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COMPANY REGISTRATION NUMBER: 06181936
Grove Garages Investments Limited
Filleted Unaudited Financial Statements
30 June 2024
Grove Garages Investments Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
2
2
Tangible assets
5
3,476,992
3,493,300
------------
------------
3,476,994
3,493,302
Current assets
Debtors
6
89,566
89,566
Cash at bank and in hand
1,963
21,883
--------
---------
91,529
111,449
Creditors: amounts falling due within one year
7
1,670,484
1,714,204
------------
------------
Net current liabilities
1,578,955
1,602,755
------------
------------
Total assets less current liabilities
1,898,039
1,890,547
Creditors: amounts falling due after more than one year
8
75,902
268,655
------------
------------
Net assets
1,822,137
1,621,892
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
( 212,529)
( 212,529)
Profit and loss account
2,034,566
1,834,321
------------
------------
Shareholders funds
1,822,137
1,621,892
------------
------------
These financial statements 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 income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Grove Garages Investments Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:
Mr C Chelvam
Director
Company registration number: 06181936
Grove Garages Investments Limited
Notes to the Financial Statements
Year ended 30 June 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 2-4 New Cross Road, London, SE14 5BE.
2. Statement of compliance
These financial statements 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 financial statements 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Plant and macinery
-
10% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Intangible assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
2
----
Amortisation
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 30 June 2024
2
----
At 30 June 2023
2
----
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
3,436,221
163,082
3,599,303
------------
---------
------------
Depreciation
At 1 July 2023
106,003
106,003
Charge for the year
16,308
16,308
------------
---------
------------
At 30 June 2024
122,311
122,311
------------
---------
------------
Carrying amount
At 30 June 2024
3,436,221
40,771
3,476,992
------------
---------
------------
At 30 June 2023
3,436,221
57,079
3,493,300
------------
---------
------------
Tangible assets held at valuation
The original cost of the land and building was £3,162,529 which was revalued on 9th June 2011 by Graham & Sibbald, an external valuer for £2,950,001 resulting a revaluation deficit £212,528. The director is of the opinion that the value stated in the accounts refects a fair value.
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
89,566
89,566
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
223,920
223,920
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,338,049
1,339,928
Corporation tax
45,742
88,458
Social security and other taxes
6,752
5,936
Other creditors
56,021
55,962
------------
------------
1,670,484
1,714,204
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
75,902
268,655
--------
---------
The bank loan is secured by means of a legal charge over the Beith, Cambridge,Possil Park,and Broomfield service stations. These are included under land and property under fixed assets .
9. Director's advances, credits and guarantees
The amount advanced by the director as at 30 June2024 £55,321(2023 £55,287) included under other creditors and no interest is charged.