GR8_HOLDINGS_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GR8 Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chatsworth, The Holloway, Droitwich Spa, Worcestershire, WR9 7AJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Interests in subsidiaries entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and include cash in hand.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

During the year the company entered into the following transactions with related parties:

The company had no transactions during the year with Aldes Limited, a company in which the directors own issued share capital. At the reporting date, amounts totalling £100,000 (2021 - £100,000) was owed to the company by Aldes Limited.

The company had no transactions with Sheep Limited during the year, a company in which the directors own issued share capital. At the reporting date, amounts totalling £100,000 (2021 - £100,000) was owed to the company by Sheep Limited.

The company had transactions with GR8 Space (Red House) Limited, a subsidiary company of GR8 Holdings Limited. Amounts totalling £67,228 was received on behalf of GR8 Space (Red House) Limited by the company. At the reporting date amounts totalling £117,288 (2021 £50,000) was due to GR8 Space (Red House) Limited by the company.

The company had transactions with GR8 Space (Library) Limited, a company in which the directors own issued share capital. Amounts totalling £61,743 was paid on behalf of GR8 Space (Library) Limited by the company. At the reporting date amounts totalling £61,743 (2021 £nil) was owed to the company by GR8 Space (Library) Limited.

The company had transactions with Living Heritage Limited, a subsidiary company of GR8 Holdings Limited. Management fees totalling £940,000 was charged to Living Heritage Limited by the company. At the reporting date amounts totalling £217,076 (2021 £161,076) was owed to the company by Living Heritage Limited.

The company had transactions with GR8 Space Limited, a company in which the directors own issued share capital. Management fees totalling £838,077 was charged to the company by GR8 Space Limited. At the reporting date amounts totalling £56,567 (2021 £56,111) was owed to GR8 Space Limited by the company.

The company had no transactions with GR8 Space (Friary) Limited during the year, a subsidiary company of GR8 Holdings Limited. At the reporting date, amounts totalling £100,000 (2021 - £100,000) was due to GR8 Space (Friary) Limited by the company.

The company had no transactions with GR8 Space (Students) Limited during the year, a subsidiary company of GR8 Holdings Limited. At the reporting date, amounts totalling £15 (2021 - £15) was due to GR8 Space (Students) Limited by the company.