Registration number:
GRID Properties Limited
for the Period from 1 July 2024 to 31 December 2024
GRID Properties Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
GRID Properties Limited
Company Information
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Director |
Mr Shreen Rattan Gupta |
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Registered office |
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Auditors |
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GRID Properties Limited
(Registration number: 13027501) (England and Wales)
Balance Sheet as at 31 December 2024
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Note |
31 December |
30 June |
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Fixed assets |
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Tangible assets |
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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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( |
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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 liabilities |
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( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(57,358) |
(18,757) |
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Shareholders' deficit |
(57,357) |
(18,756) |
The financial statements were approved and authorised for issue by the
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GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis. This basis is considered appropriate as the immediate parent company has confirmed its commitment to providing continuing financial and operational support, enabling the company to meet its liabilities as they fall due for at least 12 months from the date these financial statements are approved. Accordingly, the director believes it is appropriate to prepare the financial statements on a going concern basis.
Audit report
2025-79 - UK
GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and assets under construction over their estimated useful lives.
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Asset class |
Depreciation method and rate |
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Fixtures, furniture & fittings |
Over 7 & 4 years straight line basis |
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Office Equipment |
Over 4 years straight line basis |
Provisions
Provisions are recognised when the company has a present obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation, and a reliable estimate of the amount can be made.
Dilapidation provisions are recognised for costs expected to be incurred to restore leased properties to their original condition at the end of the lease term, where the company has an obligation under the lease agreement. The provision is measured at the best estimate of the expenditure required to settle the obligation, discounted to present value where the effect of the time value of money is material.
GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Accounting policies (continued) |
Financial instruments
Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method, unless they are receivable within one year. In these instances, assets are measured, initially and subsequently, at the undiscounted amount of cash or other consideration, expected to be received.
At the end of each reporting period financial assets are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Accounting policies (continued) |
Financial instruments (continued)
i. Financial assets (continued)
If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the
carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another
party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third
party without imposing additional restrictions.
ii. Financial liabilities
Basic financial liabilities, including trade and other creditors, and amounts due from fellow group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the
debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, unless they are payable within one year. In these instances, assets are measured, initially and subsequently, at the
undiscounted amount of the cash or other consideration, expected to be paid.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of
transaction costs, and the amount due on redemption being recognised as a charge to the Profit or Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest
method and is included in interest payable and similar charges. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or
less. If not, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Significant Judgements and estimates
The preparation of financial statements in conformity with FRS102 requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, turnover, costs, expenses and other comprehensive income that are reported and disclosed in the financial statements and accompanying notes. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no judgments applied in the period under audit.
Dilapidations
The company has recognised a provision for dilapidations to reflect its obligation to restore leased properties to their original condition at the end of the lease term. This requires management to make estimates regarding the cost of restoration, the timing of expenditure, and the application of an appropriate discount rate to measure the present value of the obligation. These estimates are reviewed periodically to reflect any changes in expected costs or other relevant factors.
Accrued Income
Accrued income is recognised for services rendered where the consideration is not yet received but is contractually agreed with the customer. Management estimates accrued income based on the services provided and the contractual terms with the customer.
Accruals
Accruals are recognised for costs incurred but not yet invoiced at the reporting date. These include estimates for services received and other operating expenses where invoices are pending. Management exercises judgement in determining the completeness and accuracy of accruals based on historical experience, contractual terms, and information available at the reporting date.
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Staff numbers |
The average monthly number of persons employed by the company (including the director) during the period, was
GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Tangible assets |
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Fixtures, furniture & fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 July 2024 |
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Disposals |
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At 31 December 2024 |
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Depreciation |
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At 1 July 2024 |
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Charge for the period |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 30 June 2024 |
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GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Debtors |
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31 December |
30 June |
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Trade debtors |
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Other debtors |
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Accrued income |
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Prepayments |
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Included within other debtors is a rent deposit of £36,085 (30 June 2023: £36,085), which is recoverable after more than one year.
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Creditors |
Creditors: amounts falling due within one year
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Note |
31 December |
30 June |
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Due within one year |
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Trade creditors |
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Amount owed to parent undertaking |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Amounts due to parent undertaking are interest free, unsecured and repayable on demand.
GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Provisions for liabilities |
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Other provisions |
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At 1 July 2024 |
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Increase/(decrease) in existing provisions |
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At 31 December 2024 |
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The company has recognised a dilapidation provision for work carried out to the office. The provision is expected to be £25,000, which will be payable at the end of the lease term in April 2028. The increase in the provision during the year reflects the unwinding of the discount.
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Operating lease commitments |
Operating leases
The total of future minimum lease payments is as follows:
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31 December |
30 June |
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Not later than one year |
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Later than one year and not later than five years |
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Share capital |
Allotted, called up and fully paid shares
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31 December |
30 June |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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Related party transactions |
The company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the group.
GRID Properties Limited
Notes to the Financial Statements for the Period from 1 July 2024 to 31 December 2024 (continued)
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Parent undertaking and controlling party |
The company's immediate parent company, GRID Real Estate Development LLC prepares the consolidated financial statements in which these financial statements are included. These consolidated financial statements are available upon request from:
4th Floor, Office 401-403, Hassanicor Building, Al Barsha First, Dubai UAE
At 31 December 2024, the ultimate parent company is G R I D Holding L.L.C-FZ, incorporated in United Arab Emirates.