Grover Brothers (UK) Limited Filleted accounts for Companies House (small and micro)

GROVER BROTHERS (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10057596

Grover Brothers (UK) Limited

Filleted Unaudited Financial Statements

31 March 2020

Grover Brothers (UK) Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Investment property	4		571,921	571,921

Current assets

Debtors	5	1,500	–
Cash at bank and in hand		17	44
		-------	----
		1,517	44

Creditors: amounts falling due within one year	6	14,263		14,261
		--------		--------
Net current liabilities			12,746	14,217
			---------	---------
Total assets less current liabilities			559,175	557,704

Creditors: amounts falling due after more than one year	7	570,610	569,263
		---------	---------
Net liabilities		( 11,435)	( 11,559)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 11,535)	( 11,659)
	--------	--------
Shareholders deficit	( 11,435)	( 11,559)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Grover Brothers (UK) Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 11 December 2020 , and are signed on behalf of the board by:

Mr C S Grover
Director

Company registration number: 10057596

Grover Brothers (UK) Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 153 Norwood Road, Southall, Middlesex, UB2 4JB.

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

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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.

4. Investment property

	Land and buildings
	£
Cost
At 1 April 2019 and 31 March 2020	571,921
	---------
Depreciation
At 1 April 2019 and 31 March 2020	–
	---------
Carrying amount
At 31 March 2020	571,921
	---------
At 31 March 2019	571,921
	---------

Included within the above is investment property as follows:

	£
	---------
At 1 April 2019 and 31 March 2020	571,921
	---------

The director has taken a view that revaluation of the property is not required as there has been no significant change during the year.

5. Debtors

	2020	2019
	£	£
Trade debtors	1,500	–
	-------	----

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	14,263	14,261
	--------	--------

7. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	394,261	394,114
Other creditors	176,349	175,149
	---------	---------
	570,610	569,263
	---------	---------

8. Secured debt:

Included within other creditors are liabilities of £408,523 (2019: £409,376) which have been secured on the assets of the company.

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr C S Grover	( 175,149)	( 1,200)	( 176,349)
	---------	-------	---------

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr C S Grover	( 175,419)	270	( 175,149)
	---------	----	---------

10. Related party transactions

The company was under the control of the directors. At the balance sheet date other creditors include an interest free loan of £169,976 (2019: £169,976)from Mr Charanjit Singh Grover who holds 50% shares in the company. The loan was taken to finance the purchase of the investment properties. It will become payable at the sale of the investment property or when the company can afford to repay it.