Grangeford Estates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04998294 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

GRANGEFORD ESTATES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

J Posen

SECRETARY:

J Posen

REGISTERED OFFICE:

115 Craven Park Road

Stamford Hill

London

N15 6BL

REGISTERED NUMBER:

04998294 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Investment property

4

3,737,392

3,737,392

CURRENT ASSETS

Debtors

5

465,768

449,967

Cash at bank

25,410

39,176

491,178

489,143

CREDITORS

Amounts falling due within one year

6

(1,316,569

)

(1,433,709

)

NET CURRENT LIABILITIES

(825,391

)

(944,566

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,912,001

2,792,826

CREDITORS

Amounts falling due after more than one year

7

(1,576,214

)

(1,589,553

)

NET ASSETS

1,335,787

1,203,273

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

11

1,335,785

1,203,271

SHAREHOLDERS' FUNDS

1,335,787

1,203,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 July 2022 and were signed by:

J Posen - Director

1.	STATUTORY INFORMATION

Grangeford Estates Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2020

and 28 February 2021

3,737,392

NET BOOK VALUE

At 28 February 2021

3,737,392

At 29 February 2020

3,737,392

Director has confirmed that, there is no significant market value increase or decrease in properties.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

15,801

-

Other debtors

276,408

276,408

Other debtors - Hamilton

173,559

173,559

465,768

449,967

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade creditors

28,859

28,269

Tax

167,493

150,246

VAT

4,289

3,122

Other creditors

1,101,338

1,238,982

Sundry creditors

9,940

9,940

Accrued expenses

4,650

3,150

1,316,569

1,433,709

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

29.2.20

£

£

Bank loans (see note 8)

1,576,214

1,589,553

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,526,214

1,589,553

8.

LOANS

An analysis of the maturity of loans is given below:

28.2.21

29.2.20

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

50,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,526,214

1,589,553

Under the bank loan, £50,000 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

9.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.21

29.2.20

£

£

Bank loans

1,576,214

1,589,553

Long term bank loan is secured by first charge over the company's investment property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Retained

earnings

£

At 1 March 2020

1,203,271

Profit for the year

132,514

At 28 February 2021

1,335,785

12.	ULTIMATE CONTROLLING PARTY

The controlling party is J Posen.