1.
General Information
Granville Properties (Aberdeen) Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC241318
. The registered office is 10 Granville Place, Aberdeen, AB10 6NZ.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Improvements to Property |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
2.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on these adjustments at the rate expected to apply when the properties are sold.
2.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Granville Properties (Aberdeen) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
2.6.
Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
4.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Improvements to Property | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost or Valuation | |||||
| As at 1 May 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| Disposals |
|
|
|
( |
( |
| As at 30 April 2025 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 May 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
|
|
( |
( |
| As at 30 April 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 30 April 2025 |
|
|
|
|
|
| As at 1 May 2024 |
|
|
|
|
|
Granville Properties (Aberdeen) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
5.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 May 2024 |
|
| Revaluations | (60,000) |
| As at 30 April 2025 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Cost | 1,016,576 | 1,016,576 | |
|
NET BOOK VALUE
|
|
|
At 30 April 2025
|
1,495,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
<line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
|
At 30 April 2024
|
1,555,000
|
|
Fair value at 30 April 2025 is represented by:
|
|
|
£
|
|
|
Valuation in 2015
|
754,384
|
|
Valuation in 2016
|
10,040
|
|
Valuation in 2017
|
(32,000)
|
|
Valuation in 2018
|
(30,000)
|
|
Valuation in 2019
|
(84,000)
|
|
Valuation in 2022
|
(60,000)
|
|
Valuation in 2024
|
(20,000)
|
|
Valuation in 2025
|
(60,000)
|
|
Cost
|
1,016,576
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
|
1,495,000
|
Investment properties were valued on an open market basis on 30 April 2025 by the directors.
6.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
|
|
|
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Corporation tax |
|
|
|
| Directors' loan accounts |
|
|
|
|
|
|
||
Granville Properties (Aberdeen) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
8.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Bank loans |
|
|
|
|
|
|
||
Of the creditors falling due after more than one year the following amounts are due after more than five years.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
9.
Secured Creditors
Standard Secruity by Bank of Scotland over subjects 27B Raeburn Place, Aberdeen, AB25 1PS.
Standard Secruity by Bank of Scotland over subjects 39 and 41 Spital, Aberdeen, AB24 3HX.
Standard Secruity by Bank of Scotland over subjects 135 Dalkeith Road, Edinburgh, EH16 5AH.
Standard Secruity by Bank of Scotland over subjects 29 Hollybank Place, Aberdeen, AB11 6XR.
Standard Secruity by Bank of Scotland over subjects 35, 37, 37A Spital, Aberdeen, AB24 3HX.
Standard Security by Bank of Scotland over subjects 22 Hamilton Place, Aberdeen.
Standard Security by Bank of Scotland over subjects 4 Froghall Road, Aberdeen.
Standard Security by Bank of Scotland over subjects Ground Floor Flat 31A Powis Terrace, Aberdeen.
Standard Security by Bank of Scotland over subjects Ground Floor Flat 492, Holburn Street, Aberdeen.
Standard Security by Bank of Scotland over subjects Ground Floor Flat 492, Holburn Street, Aberdeen.
Standard Security by Bank of Scotland over subjects 496-502 Union Street, Aberdeen.
Standard Security by Bank of Scotland over all the property or undertaking of the company.
Standard Security by Bank of Scotland over subjects 27 Raeburn Place, Aberdeen.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 188,402 | 198,335 |
10.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
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|
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|
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Granville Properties (Aberdeen) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 April 2025
11.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 May 2024 |
|
63,188 |
| Deferred taxation |
|
|
| Balance at 30 April 2025 |
|
64,493 |
12.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 May 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 April 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Allan Cumming |
( |
|
( |
- |
( |
| Miss Hannah Cumming |
( |
|
( |
- |
( |
| Mrs Emily MacIntosh |
( |
|
( |
- |
( |
| Mrs Abbie Ross |
( |
|
( |
- |
( |
The above loan is interest free and has no fixed repayment terms.