Registration number:
Gravitas Property Developments Limited
for the Year Ended 31 December 2024
Gravitas Property Developments Limited
(Registration number: 08821374)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.
.........................................
C J Rea
Director
Gravitas Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Accounting policies |
Statutory information
Gravitas Property Developments Limited is a private company, limited by shares, domiciled in England and Wales, company number 08821374. The registered office is at Mill Close, Rotherham, S60 1BZ.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
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.
Tax
The tax expense for the period comprises current and 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
Depreciation
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Asset class |
Depreciation method and rate |
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Investment properties |
Not depreciated |
Gravitas Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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1 |
Accounting policies (continued) |
Investment property
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Investment properties |
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Cost/valuation |
2024 |
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At 1 January 2023 |
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Additions |
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Disposals |
( |
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Fair value adjustments |
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At 31 December 2023 |
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The investment properties were valued on 31 December 2024 by the directors of the company. This class of assets has a current value of £5,034,736 (2023: £2,757,657) and a carrying amount at historical cost of £4,809,626 (2023: £2,506,871). The depreciation on this historical cost is £nil (2023: £nil).
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Gravitas Property Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals |
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Included in other creditors is a loan of £3,697,302 (2023: £1,697,302) from a family member of the director C J Rea. The loan is interest free.
Also included in other creditors is a loan of £260,404 (2023: nil) from the CJR 2014 Discretionary Settlement. The loan is interest free.