REGISTERED NUMBER: 08037503 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

GRW Property Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

30,562

57,531

Investment property

6

-

325,000

30,562

382,531

CURRENT ASSETS

Stocks

4,525,369

1,676,016

Debtors

7

147,582

156,564

Cash at bank

2,677

420,652

4,675,628

2,253,232

CREDITORS

Amounts falling due within one year

8

1,684,911

1,438,351

NET CURRENT ASSETS

2,990,717

814,881

TOTAL ASSETS LESS CURRENT LIABILITIES

3,021,279

1,197,412

CREDITORS

Amounts falling due after more than one year

9

3,140,141

1,115,983

NET (LIABILITIES)/ASSETS

(118,862

)

81,429

CAPITAL AND RESERVES

Called up share capital

10

200

200

Non-distributable reserve

-

15,000

Capital redemption reserve

100

100

Retained earnings

(119,162

)

66,129

SHAREHOLDERS' FUNDS

(118,862

)

81,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2025 and were signed on its behalf by:

K Gallagher - Director

1.	STATUTORY INFORMATION

GRW Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08037503

Registered office:

Unit 4

178 Widemarsh Street

Hereford

HR4 9HN

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on a going concern basis despite the balance sheet deficit as the directors intend to continue to support the company.

The directors believe the company is well placed to manage its financing and other business risks satisfactorily, and there is a reasonable expectation that the company will have adequate resources to continue in operation for at least 12 months. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

The financial statements do not include any adjustments that would result from the withdrawal of the directors support.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery

Straight line over 3 years

Motor vehicles

25% reducing balance

Computer equipment

Straight line over 3 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stock, including work in progress (WIP), represents residential and commercial development costs incurred on ongoing property development projects. The valuation of WIP is considered to be the most significant source of estimation uncertainty for the Company due to the judgement involved in assessing recoverable amounts and determining the appropriate carrying value at the reporting date.

Stock is stated at the lower of cost and net realisable value in accordance with FRS 102. The assessment of net realisable value requires the Directors to exercise judgement in relation to:

Expected future selling prices;

Estimated costs to complete each development;

Forecast rates of sale and market absorption;

The impact of current economic conditions on demand; and

Expected development margins based on current and anticipated market conditions.

Given the inherent uncertainty in these estimates, small changes in assumptions can have a material effect on the valuation. This is particularly relevant in the current year due to the significant increase in the valuation, which totalled £4,525,369 at 31 March 2025 (2024: £1,676,016). The increase reflects the scale and stage of development of ongoing projects, and heightened the level of judgement required when assessing recoverability at the year end.

Management regularly reviews the status of each development site, comparing actual costs incurred to budgeted project appraisals and updating estimates of selling prices and costs to complete. These reviews incorporate the latest market data, sales evidence and independent valuation inputs where considered appropriate. Based on the information available at the reporting date, the Directors consider the carrying value of stock to be appropriate.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payment ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 April 2024

and 31 March 2025

20,000

Amortisation

At 1 April 2024

and 31 March 2025

20,000

Net book value

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 April 2024

8,272

81,500

1,351

91,123

Disposals

-

(18,000

)

-

(18,000

)

At 31 March 2025

8,272

63,500

1,351

73,123

Depreciation

At 1 April 2024

8,033

24,208

1,351

33,592

Charge for year

239

10,188

-

10,427

Eliminated on disposal

-

(1,458

)

-

(1,458

)

At 31 March 2025

8,272

32,938

1,351

42,561

Net book value

At 31 March 2025

-

30,562

-

30,562

At 31 March 2024

239

57,292

-

57,531

6.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 April 2024

325,000

Disposals

(325,000

)

At 31 March 2025

-

Net book value

At 31 March 2025

-

At 31 March 2024

325,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

17,841

16,528

Amounts owed by associates

-

103,989

Other debtors

129,741

36,047

147,582

156,564

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

139,140

129,484

Taxation and social security

12,594

7,778

Other creditors

1,533,177

1,301,089

1,684,911

1,438,351

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to associates

3,140,141

1,115,983

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary A

£1

100

100

100

Ordinary B

£1

100

100

200

200

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is £1,292,089 (2024: £1,297,085) owed to the directors of the company, these loans are unsecured, interest free and repayable on demand.

12.	LOANS FROM ASSOCIATED COMPANIES

Included in amounts owed to associates are sums of £1,602,541 (2024: £507,983) due to Gallagher Family Group Limited and £1,537,600 (2024: £608,000) due to Russell Family Group Limited, companies in which the directors of GRW Property Limited own material interests.

The principal sums advanced are £1,550,000 (2024: £500,000) from Gallagher Family Group Limited and £1,485,000 (2024: £600,000) from Russell Family Group Limited. Each loan facility bears interest at a rate of 0.5% per month and is unsecured. The accumulated interest and principal sums are repayable in full 31 December 2028.