Grangemoss Limited - Period Ending 2021-03-31
Grangemoss Limited - Period Ending 2021-03-31
Registration number:
Grangemoss Limited
for the Year Ended 31 March 2021
Grangemoss Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Grangemoss Limited
Company Information
Directors |
A Godfrey A R Godfrey C R Godfrey S Bernardino-Godfrey |
Registered office |
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Accountants |
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Grangemoss Limited
(Registration number: 01299873)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Other reserves |
1,700,020 |
1,752,978 |
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Profit and loss account |
1,919,191 |
1,770,686 |
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Shareholders' funds |
3,629,211 |
3,533,664 |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Grangemoss Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for letting of property in the period, net of value added tax. The company recognises revenue from property in the period to which it relates.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% p.a. on cost |
Grangemoss Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Office equipment |
33.3% p.a. on cost |
Investment property
and with reference to the rents receivable, determined annually by the directors but with reference to periodic
valuations by external independent valuers in accordance with the requirements of the company's bankers. The
valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition
of the specific asset. Changes in fair value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from tenants in respect of property lettings and property services provided to tenants in the accounting period. Trade debtors are recognised at the transaction price less a provision for bad debts where it is probable that the amount may not be recovered.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of people (including directors) employed by the company in the year, was
Grangemoss Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2020 |
- |
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Additions |
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- |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
- |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
- |
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Investment properties |
2021 |
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At 1 April |
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At 31 March |
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The investment properties are revalued annually by the directors by reference to both rental income yields and the market value of other properties similar to those held by the company, and taking account of periodic professional valuations.
There has been no valuation of investment property by an independent valuer.
Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Grangemoss Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Other borrowings |
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Other borrowings
Other borrowings comprise a sterling loan from a director that is repayable on demand and carries an interest rate of 0%. The carrying amount at year end is £402,417 (2020: £394,000). |