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REGISTERED NUMBER: 07658141 (England and Wales)















GRAVES DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






GRAVES DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07658141)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


GRAVES DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mrs A Graves
J Graves



REGISTERED OFFICE: 65 The Meadows
Horncastle Road
Louth
Lincolnshire
LN11 9LH



REGISTERED NUMBER: 07658141 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: Lloyds Bank
24 Mercer Row
Louth
Lincolnshire
LN11 9JH

GRAVES DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07658141)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,782 39,348
Investment property 5 1,677,267 1,262,502
1,728,049 1,301,850

CURRENT ASSETS
Debtors 6 11,042 12,748
Cash at bank 33,975 5,945
45,017 18,693
CREDITORS
Amounts falling due within one year 7 1,380,611 916,425
NET CURRENT LIABILITIES (1,335,594 ) (897,732 )
TOTAL ASSETS LESS CURRENT LIABILITIES 392,455 404,118

PROVISIONS FOR LIABILITIES 56,581 62,513
NET ASSETS 335,874 341,605

CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 234,630 234,630
Retained earnings 101,144 106,875
SHAREHOLDERS' FUNDS 335,874 341,605

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.

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 and authorised for issue by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:




J Graves - Director


GRAVES DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07658141)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Graves Developments 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance, 20% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

GRAVES DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07658141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 66,417
Additions 60,227
Disposals (28,729 )
Reclassification/transfer (32,154 )
At 30 June 2024 65,761
DEPRECIATION
At 1 July 2023 27,069
Charge for year 12,565
Eliminated on disposal (15,732 )
Reclassification/transfer (8,923 )
At 30 June 2024 14,979
NET BOOK VALUE
At 30 June 2024 50,782
At 30 June 2023 39,348

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 1,262,502
Additions 391,534
Reclassification/transfer 23,231
At 30 June 2024 1,677,267
NET BOOK VALUE
At 30 June 2024 1,677,267
At 30 June 2023 1,262,502

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2017 720,000
Valuation in 2019 75,000
Valuation in 2022 179,500
Valuation in 2023 288,002
Valuation in 2024 414,765
1,677,267

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,364,370 972,836

GRAVES DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07658141)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 11,042 12,748

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 29,608 49,669
Amounts owed to group undertakings 30,488 -
Taxation and social security 302 2,267
Other creditors 1,320,213 864,489
1,380,611 916,425

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

9. RESERVES
Revaluation
reserve
£   
At 1 July 2023
and 30 June 2024 234,630

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have provided interest free loans to the company of £1,309,549 (2023 £852,098).