ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

GROSVENOR PROJECT DEVELOPMENT LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-05-312021-05-272021-05-272020-05-312021-05-2712false122019-06-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02440290 2019-06-01 2020-05-31 02440290 2018-06-01 2019-05-31 02440290 2020-05-31 02440290 2019-05-31 02440290 1 2019-06-01 2020-05-31 02440290 d:CompanySecretary1 2019-06-01 2020-05-31 02440290 d:Director1 2019-06-01 2020-05-31 02440290 d:Director2 2019-06-01 2020-05-31 02440290 d:Director3 2019-06-01 2020-05-31 02440290 d:Director4 2019-06-01 2020-05-31 02440290 d:RegisteredOffice 2019-06-01 2020-05-31 02440290 c:FurnitureFittings 2019-06-01 2020-05-31 02440290 c:FurnitureFittings 2020-05-31 02440290 c:FurnitureFittings 2019-05-31 02440290 c:FurnitureFittings c:OwnedOrFreeholdAssets 2019-06-01 2020-05-31 02440290 c:CurrentFinancialInstruments 2020-05-31 02440290 c:CurrentFinancialInstruments 2019-05-31 02440290 c:CurrentFinancialInstruments c:WithinOneYear 2020-05-31 02440290 c:CurrentFinancialInstruments c:WithinOneYear 2019-05-31 02440290 c:UKTax 2019-06-01 2020-05-31 02440290 c:UKTax 2018-06-01 2019-05-31 02440290 c:ShareCapital 2020-05-31 02440290 c:ShareCapital 2019-05-31 02440290 c:RetainedEarningsAccumulatedLosses 2019-06-01 2020-05-31 02440290 c:RetainedEarningsAccumulatedLosses 2020-05-31 02440290 c:RetainedEarningsAccumulatedLosses 2018-06-01 2019-05-31 02440290 c:RetainedEarningsAccumulatedLosses 2019-05-31 02440290 c:RetainedEarningsAccumulatedLosses 2018-06-01 02440290 d:OrdinaryShareClass1 2019-06-01 2020-05-31 02440290 d:OrdinaryShareClass1 2020-05-31 02440290 d:OrdinaryShareClass1 2019-05-31 02440290 d:FRS102 2019-06-01 2020-05-31 02440290 d:Audited 2019-06-01 2020-05-31 02440290 d:FullAccounts 2019-06-01 2020-05-31 02440290 d:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31 02440290 c:Subsidiary1 2019-06-01 2020-05-31 02440290 c:Subsidiary1 1 2019-06-01 2020-05-31 02440290 c:WithinOneYear 2020-05-31 02440290 c:WithinOneYear 2019-05-31 02440290 2 2019-06-01 2020-05-31 02440290 6 2019-06-01 2020-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02440290










GROSVENOR PROJECT DEVELOPMENT
 LIMITED

AUDITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MAY 2020
 


















img5957.png

 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

COMPANY INFORMATION


Directors
Mr N D Taee 
Mr C J Taee 
Mr R J Austin 
Mr P P Copley 




Company secretary
Mr A T S Parry



Registered number
02440290



Registered office
4 Greengate
Cardale Park

Harrogate

North Yorkshire

HG3 1GY




Independent auditors
Wellden Turnbull Limited
Chartered Accountants & Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ




 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

CONTENTS



Page
Directors' report
 
 
1 - 2
Independent auditors' report
 
 
3 - 5
Statement of income and retained earnings
 
 
6
Balance sheet
 
 
7
Notes to the financial statements
 
 
8 - 16

 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2020

The directors present their report and the financial statements for the year ended 31 May 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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 to 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the company is the provision of bid development, consultancy, project administration and management services.

Directors

The directors who served during the year were:

Mr N D Taee 
Mr C J Taee 
Mr R J Austin 
Mr P P Copley 

Page 1
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end date, global economies and financial markets experienced significant volatility as a result of the uncertainties arising from the COVID-19 virus pandemic. The Directors have assessed the impact and risk of the current market conditions on the Company and do not believe these to be material in nature. Details of the Directors' going concern assessment are included in note 2.3.


In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr R J Austin
Director

Date: 27 May 2021

Page 2
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GROSVENOR PROJECT DEVELOPMENT LIMITED
 

Opinion


We have audited the financial statements of Grosvenor Project Development Limited (the 'Company') for the year ended 31 May 2020, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


∙give a true and fair view of the state of the Company's affairs as at 31 May 2020 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:


∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.


Page 3
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GROSVENOR PROJECT DEVELOPMENT LIMITED (CONTINUED)


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GROSVENOR PROJECT DEVELOPMENT LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Nelligan FCA (Senior statutory auditor)
  
for and on behalf of
Wellden Turnbull Limited
 
Chartered Accountants
Statutory Auditors
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ

27 May 2021
Page 5
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2020

2020
2019
                                                                                                                  Note  
£
£

  

Turnover
  
1,270,505
1,157,745

Administrative expenses
  
(1,307,608)
(1,277,274)

Operating loss
 4 
(37,103)
(119,529)

Income from shares in group undertakings
  
40,000
50,000

Interest receivable and similar income
  
22
22

Profit/(loss) before tax
  
2,919
(69,507)

Tax on profit/(loss)
 8 
(1,545)
-

Profit/(loss) after tax
  
1,374
(69,507)

  

Retained earnings at the beginning of the year
  
197,849
267,356

Profit/(loss) for the year
  
1,374
(69,507)

Retained earnings at the end of the year
  
199,223
197,849

There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of income and retained earnings.

Page 6
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
REGISTERED NUMBER: 02440290

BALANCE SHEET
AS AT 31 MAY 2020

2020
2019
                                                                     Note  
£
£

Fixed assets
  

Tangible assets
 9 
4,257
3,233

Investments
 10 
150,000
150,000

  
154,257
153,233

Current assets
  

Debtors: amounts falling due within one year
 11 
455,215
409,903

Cash at bank and in hand
 12 
19,019
11,411

  
474,234
421,314

Creditors: amounts falling due within one year
 13 
(429,168)
(376,598)

Net current assets
  
 
 
45,066
 
 
44,716

Total assets less current liabilities
  
199,323
197,949

Net assets
  
199,323
197,949


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
 16 
199,223
197,849

Shareholders' funds
  
199,323
197,949


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R J Austin
Director

Date: 27 May 2021

The notes on pages 8 to 16 form part of these financial statements.

Page 7
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

1.


GENERAL INFORMATION

Grosvenor Project Development Limited is a private company, limited by shares, incorporated in England and Wales, registered number 02440290. The registered office is 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from the standard.

 
2.3

GOING CONCERN

The financial statements have been prepared on a going concern basis. The Company is in a net asset position, made a profit in the year, and it has generated sufficient cash from operations to meet its liabilities as they fall due. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business including the uncertainty in relation to COVID-19. The Company is the holding company for a subsidiary which provides project management services to companies providing operational services under the Government's Private Finance Initiative (PFI).The performance of the Company and its ability to meet its liabilities is therefore directly linked to the underlying performance of its subsidiary.
As part of their assessment of going concern the Directors have considered the Company's projected profits and cash flows by reference to the business financial model covering a period not less than 12 months from the date of approval of the accounts and the availability of cash resources including those of the Company’s subsidiary. Forecasts support that the subsidiary will continue to generate sufficient cash flows from its operational services to these PFI companies over the terms of their PFI contracts to allow it to meet its liabilities, including those under the loan agreement with the Company. The Company also has the ongoing support of its parent GH Newco 2 Limited. Having undertaken this assessment the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

Page 8
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

 
2.6

INTEREST INCOME

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.7

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 9
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount
Page 10
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

2.ACCOUNTING POLICIES (CONTINUED)


2.14
FINANCIAL INSTRUMENTS (continued)

rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

There are no judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.


4.


OPERATING LOSS

The operating loss is stated after charging:

2020
2019
£
£

Depreciation of tangible fixed assets
6,077
5,018

Operating lease rentals
4,284
3,490

Other operating lease rentals
22,188
22,188

Defined pension cost
46,693
41,993


5.


AUDITORS' REMUNERATION





The audit fee for the year ended 31 May 2020 and 31 May 2019 has been borne by the parent company.


6.


EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:


        2020
        2019
            No.
            No.







Directors
4
4



Administrative
8
8

12
12

Page 11
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

7.


DIRECTORS' REMUNERATION

2020
2019
£
£

Directors' emoluments
293,750
270,000

Company contributions to defined contribution pension schemes
10,500
10,500

304,250
280,500



8.


TAXATION


2020
2019
£
£


Current tax on profits for the year
1,545
-


TOTAL CURRENT TAX
1,545
-


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2019 - 19%).



FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company has trading losses available to be offset against future trading profits.

Page 12
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

9.


TANGIBLE FIXED ASSETS





Fixtures and fittings

£



Cost


At 1 June 2019
13,816


Additions
7,101



At 31 May 2020

20,917



DEPRECIATION


At 1 June 2019
10,583


Charge for the year on owned assets
6,077



At 31 May 2020

16,660



NET BOOK VALUE



At 31 May 2020
4,257



At 31 May 2019
3,233


10.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 June 2019
150,000



At 31 May 2020
150,000






NET BOOK VALUE



At 31 May 2020
150,000



At 31 May 2019
150,000

Page 13
 
GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Cardale Project Management Limited
4 Greengate Cardale Park, Harrogate, North Yorkshire, HG3 1GY
Provides project management services to PFI companies
Ordinary
100%


11.


DEBTORS

2020
2019
£
£


Trade debtors
154,101
187,794

Other debtors
128,200
161,700

Prepayments and accrued income
172,914
60,409

455,215
409,903



12.


CASH AND CASH EQUIVALENTS

2020
2019
£
£

Cash at bank and in hand
19,019
11,411



13.


CREDITORS: Amounts falling due within one year

2020
2019
£
£

Trade creditors
37,835
50,725

Corporation tax
1,545
-

Other taxation and social security
74,731
49,388

Other creditors
268,360
254,855

Accruals and deferred income
46,697
21,630

429,168
376,598



14.


BASIC FINANCIAL INSTRUMENTS

Financial assets that are debt instruments measured at amortised cost amounted to £282,301 (2019 - £349,494).
Financial liabilities measured at amortised cost amounted to £306,195 (2019 - £305,580).

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GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

15.


SHARE CAPITAL

2020
2019
£
£
Allotted, called up and fully paid



100 (2019 - 100) Ordinary shares of £1.00 each
100
100


16.


RESERVES

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.


17.


PENSION COMMITMENTS

The company operates a defined contribution pension scheme and contributes to personal pension schemes of certain employees. The assets of the defined contribution scheme are held separately from those of the company in an independently administered fund. 
The pension cost charge represents contributions payable by the company to the fund and personal pension schemes. This amounted to £46,693 (2019 - £41,993). At the year end the amount of £4,031 (2019 - £4,430) pension contributions were outstanding and payable.


18.


COMMITMENTS UNDER OPERATING LEASES

At 31 May 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2020
2019
£
£


Not later than 1 year
-
1,753

-
1,753


19.


RELATED PARTY TRANSACTIONS

During the year fees of £1,199,105 (2019 - £1,148,095) were charged to companies which are related undertakings by virtue of common directors/shareholders and at the year-end was owed within trade debtors £153,963 (2019 - £187,794) and other debtors £118,125 (2019 - £151,625).
The company received a loan of £5,005 (2019 - £55,000) from companies which are related undertakings by virtue of common directors/shareholders and at the year-end owed within other creditors £164,830 (2019 - £159,855).
   
The company has taken advantage of FRS102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.

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GROSVENOR PROJECT DEVELOPMENT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020

20.


POST BALANCE SHEET EVENTS

Subsequent to the year end date, global economies and financial markets experienced significant volatility as a result of the uncertainties arising from the COVID-19 virus pandemic. The Directors have assessed the impact and risk of the current market conditions on the Company and do not believe these to be material in nature. Details of the Directors' going concern assessment are included in note 2.3.


21.


CONTROLLING PARTY

The company's ultimate parent undertaking and controlling party is GH Newco 2 Limited, a company registered in England and Wales.


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