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Grove Property (Wales) Limited
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Notes to the financial statements
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for the year ended 28 February 2025
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1
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Company information
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Grove Property (Wales) Limited is a private company registered in England and Wales. Its registered
number is 05714504. The company is limited by shares. Its registered office is Riverside, Llanrhidian,
Swansea, West Glamorgan, SA3 1ER.
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2
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Accounting policies
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Basis of preparing the financial statements
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These financial statements have been prepared in accordance with Financial Reporting Standard 102
“The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the
provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have
been prepared under the historic cost convention.
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Going concern
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In preparing these financial statements, the directors have assessed whether there are any material
uncertainties related to events or conditions that cast significant doubt upon the company's ability to
continue as a going concern. In making this assessment, the directors take into account all available
information about the future which is at least 12 months from the date that the financial statements are
authorised for issue.
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The directors consider that the company has adequate resources to continue in business for the
foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial
statements.
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Turnover
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Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, Value Added Tax and other sales taxes.
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Tangible fixed assets
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated
useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
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Plant and machinery etc.:
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Plant & Machinery
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-
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25% straight line
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Fixtures & Fittings
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-
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25% straight line
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Stocks
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Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete
and slow moving items.
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Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first
-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their
present location and condition.
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3
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Average number of employees
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During the year the average number of employees was Nil (2024 - 2).
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3
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