GROVEWORLD LIMITED


Director	Mr L Rokach


Registered Address	New Burlington House
	1075 Finchley Road
	London
	NW11 0PU


Registered Number	02553318 (England and Wales)

Notes to the Financial Statements
for the year ended 30 April 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

	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'.

	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.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	Not withstanding the company's balance sheet position, the directors have received confirmation from the company's parent entity that it will continue to support the operations of the company for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 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. The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

The directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

	Current taxation
	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.

Current taxation

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
	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.

Deferred tax

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.

	Tangible fixed assets and depreciation
	Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	-	10
Vehicles	25	-
Office Equipment	-	10

	Investments
	Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Impairment of tangible fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of tangible fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

	Stocks and work in progress
	These are stated at the lower of cost and net realisable value. The work in progress in respect of properties in the course of development is included in the financial statements at cost, less any provision as may be required to reduce same to net realisable value.

	Trade and other debtors
	Deferred expenditure relates to property development and trading management costs and are included in the balance sheet, within trade debtors, at the lower of cost and net realisable value and where deferred costs are written down to their net realisable value, reinstatement to lower of cost and net realisable value is to be effected if such cost becomes recoverable. Each project that the company manages is assessed for its stage of completion by reference to the development agreement and the percentage of total expected costs incurred for that project. Deferred expenditure relating to property development and management is expensed in proportion to the stage of completion and the entitlement to income at that stage.

Trade and other debtors

Deferred expenditure relates to property development and trading management costs and are included in the balance sheet, within trade debtors, at the lower of cost and net realisable value and where deferred costs are written down to their net realisable value, reinstatement to lower of cost and net realisable value is to be effected if such cost becomes recoverable.

Each project that the company manages is assessed for its stage of completion by reference to the development agreement and the percentage of total expected costs incurred for that project. Deferred expenditure relating to property development and management is expensed in proportion to the stage of completion and the entitlement to income at that stage.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	3		6

3.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 May 24	47,545	27,515	20,004	95,064
At 30 April 25	47,545	27,515	20,004	95,064
Depreciation and impairment
At 01 May 24	46,934	20,448	9,462	76,844
Charge for year	611	2,751	2,001	5,363
At 30 April 25	47,545	23,199	11,463	82,207
Net book value
At 30 April 25	-	4,316	8,541	12,857
At 30 April 24	611	7,067	10,542	18,220

4.	Fixed asset investments
	Investments in Subsidiary Undertakings The company holds the ordinary issued share capital of the following company incorporated and registered in England and Wales : Groveworld St John's Street Limited (£2) - 100% Groveworld Owen Street Limited (£100) - 100% The registered address of the above companies is New Burlington House, 1075 Finchley Road, London, NW11 0PU. Consolidated financial statements have not been prepared as the company has taken advantage of the exemptions conferred by Section 398 Companies Act 2006.

Fixed asset investments

Investments in Subsidiary Undertakings

The company holds the ordinary issued share capital of the following company incorporated and registered in England and Wales :

Groveworld St John's Street Limited (£2) - 100%
Groveworld Owen Street Limited (£100) - 100%

The registered address of the above companies is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

Consolidated financial statements have not been prepared as the company has taken advantage of the exemptions conferred by Section 398 Companies Act 2006.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 May 24	102	102
At 30 April 25	102	102
Net book value
At 30 April 25	102	102
At 30 April 24	102	102

	Notes
	¹Investments in group undertakings and participating interests

5.	Stocks

	2025	2024
	£	£
Other stocks	136,345	136,345
Total	136,345	136,345

6.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	735,177	1,739,937
Amounts owed by group undertakings	581,734	2,044,425
Other debtors	103,132	118,713
Total	1,420,043	3,903,075


	Included in trade debtors is £Nil (2024 - £1,730,507) of deferred costs as detailed in the accounting policies. Amounts owed by group undertakings include £Nil (2024 - £19,473) payable from associated undertakings. Other debtors include £24,772 (2024 - £24,291) owed by companies with a common director.

7.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	168,562	144,310
Bank borrowings and overdrafts	10,442	10,220
Amounts owed to related parties	1,609,311	1,849,534
Taxation and social security	-	17,436
Other creditors	536,132	563,037
Total	2,324,447	2,584,537

8.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	890	11,374
Total	890	11,374

9.	Related party transactions
	The company has taken advantage of the exemptions conferred by FRS 102 Section 1A and has not disclosed details of transactions with group member undertakings. The company has also taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

10.	Controlling party
	The company is a wholly owned subsidiary of Bretchly Investments Limited, a company incorporated and registered in Gibraltar. The registered address of Bretchly Investments Limited is 57/63 Line Wall Road, Gibraltar.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		12,857		18,220
Investments	4		102		102
			12,959		18,322
Current assets
Stocks	5	136,345		136,345
Debtors	6	1,420,043		3,903,075
Cash at bank and on hand		80,917		76,519
		1,637,305		4,115,939
Creditors amounts falling due within one year	7	(2,324,447)		(2,584,537)
Net current assets (liabilities)			(687,142)		1,531,402
Total assets less current liabilities			(674,183)		1,549,724
Creditors amounts falling due after one year	8		(890)		(11,374)
Net assets			(675,073)		1,538,350
Capital and reserves
Called up share capital			5,000		5,000
Profit and loss account			(680,073)		1,533,350
Shareholders' funds			(675,073)		1,538,350