Grady Properties Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03700126 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

FOR

GRADY PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mr S J Grady

Mr J Grady

REGISTERED OFFICE:

1A Swansea Road

Norwich

Norfolk

NR2 3HU

REGISTERED NUMBER:

03700126 (England and Wales)

ACCOUNTANTS:

Berry & Warren Ltd

Chartered Accountants

54 Thorpe Road

Norwich

Norfolk

NR1 1RY

FIXED ASSETS

Tangible assets

4

31,088

36,618

Investment property

5

3,156,558

3,156,558

3,187,646

3,193,176

CURRENT ASSETS

Debtors

6

1,330

167

Cash at bank

48,131

58,578

49,461

58,745

CREDITORS

Amounts falling due within one year

7

308,149

386,687

NET CURRENT LIABILITIES

(258,688

)

(327,942

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,928,958

2,865,234

CREDITORS

Amounts falling due after more than one year

8

-

106,830

NET ASSETS

2,928,958

2,758,404

CAPITAL AND RESERVES

Called up share capital

100

100

Freehold investment property

revaluation reserve

10

1,085,687

1,085,687

Retained earnings

1,843,171

1,672,617

SHAREHOLDERS' FUNDS

2,928,958

2,758,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2022 and were signed on its behalf by:

Mr J Grady - Director

1.	STATUTORY INFORMATION

Grady Properties Limited 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 represents rent received.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 6 April 2021

and 5 April 2022

126,779

DEPRECIATION

At 6 April 2021

90,161

Charge for year

5,530

At 5 April 2022

95,691

NET BOOK VALUE

At 5 April 2022

31,088

At 5 April 2021

36,618

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2021

and 5 April 2022

3,156,558

NET BOOK VALUE

At 5 April 2022

3,156,558

At 5 April 2021

3,156,558

Fair value at 5 April 2022 is represented by:

£

Valuation in 2005

552,680

Valuation in 2015

533,007

Cost

2,070,871

3,156,558

If investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

2,070,871

2,070,871

The investment properties were valued on an open market value basis on 8 December 2020 by Mr J Grady, Director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

630

167

Other debtors

700

-

1,330

167

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

6,289

Trade creditors

1,905

1,086

Taxation and social security

41,527

31,035

Other creditors

264,717

348,277

308,149

386,687

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

-

106,830

2022

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

78,178

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

-

113,119

The bank loan is secured against investment properties.

10.

RESERVES

Freehold

investment

property

revaluation

reserve

£

At 6 April 2021

and 5 April 2022

1,085,687

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grady Properties Limited for the year ended 5 April 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Grady Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grady Properties Limited and state those matters that we have agreed to state to the Board of Directors of Grady Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grady Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grady Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grady Properties Limited. You consider that Grady Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grady Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Berry & Warren Ltd

Chartered Accountants

54 Thorpe Road

Norwich

Norfolk

NR1 1RY

16 September 2022