Grid Property(90 Claude Road) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12101333 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2021

for

Grid Property(90 Claude Road) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

J Grey

T Grey

REGISTERED OFFICE:

Office 1 Floor 1 Maxwell House

Liverpool Innovation Park

Edge Lane

Liverpool

L7 9NJ

REGISTERED NUMBER:

12101333 (England and Wales)

ACCOUNTANTS:

Jonathan Ford & Co Limited

Chartered Accountants

Maxwell House

Liverpool Innovation Park

Liverpool

Merseyside

L7 9NJ

FIXED ASSETS

Investment property

4

301,270

263,431

CURRENT ASSETS

Cash at bank

515

3,793

CREDITORS

Amounts falling due within one year

5

111,595

85,120

NET CURRENT LIABILITIES

(111,080

)

(81,327

)

TOTAL ASSETS LESS CURRENT LIABILITIES

190,190

182,104

CREDITORS

Amounts falling due after more than one year

6

(200,999

)

(180,999

)

PROVISIONS FOR LIABILITIES

(9,277

)

-

NET (LIABILITIES)/ASSETS

(20,086

)

1,105

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

8

28,562

-

Retained earnings

(48,748

)

1,005

(20,086

)

1,105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 26 April 2022 and were signed on its behalf by:

T Grey - Director

1.	STATUTORY INFORMATION

Grid Property(90 Claude Road) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

(i) Investment property

The fair value of investment property is assessed at each reporting date. An independent qualified surveyor will be appointed periodically to formally value investment property but in intervening periods the directors will value the property.

The key factors considered by the directors when valuing the investment property are the condition of the property, market demand and comparability with similar properties in the local area.

Turnover

Turnover represents rents received net of value added tax.

Revenue recognition

Rent is recognised in the period to which it relates.

Tenant deposits are recognised as income to the extent they are withheld and at the point that the amount to be withheld is formally agreed with the tenant.

Investment property

Investment properties are revalued annually with any surplus or deficit being dealt through profit and loss. No depreciation is provided in respect of investment properties.

Taxation

Current tax is the amount of income tax payable in respect of taxable profits for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Deferred tax

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 and that are expected to apply to the reversal of the timing difference.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

263,431

Revaluations

37,839

At 31 July 2021

301,270

NET BOOK VALUE

At 31 July 2021

301,270

At 31 July 2020

263,431

Investment property is comprised of one property, originally purchased on 9 August 2019 for £244,000. The property's value was assessed at 31 July 2021 by an independent third party.

There are no restrictions on the realisability of investment property or on the remittance of income and proceeds of disposal.

Fair value at 31 July 2021 is represented by:

£

Valuation in 2021

301,270

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Amounts owed to group undertakings

110,843

83,444

Taxation and social security

236

236

Other creditors

516

1,440

111,595

85,120

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Other creditors

200,999

180,999

7.	SECURED DEBTS

Paragon Bank PLC has a fixed charge over 90 claude road, cardiff, CF24 3QB

8.

RESERVES

Revaluation

reserve

£

Revaluation reserve transfer

28,562

At 31 July 2021

28,562

9.	OFF-BALANCE SHEET ARRANGEMENTS

The company has no off-balance sheet arrangements.

10.	RELATED PARTY DISCLOSURES

At 31 July 2021, £110,843 was owed to Grid Properties Solutions Limited, the parent company.

The amounts are repayable on demand, unsecured and no guarantees have been given. No interest is being charged on the loan.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr T Grey.

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 Grid Property(90 Claude Road) Limited for the year ended 31 July 2021 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 Grid Property(90 Claude Road) 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 Grid Property(90 Claude Road) Limited and state those matters that we have agreed to state to the Board of Directors of Grid Property(90 Claude Road) 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 Grid Property(90 Claude Road) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grid Property(90 Claude Road) 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 loss of Grid Property(90 Claude Road) Limited. You consider that Grid Property(90 Claude Road) 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 Grid Property(90 Claude Road) 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.

Jonathan Ford & Co Limited

Chartered Accountants

Maxwell House

Liverpool Innovation Park

Liverpool

Merseyside

L7 9NJ

21 April 2022