Granvid Holdings Limited Filleted accounts for Companies House (small and micro)

Granvid Holdings Limited Filleted accounts for Companies House (small and micro)

GRANVID HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01399817
GRANVID HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2021
GRANVID HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2021
2021
2020
Note
£
£
£
FIXED ASSETS
Cost or valuation
4
2,005,413
2,192,229
CURRENT ASSETS
Debtors
5
117,547
22,965
Cash at bank and in hand
252,483
351,343
---------
---------
370,030
374,308
CREDITORS: amounts falling due within one year
6
32,462
34,671
---------
---------
NET CURRENT ASSETS
337,568
339,637
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,342,981
2,531,866
PROVISIONS
Taxation including deferred tax
96,371
136,351
------------
------------
NET ASSETS
2,246,610
2,395,515
------------
------------
CAPITAL AND RESERVES
Called up share capital
7
27,600
27,600
Share premium account
247,500
247,500
Revaluation reserve
833,516
1,003,956
Profit and loss account
1,137,994
1,116,459
------------
------------
SHAREHOLDERS FUNDS
2,246,610
2,395,515
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 May 2021 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 .
GRANVID HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2021
These financial statements were approved by the board of directors and authorised for issue on 24 February 2022 , and are signed on behalf of the board by:
Mr AN Brown
Director
Company registration number: 01399817
GRANVID HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 May 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Cotterell & Co., The Curve, 83 Tempest Street, Wolverhampton, WV2 1AA. The daily business operation is controlled from 37b Fitzjohn Avenue, London, NW3 5JY.
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 historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Turnover represents rents receivable.
Corporation tax
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.
Investments
Freehold properties held as fixed asset investments are included at valuation as determined by the directors.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. COST OR VALUATION
Listed investments
Freehold property
Total
£
£
£
Cost or valuation
At 1 June 2020
1,192,229
1,000,000
2,192,229
Additions
228,731
–
228,731
Disposals
( 205,127)
–
( 205,127)
Revaluations
189,580
( 400,000)
( 210,420)
------------
------------
------------
At 31 May 2021
1,405,413
600,000
2,005,413
------------
------------
------------
Impairment
At 1 June 2020 and 31 May 2021
–
–
–
------------
------------
------------
Carrying amount
At 31 May 2021
1,405,413
600,000
2,005,413
------------
------------
------------
At 31 May 2020
1,192,229
1,000,000
2,192,229
------------
------------
------------
Freehold investment property is included at directors valuation on the basis of open market value.
The historical cost of freehold investment property included above at a valuation of £600,000 was £169,000 (2020 £169,000).
Listed investments stated at market value at the balance sheet date of £1,405,413 (2020 £1,192,229) had a cost of £906,526 (2020 £882,922).
5. DEBTORS
2021
2020
£
£
Trade debtors
117,547
22,875
Other debtors
–
90
---------
--------
117,547
22,965
---------
--------
6. CREDITORS: amounts falling due within one year
2021
2020
£
£
Corporation tax
16,696
18,905
Other creditors
15,766
15,766
--------
--------
32,462
34,671
--------
--------
7. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
27,600
27,600
27,600
27,600
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