Company Registration No. 01836190 (England and Wales)
Grove Properties (Cannock) Limited
Unaudited accounts
for the year ended 31 October 2024
Grove Properties (Cannock) Limited
Unaudited accounts
Contents
Grove Properties (Cannock) Limited
Statement of financial position
as at 31 October 2024
Investment property
1,200,000
1,200,000
Cash at bank and in hand
66,056
65,178
Creditors: amounts falling due within one year
(62,772)
(44,479)
Net current assets
4,682
22,935
Total assets less current liabilities
1,204,682
1,222,935
Provisions for liabilities
Deferred tax
(25,186)
(25,186)
Net assets
1,179,496
1,197,749
Called up share capital
2
2
Fair value reserve
665,865
665,865
Capital redemption reserve
2
2
Profit and loss account
513,627
531,880
Shareholders' funds
1,179,496
1,197,749
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by
Mrs J V Kilgallon
Director
Company Registration No. 01836190
Grove Properties (Cannock) Limited
Notes to the Accounts
for the year ended 31 October 2024
Grove Properties (Cannock) Limited is a private company, limited by shares, registered in England and Wales, registration number 01836190. The registered office is 64 New Penkridge Road, Cannock, Staffordshire, WS11 1HW, England.
2
Compliance with accounting standards
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 principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 £.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The tax expense represents the sum of the tax currently payable and deferred 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.
Grove Properties (Cannock) Limited
Notes to the Accounts
for the year ended 31 October 2024
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Fair value at 1 November 2023
1,200,000
At 31 October 2024
1,200,000
The 2024 valuation was made by the directors on an open market value for the existing use basis. The historical cost of the freehold investment property was £508,949.
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
5,752
9,602
Taxes and social security
30,889
27,641
Other creditors
26,131
7,236
7
Average number of employees
During the year the average number of employees was 0 (2023: 0).