Grovekey Limited 02952206 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is Hotels and similar accommodation Digita Accounts Production Advanced 6.30.9574.0 true 02952206 2023-11-01 2024-10-31 02952206 2024-10-31 02952206 core:CurrentFinancialInstruments 2024-10-31 02952206 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 02952206 core:FurnitureFittings 2024-10-31 02952206 core:LandBuildings core:OwnedOrFreeholdAssets 2024-10-31 02952206 core:MotorVehicles 2024-10-31 02952206 bus:SmallEntities 2023-11-01 2024-10-31 02952206 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 02952206 bus:FilletedAccounts 2023-11-01 2024-10-31 02952206 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 02952206 bus:RegisteredOffice 2023-11-01 2024-10-31 02952206 bus:Director1 2023-11-01 2024-10-31 02952206 bus:Director2 2023-11-01 2024-10-31 02952206 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 02952206 bus:Agent1 2023-11-01 2024-10-31 02952206 core:FurnitureFittings 2023-11-01 2024-10-31 02952206 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 02952206 core:MotorVehicles 2023-11-01 2024-10-31 02952206 countries:EnglandWales 2023-11-01 2024-10-31 02952206 2023-10-31 02952206 core:FurnitureFittings 2023-10-31 02952206 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 02952206 core:MotorVehicles 2023-10-31 02952206 2022-11-01 2023-10-31 02952206 2023-10-31 02952206 core:CurrentFinancialInstruments 2023-10-31 02952206 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 02952206 core:FurnitureFittings 2023-10-31 02952206 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 02952206 core:MotorVehicles 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 02952206

Grovekey Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

image-name
 

Grovekey Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Grovekey Limited

Company Information

Directors

Mrs S Brennan

Mr J Brennan

Registered office

Coach House
Saltburn Lane
Saltburn
TS12 1HD

Accountants

Chuhan and Singh Partnership Limited
Chartered Accountants81 Borough Road
Middlesbrough
TS1 3AA

 

Grovekey Limited

(Registration number: 02952206)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

810,296

792,426

Current assets

 

Stocks

5

1,423

-

Debtors

6

268,779

145,203

Cash at bank and in hand

 

295

15,708

 

270,497

160,911

Creditors: Amounts falling due within one year

7

(154,519)

(28,556)

Net current assets

 

115,978

132,355

Total assets less current liabilities

 

926,274

924,781

Provisions for liabilities

(4,917)

(6,353)

Net assets

 

921,357

918,428

Capital and reserves

 

Called up share capital

100

100

Retained earnings

921,257

918,328

Shareholders' funds

 

921,357

918,428

 

Grovekey Limited

(Registration number: 02952206)
Balance Sheet as at 31 October 2024 (continued)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 

.........................................
Mrs S Brennan
Director

.........................................
Mr J Brennan
Director

 

Grovekey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Coach House
Saltburn Lane
Saltburn
TS12 1HD

These financial statements were authorised for issue by the Board on 14 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Grovekey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

 

Grovekey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligaion 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 ate 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 as a finance cost in profit or loss in the period it arises

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Grovekey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

755,952

99,854

21,070

876,876

Additions

25,974

160

-

26,134

At 31 October 2024

781,926

100,014

21,070

903,010

Depreciation

At 1 November 2023

-

66,958

17,492

84,450

Charge for the year

-

8,264

-

8,264

At 31 October 2024

-

75,222

17,492

92,714

Carrying amount

At 31 October 2024

781,926

24,792

3,578

810,296

At 31 October 2023

755,952

32,896

3,578

792,426

Included within the net book value of land and buildings above is £781,926 (2023 - £755,952) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

1,423

-

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7

266

Amounts owed by related parties

250,148

126,168

Prepayments

 

5,739

4,743

Other debtors

 

12,885

14,026

   

268,779

145,203

 

Grovekey Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11,578

8,527

Trade creditors

 

4,217

774

Taxation and social security

 

590

2,344

Accruals and deferred income

 

9,571

9,225

Other creditors

 

128,563

7,686

 

154,519

28,556

8

Related party transactions

Included in debtors is £250,148 (2023 £126,168) due from related companies.