Grape Developments Limited Filleted accounts for Companies House (small and micro)

GRAPE DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06445754

Grape Developments Limited

Filleted unaudited financial statements

31 December 2020

Grape Developments Limited

Statement of financial position

31 December 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		5,293,033		5,080,000

Current assets

Debtors	6	18,001	3,769
Cash at bank and in hand		9,266	5,355
		-------	------
		27,267	9,124

Creditors: amounts falling due within one year	7	( 1,893,569)		( 1,851,534)
		-----------		-----------
Net current liabilities			( 1,866,302)		( 1,842,410)
			-----------		-----------
Total assets less current liabilities			3,426,731		3,237,590

Creditors: amounts falling due after more than one year	8	( 2,044,938)	( 1,969,646)
		-----------	-----------
Net assets		1,381,793	1,267,944
		-----------	-----------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,381,791	1,267,942
	-----------	-----------
Shareholders funds	1,381,793	1,267,944
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Grape Developments Limited

Statement of financial position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 27 September 2021 , and are signed on behalf of the board by:

Mr I King

Director

Company registration number: 06445754

Grape Developments Limited

Notes to the financial statements

year ended 31st December 2020

1. General information

The principle activity of the company is the investment in and letting out of both commercial and residential property. The company is a private limited company, which is incorporated in England and Wales (no 06445754 ). The address of the registered office is Unit 10, Ryefield Court, Ryefield Way, Silsden, Keighley, BD20 0DL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the basis that the company can continue to operate as a going concern. The company is dependent upon the support of the directors, who have confirmed that they will continue to offer their financial support for the next twelve months. The directors, therefore, consider it appropriate to prepare the financial statements on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Investment property is included at fair value. Gains are recognised in the income statement. Deferred tax is provided on those gains at the rate expected to apply when the property sold.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	3 years straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year, including directors, amounted to 2 (2019 - 2).

5. Tangible assets

Investment property	Plant and machinery	Total
£	£	£

Cost
At 1st January 2020	5,080,000	6,763	5,086,763
Additions	213,033	–	213,033
	-----------	------	-----------
At 31st December 2020	5,293,033	6,763	5,299,796
	-----------	------	-----------
Depreciation
At 1st January 2020 and 31st December 2020	–	6,763	6,763
	-----------	------	-----------
Carrying amount
At 31st December 2020	5,293,033	–	5,293,033
	-----------	------	-----------
At 31st December 2019	5,080,000	–	5,080,000
	-----------	------	-----------

The investment properties were valued by the directors, at 31st December 2020 at their open market tenanted values.

6. Debtors

	2020	2019
	£	£

Trade debtors	15,843	1,833
Prepayments and accrued income	2,158	1,936
	-------	------
	18,001	3,769
	-------	------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£

Bank loans and overdrafts	191,333	177,833
Trade creditors	1,026	2,923
Accruals and deferred income	8,575	8,340
Corporation tax	56,465	32,500
Social security and other taxes	8,174	8,258
Director loan accounts	210,998	282,816
Other creditors	1,416,998	1,338,864
	-----------	-----------
	1,893,569	1,851,534
	-----------	-----------

Svenska Handelsbanken hold a mortgage over the company's freehold property and a debenture including a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures and fixed plant & machinery.

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£

Bank loans and overdrafts	2,044,938	1,969,646
	-----------	-----------

Included within creditors: amounts falling due after more than one year is an amount of £1,279,604 (2019: £1,258,313) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.