Company registration number 10907122 (England and Wales)
TERRY GRANT PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TERRY GRANT PROPERTIES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company in the period under review was that of letting and operating of own real estate.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr T Grant
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr T Grant
Director
29 May 2025
TERRY GRANT PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
307,000
307,000
Current assets
Debtors
5
9,200
8,703
Creditors: amounts falling due within one year
6
(265,290)
(263,396)
Net current liabilities
(256,090)
(254,693)
Total assets less current liabilities
50,910
52,307
Provisions for liabilities
7
(4,980)
(4,980)
Net assets
45,930
47,327
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
45,928
47,325
Total equity
45,930
47,327

For the financial year ended 31 August 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 director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
Mr T Grant
Director
Company registration number 10907122 (England and Wales)
TERRY GRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Terry Grant Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 73-75 High Street, Stevenage, Hertfordshire, SG1 3HR.

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 prepared in 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Investment property

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.

1.3
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.4
Taxation

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

Current tax

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

TERRY GRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property revaluations

The fair value of investment properties has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transactions for similar properties.

3
Employees

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

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 September 2023 and 31 August 2024
307,000

Investment property comprises a residential rental property. The fair value of the investment property has been arrived at using the director's knowledge of the property market in the local area.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
9,200
8,703
TERRY GRANT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,464
2,354
Taxation and social security
1,784
1,557
Other creditors
261,042
259,485
265,290
263,396
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
4,980
4,980
8
Financial commitments, guarantees and contingent liabilities

At the balance sheet date a fixed charge existed, by way of guarantee over an asset of the company.

2024-08-312023-09-01falsefalsefalse29 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr T Grant109071222023-09-012024-08-3110907122bus:Director12023-09-012024-08-31109071222024-08-31109071222023-08-3110907122core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3110907122core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3110907122core:CurrentFinancialInstruments2024-08-3110907122core:CurrentFinancialInstruments2023-08-3110907122core:ShareCapital2024-08-3110907122core:ShareCapital2023-08-3110907122core:RetainedEarningsAccumulatedLosses2024-08-3110907122core:RetainedEarningsAccumulatedLosses2023-08-31109071222022-09-012023-08-31109071222023-08-3110907122core:WithinOneYear2024-08-3110907122core:WithinOneYear2023-08-3110907122bus:PrivateLimitedCompanyLtd2023-09-012024-08-3110907122bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3110907122bus:FRS1022023-09-012024-08-3110907122bus:AuditExemptWithAccountantsReport2023-09-012024-08-3110907122bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP