Granite Estates Holdings Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04044085 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Granite Estates Holdings Limited

Page

Company Information

1

Report of the Directors

2

Chartered Certified Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

I D Lipman

K C Owen

SECRETARY:

V Pabari

REGISTERED OFFICE:

114a Cromwell Road

Kensington

London

SW7 4AG

REGISTERED NUMBER:

04044085 (England and Wales)

ACCOUNTANTS:

Pabs Consultancy Limited

Argyle House

Joel Street

Northwood Hills

HA6 1NW

The directors present their report with the financial statements of the company for the year ended 31 March 2020.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

a) select suitable accounting policies and then apply them consistently;

b) make judgments and accounting estimates that are reasonable and prudent;

c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that

the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DIVIDENDS

A total of £3,348,467 final dividends were paid during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report.

I D Lipman

K C Owen

ON BEHALF OF THE DIRECTORS:

V Pabari - Secretary

9 November 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Granite Estates Holdings Limited for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Granite Estates Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Granite Estates Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Granite Estates Holdings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Granite Estates Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Granite Estates Holdings Limited. You consider that Granite Estates Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Granite Estates Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Pabs Consultancy Limited

Argyle House

Joel Street

Northwood Hills

HA6 1NW

9 November 2020

TURNOVER

-

Administrative expenses

6,641

-

OPERATING LOSS

(6,641

)

-

Income from shares in group undertakings

3,477,552

-

PROFIT BEFORE TAXATION

3,470,911

-

Tax on profit

-

PROFIT FOR THE FINANCIAL YEAR

3,470,911

-

FIXED ASSETS

Investments

4

2,273,925

2,618,403

CURRENT ASSETS

Debtors

5

580,550

-

CREDITORS

Amounts falling due within one year

6

1,476,475

1,018,403

NET CURRENT LIABILITIES

(895,925

)

(1,018,403

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,378,000

1,600,000

CAPITAL AND RESERVES

Called up share capital

1,980

Share premium

1,253,576

Fair value reserve

7

-

344,444

Retained earnings

122,444

-

SHAREHOLDERS' FUNDS

1,378,000

1,600,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2020 and were signed on its behalf by:

I D Lipman - Director

K C Owen - Director

1.	STATUTORY INFORMATION

Granite Estates Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 historical cost convention as modified by the revaluation of certain assets.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1 April 2019

2,618,403

Revaluations

(344,478

)

At 31 March 2020

2,273,925

NET BOOK VALUE

At 31 March 2020

2,273,925

At 31 March 2019

2,618,403

Cost or valuation at 31 March 2020 is represented by:

Shares in

group

undertakings

£

Valuation in 2020

2,273,925

The investment in subsidiaries were valued on fair value basis on 31 March 2020 by the Directors .

Granite Estates Limited - investment holding company.

The following companies are wholly owned subsidiaries of Granite Estates Limited, registered in England and Wales:

Brockway Developments Limited - property trading and investment

Granite Estates (Suffolk) Limited - property investment

Granite Estates (Cheltenham) Limited - dormant

Granite Property Developments Saffron Walden Limited - property investment

Granite Thaxted Road Limited - property investment

Trade Centre Developments Limited - property trading

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Amounts owed by group undertakings

580,550

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Bank loans and overdrafts

-

34

Amounts owed to group undertakings

1,476,475

1,018,369

1,476,475

1,018,403

7.

RESERVES

Fair

value

reserve

£

At 1 April 2019

344,444

Fair Value adjustment

(344,444

)

At 31 March 2020

-