Company registration number 08627591 (England and Wales)
GRESHAMEN PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
GRESHAMEN PROPERTIES LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
GRESHAMEN PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
47,698
1,105
Investment property
5
5,575,000
5,330,000
Investments
6
100
100
5,622,798
5,331,205
Current assets
Debtors
7
233,864
453,827
Cash at bank and in hand
8,957
34,960
242,821
488,787
Creditors: amounts falling due within one year
8
(83,720)
(66,044)
Net current assets
159,101
422,743
Total assets less current liabilities
5,781,899
5,753,948
Creditors: amounts falling due after more than one year
9
(3,773,644)
(3,734,129)
Provisions for liabilities
(316,971)
(244,289)
Net assets
1,691,284
1,775,530
Capital and reserves
Called up share capital
180
180
Revaluation reserve
12
1,209,859
1,026,109
Profit and loss reserves
481,245
749,241
Total equity
1,691,284
1,775,530
GRESHAMEN PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -

For the financial year ended 31 July 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 income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
S Zaman
Director
Company registration number 08627591 (England and Wales)
GRESHAMEN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Greshamen Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Highstone House, 165 High Street, Barnet, United Kingdom, EN5 5SU.

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 presented in Pound 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 when the rental income is due, and is shown net of VAT.

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:

Fixtures and fittings
25% Straight line method
Motor vehicles
25% Straight line method

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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

GRESHAMEN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. 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 and subsequently measured at amortised cost using the effective interest method.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GRESHAMEN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no significant judgements or estimates involved in the preparation of the financial statements.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
GRESHAMEN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 August 2023
37,819
-
0
37,819
Additions
1,363
49,490
50,853
At 31 July 2024
39,182
49,490
88,672
Depreciation and impairment
At 1 August 2023
36,714
-
0
36,714
Depreciation charged in the year
497
3,763
4,260
At 31 July 2024
37,211
3,763
40,974
Carrying amount
At 31 July 2024
1,971
45,727
47,698
At 31 July 2023
1,105
-
0
1,105
5
Investment property
2024
£
Fair value
At 1 August 2023
5,330,000
Revaluations
245,000
At 31 July 2024
5,575,000

Investment properties are valued on an open market basis by the directors on 31 July 2024.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
154,390
154,390
Other debtors
79,474
299,437
233,864
453,827
GRESHAMEN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
10,648
Trade creditors
16,058
19,306
Corporation tax
12,976
24,092
Other taxation and social security
1,807
2,584
Other creditors
42,231
9,414
83,720
66,044
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
3,743,823
3,734,129
Obligations under finance leases
29,821
-
0
3,773,644
3,734,129
Creditors which fall due after five years are payable as follows:
Payable other than by instalments
3,735,405
3,708,713

The long-term loans are secured by fixed charges over company's assets and contains negative pledge.

10
Loans and overdrafts
2024
2023
£
£
Bank loans
3,754,471
3,744,777
Payable within one year
10,648
10,648
Payable after one year
3,743,823
3,734,129

 

GRESHAMEN PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
11,432
-
Investment property
305,539
244,289
316,971
244,289
2024
Movements in the year:
£
Liability at 1 August 2023
244,289
Charge to profit or loss
72,682
Liability at 31 July 2024
316,971
12
Revaluation reserve
2024
2023
£
£
At the beginning of the year
1,026,109
1,026,109
Deferred tax on revaluation of tangible assets
(61,250)
-
Other movements
245,000
-
At the end of the year
1,209,859
1,026,109

This is a non-distributable reserve.

13
Related party transactions

Included in the other debtors falling due with in one year is an amount of £210,728 (2023 - £424,382) due from a connected companies under common control. The loan is interest free and repayable on demand.

14
Directors' transactions

Included in the other creditors falling due within one year is an amount of £25,364 due to the directors (2023-£6,636 due from the directors) of the company with controlling interest. The loan is interest-free and repayable on demand.

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