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COMPANY REGISTRATION NUMBER: 12456998
GRAPE GARDENS PROPERTY LTD
Filleted Unaudited Financial Statements
31 December 2024
GRAPE GARDENS PROPERTY LTD
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
1,021,436
1,021,436
Current assets
Debtors
5
1,750
5,000
Cash at bank and in hand
264,474
208,967
---------
---------
266,224
213,967
Creditors: amounts falling due within one year
6
934,880
899,801
---------
---------
Net current liabilities
668,656
685,834
------------
------------
Total assets less current liabilities
352,780
335,602
---------
---------
Net assets
352,780
335,602
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
352,779
335,601
---------
---------
Shareholders funds
352,780
335,602
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GRAPE GARDENS PROPERTY LTD
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 22 August 2025 , and are signed on behalf of the board by:
Mr S Khan
Director
Company registration number: 12456998
GRAPE GARDENS PROPERTY LTD
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Redbridge Lane East, Ilford, Essex, IG4 5ET.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rental income receivable. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Rental income is recognised on an accrual basis in accordance with the substance of the relevant agreement.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
4. Tangible assets
Freehold property
£
Cost
At 1 January 2024 and 31 December 2024
1,021,436
------------
Depreciation
At 1 January 2024 and 31 December 2024
------------
Carrying amount
At 31 December 2024
1,021,436
------------
At 31 December 2023
1,021,436
------------
The company's investment property was revalued on a fair value basis by the director on 31 December 2024.
5. Debtors
2024
2023
£
£
Other debtors
1,750
5,000
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,726
19,511
Due to associated companies
905,604
855,780
Other creditors
23,550
24,510
---------
---------
934,880
899,801
---------
---------
7. Related party transactions
The company was under the control of Mr S Khan throughout the current period. Mr Khan is the managing director and sole shareholder. Creditors falling due within one year include £905,605 (2023 - £855,780) due to associated companies where Mr S Khan is shareholder and director.