Grayland Investments Limited Company accounts

GRAYLAND INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00753067

Grayland Investments Limited

Unaudited Financial Statements

31 March 2019

Grayland Investments Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Directors' report	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

Grayland Investments Limited

Directors' Report

Year ended 31 March 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2019 .

Directors

The directors who served the company during the year were as follows:

E Tajtelbaum
J Tajtelbaum

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 23 June 2020 and signed on behalf of the board by:

E Tajtelbaum

Director

Registered office:

Hallswelle House

1 Hallswelle Road

London

NW11 0DH

Grayland Investments Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grayland Investments Limited

Year ended 31 March 2019

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

GK & CO. LLP Chartered Accountants

Hallswelle House 1 Hallswelle Road London NW11 0DH

23 June 2020

Grayland Investments Limited

Statement of Income and Retained Earnings

Year ended 31 March 2019

	2019	2018
Note	£	£
Rental income	352,547	292,957

	---------	---------
Gross profit	352,547	292,957

Property outgoings	148,397	138,276
Administrative expenses	198,174	60,842
	---------	---------
Operating profit	5,976	93,839

Other interest receivable and similar income		38	28
Interest payable and similar expenses		6,945	102,614
		---------	---------
Loss before taxation	5	( 931)	( 8,747)

Tax on loss	–	–
	----	-------
Loss for the financial year and total comprehensive income	( 931)	( 8,747)
	----	-------

Retained earnings at the start of the year	1,274,333	1,283,088
	------------	------------
Retained earnings at the end of the year	1,273,402	1,274,341
	------------	------------

All the activities of the company are from continuing operations.

Grayland Investments Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		4,492,503	4,468,674

Current assets

Debtors	7	1,484,601	1,662,316
Cash at bank and in hand		3,723	9,092
		------------	------------
		1,488,324	1,671,408

Creditors: amounts falling due within one year	8	1,710,515		1,868,831
		------------		------------
Net current liabilities			222,191	197,423
			------------	------------
Total assets less current liabilities			4,270,312	4,271,251

Provisions

Taxation including deferred tax	86,830	86,830
	------------	------------
Net assets	4,183,482	4,184,421
	------------	------------

Capital and reserves

Called up share capital		1,500,000	1,500,000
Fair value reserve	9	1,410,080	1,410,080
Profit and loss account	9	1,273,402	1,274,341
		------------	------------
Shareholders funds		4,183,482	4,184,421
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Grayland Investments Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 23 June 2020 , and are signed on behalf of the board by:

E Tajtelbaum

Director

Company registration number: 00753067

Grayland Investments Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. 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'.

3. Accounting policies

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amount of rents and service charges receivable.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

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:

	Fixtures and fittings	-	25% reducing balance

No provision has been made for depreciation of freehold buildings.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .

Defined contribution plans

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	–	10
	----	----

6. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2018	4,468,674	2,333	4,471,007
Additions	23,829	–	23,829
	------------	-------	------------
At 31 March 2019	4,492,503	2,333	4,494,836
	------------	-------	------------
Depreciation
At 1 April 2018 and 31 March 2019	–	2,333	2,333
	------------	-------	------------
Carrying amount
At 31 March 2019	4,492,503	–	4,492,503
	------------	-------	------------
At 31 March 2018	4,468,674	–	4,468,674
	------------	-------	------------

The investment properties were revalued by the directors as at 31 March 2019 having considered the open market value of the properties. No independent valuation has been undertaken.

7. Debtors

	2019	2018
	£	£
Trade debtors	( 103,324)	34,060
Other debtors	1,587,925	1,628,256
	------------	------------
	1,484,601	1,662,316
	------------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Social security and other taxes	11,892	11,891
Other creditors	1,698,623	1,856,940
	------------	------------
	1,710,515	1,868,831
	------------	------------

9. Reserves

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income which is not distributable. Profit and loss account - This reserve records retained earnings and accumulated losses which are distributable.