owned and historically incorrectly included.