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Registration number: 08821374

Gravitas Property Developments Limited

Director's Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Gravitas Property Developments Limited

(Registration number: 08821374)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

5,034,736

2,757,657

Current assets

 

Debtors

4

57,013

17,124

Cash at bank and in hand

 

839,082

465,535

 

896,095

482,659

Creditors: Amounts falling due within one year

5

(4,155,657)

(1,759,469)

Net current liabilities

 

(3,259,562)

(1,276,810)

Total assets less current liabilities

 

1,775,174

1,480,847

Provisions for liabilities

(24,937)

(55,014)

Net assets

 

1,750,237

1,425,833

Capital and reserves

 

Called up share capital

324,991

324,991

Revaluation reserve

192,341

195,772

Retained earnings

1,232,905

905,070

Shareholders' funds

 

1,750,237

1,425,833

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:

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 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.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 13 June 2025
 

.........................................

C J Rea

Director

 

Gravitas Property Developments Limited

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

1

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

Asset class

Depreciation method and rate

Investment properties

Not depreciated

 

Gravitas Property Developments Limited

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

1

Accounting policies (continued)

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

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

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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

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

3

Investment properties

Cost/valuation

2024
£

At 1 January 2023

2,757,657

Additions

2,659,801

Disposals

(600,000)

Fair value adjustments

217,278

At 31 December 2023

5,034,736

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).

4

Debtors

2024
£

2023
£

Trade debtors

32,975

-

Other debtors

4,818

168

Prepayments

19,220

16,956

 

57,013

17,124

 

Gravitas Property Developments Limited

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

5

Creditors

2024
£

2023
£

Due within one year

Trade creditors

1,400

1,788

Taxation and social security

115,156

31,882

Other creditors

3,957,706

1,697,302

Accruals

81,395

28,497

4,155,657

1,759,469

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.