38 Grosvenor Gardens Limited - Limited company - abbreviated

REGISTERED NUMBER: 07080730 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

38 GROSVENOR GARDENS LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

FIXED ASSETS

Tangible assets

2

32,631

37,181

Investment property

3

5,946,333

4,900,000

5,978,964

4,937,181

CURRENT ASSETS

Debtors

36,916

39,931

Investments

3,233,015

-

Cash at bank

431,341

3,360,086

3,701,272

3,400,017

CREDITORS

Amounts falling due within one year

112,438

142,304

NET CURRENT ASSETS

3,588,834

3,257,713

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,567,798

8,194,894

CREDITORS

Amounts falling due after more than one year

6,378,000

NET ASSETS

3,189,798

1,816,894

CAPITAL AND RESERVES

Called up share capital

4

1

Revaluation reserve

2,549,553

1,342,747

Profit and loss account

640,244

474,146

SHAREHOLDERS' FUNDS

3,189,798

1,816,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 September 2015 and were signed on its behalf
by:

R Lodigiani - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents rental income receivable on tenanted commercial property net of value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

20% straight line from date asset in use

Investment property

Investment property is included in the balance sheet at most recent valuation. Depreciation is not provided on

investment property which is leasehold and where the unexpired lease term is in excess of 20 years.

This accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008), but is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be

depreciated.The directors are of the opinion that compliance with the Standard is necessary for the financial

statements to give a true and fair view. The financial effect of the departure from the statutory accounting rules

cannot reasonably be quantified as the current market value of the investment, and changes in that current value,

are of prime importance rather than a calculation of systematic annual depreciation.

Any surplus or deficit arising upon a revaluation is transferred to the investment revaluation reserve, unless a

deficit upon an individual property is expected to be permanent, in which case it is recognised in the profit and

loss account for the year.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Investments

Current asset investments are stated at open market value. The funds are professionally managed by an

investment management group and the open market value taken for the purposes of the accounts is provided by

them.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

51,600

Additions

6,352

At 31 December 2014

57,952

DEPRECIATION

At 1 January 2014

14,419

Charge for year

10,902

At 31 December 2014

25,321

NET BOOK VALUE

At 31 December 2014

32,631

At 31 December 2013

37,181

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2014

4,900,000

Revaluations

1,046,333

At 31 December 2014

5,946,333

NET BOOK VALUE

At 31 December 2014

5,946,333

At 31 December 2013

4,900,000

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

1

Ordinary

£1

1

5.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The company is a wholly owned subsidiary of Rizzante S.A.S, a limited partnership in Italy and the ultimate

controlling party.

6.	REGISTERED CHARGE

The company granted a charge in favour of Grosvenor Estate Belgravia on 22 December 2009 for the sum of

£23,600.

38 Grosvenor Gardens Limited - Limited company - abbreviated - 11.6

38 Grosvenor Gardens Limited - Limited company - abbreviated - 11.6