Registered number
00342472
Grant Investment Trust Limited
Filleted Accounts
31 August 2024
Grant Investment Trust Limited
Registered number: 00342472
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,298,589 1,306,549
Current assets
Debtors 4 92,884 93,420
Cash at bank and in hand 268,747 5,745
361,631 99,165
Creditors: amounts falling due within one year 5 (261,941) (252,253)
Net current assets/(liabilities) 99,690 (153,088)
Net assets 1,398,279 1,153,461
Capital and reserves
Called up share capital 15,160 15,160
Profit and loss account 1,383,119 1,138,301
Shareholders' funds 1,398,279 1,153,461
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John Jefferis
Director
Approved by the board on 27 May 2025
Grant Investment Trust Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 1,288,095 100,045 8,390 1,396,530
Additions 3,531 8,151 - 11,682
Disposals (9,595) - - (9,595)
At 31 August 2024 1,282,031 108,196 8,390 1,398,617
Depreciation
At 1 September 2023 - 83,228 6,753 89,981
Charge for the year - 8,411 1,636 10,047
At 31 August 2024 - 91,639 8,389 100,028
Net book value
At 31 August 2024 1,282,031 16,557 1 1,298,589
At 31 August 2023 1,288,095 16,817 1,637 1,306,549
4 Debtors 2024 2023
£ £
Rent debtors 35,111 58,090
Other debtors 57,773 35,330
92,884 93,420
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 5,232
Taxation and social security costs 79,567 4,593
Other creditors 182,374 242,428
261,941 252,253
5 Loans from directors 2024 2023
£ £
Amounts due to (from) directors (4,498) (1,780)
6 Other information
Grant Investment Trust Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 12 Hilfield Park
Hilfield Lane Aldenham
Watford
Herts
WD25 8DB
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