226 Grove Road Ltd - Period Ending 2022-10-31
226 Grove Road Ltd - Period Ending 2022-10-31
Registration number:
226 Grove Road Ltd
for the
Year Ended 31 October 2022
226 Grove Road Ltd
Company Information
Directors |
Mr Shakil Vora Mr Rafique Kapadia Rozat Vas |
Registered office |
|
Accountants |
|
226 Grove Road Ltd
Directors' Report for the Year Ended 31 October 2022
The directors present their report and the financial statements for the year ended 31 October 2022.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of property investment.
Review of business
The results for the year and financial position of the company are as shown in the annexed financial statements.
Taxation Status
The company is a close company within the provisions of the Corporation Taxes Act 2010.
Related Party Note
The director had no material interest at any time during the year in any contracts of significance in relation to the business of the company other than as stated in note to the financial statements.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
226 Grove Road Ltd
for the Year Ended 31 October 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 226 Grove Road Ltd for the year ended 31 October 2022 as set out on pages 4 to 11 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 at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of 226 Grove Road Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 226 Grove Road Ltd and state those matters that we have agreed to state to the Board of Directors of 226 Grove Road Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 226 Grove Road Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that 226 Grove Road Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 226 Grove Road Ltd. You consider that 226 Grove Road Ltd 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 accounts of 226 Grove Road Ltd. 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 accounts.
......................................
London
W1T 3AD
226 Grove Road Ltd
Profit and Loss Account for the Year Ended 31 October 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
14,805 |
751 |
|
Gain on financial assets at fair value through profit and loss |
|
|
|
Interest payable and similar expenses |
( |
- |
|
8,107 |
3,503 |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
226 Grove Road Ltd
Statement of Comprehensive Income for the Year Ended 31 October 2022
2022 |
2021 |
|
Profit/(loss) for the year |
|
( |
Total comprehensive income for the year |
|
( |
226 Grove Road Ltd
(Registration number: 08907697)
Balance Sheet as at 31 October 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Other reserves |
18,415 |
2,627 |
|
Retained earnings |
(2,389) |
(4,822) |
|
Shareholders' funds/(deficit) |
16,126 |
(2,095) |
For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
226 Grove Road Ltd
Statement of Changes in Equity for the Year Ended 31 October 2022
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 November 2021 |
|
|
( |
( |
Profit for the year |
- |
- |
|
|
Transfers |
- |
15,788 |
(15,788) |
- |
At 31 October 2022 |
|
|
( |
|
Share capital |
Other reserves |
Retained earnings |
Total |
|
At 1 November 2020 |
|
- |
( |
( |
Loss for the year |
- |
- |
( |
( |
Transfers |
- |
- |
(2,627) |
(2,627) |
Other movements on reserves |
- |
2,627 |
- |
2,627 |
At 31 October 2021 |
|
|
( |
( |
226 Grove Road Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises rental income from investment properties.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are 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 by the reporting date and that are expected to apply to the reversal of the timing difference.
226 Grove Road Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & fittings |
15% on cost |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
226 Grove Road Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Tangible assets |
Fixtures and fittings |
Total |
|
Cost or valuation |
||
At 1 November 2021 |
|
|
At 31 October 2022 |
|
|
Depreciation |
||
At 1 November 2021 |
|
|
Charge for the year |
|
|
At 31 October 2022 |
|
|
Carrying amount |
||
At 31 October 2022 |
|
|
At 31 October 2021 |
|
|
Investment properties |
2022 |
|
At 1 November |
|
Additions |
|
Fair value adjustments |
|
At 31 October |
|
There has been no valuation of investment property by an independent valuer.
The cost of the investment property and refurbishment amounted to £525,447.
Debtors |
Current |
Note |
2022 |
2021 |
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
373,237 |
15,579 |
226 Grove Road Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Taxation and social security |
|
- |
Accruals and deferred income |
|
|
Directors current accounts |
451,634 |
456,334 |
Amount due to related companies |
90,000 |
90,000 |
Other creditors |
1,370 |
- |
|
|
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings |
|
- |
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
- |
Related party transactions |
The directors of this company are also common directors of another company. At the year end date the amount owed from that company was £372,435.09 (2021: £11,744.50).
One of the directors of this company is also a director of another company.At the year end date the amount owed to this company was £90,000 (2021: £90,000).
226 Grove Road Ltd
Detailed Profit and Loss Account for the Year Ended 31 October 2022
2022 |
2021 |
|
Turnover (analysed below) |
38,308 |
12,597 |
Gross profit (%) |
100% |
100% |
Administrative expenses |
||
Establishment costs (analysed below) |
(5,834) |
(2,346) |
General administrative expenses (analysed below) |
(14,689) |
(6,474) |
Finance charges (analysed below) |
(62) |
(108) |
Depreciation costs (analysed below) |
(2,918) |
(2,918) |
(23,503) |
(11,846) |
|
Operating profit |
14,805 |
751 |
Gain on financial assets at fair value through profit and loss (analysed below) |
21,050 |
3,503 |
Interest payable and similar expenses (analysed below) |
(12,943) |
- |
8,107 |
3,503 |
|
Profit before tax |
22,912 |
4,254 |
226 Grove Road Ltd
Detailed Profit and Loss Account for the Year Ended 31 October 2022
2022 |
2021 |
Turnover |
||
Rental income from investment property |
38,308 |
12,597 |
Establishment costs |
||
General & water rates |
(2,821) |
(2,011) |
Light, heat and power |
(2,015) |
(56) |
Insurance - admin |
(998) |
(279) |
(5,834) |
(2,346) |
General administrative expenses |
||
Telephone and fax |
(384) |
(110) |
Property expenses |
(2,233) |
(1,938) |
Sundry expenses |
(153) |
(79) |
Accountancy fees |
(2,640) |
(2,640) |
Legal and professional fees |
(9,279) |
(1,707) |
(14,689) |
(6,474) |
Finance charges |
||
Bank charges |
(62) |
(108) |
Depreciation costs |
||
Depreciation of fixtures and fittings (owned) |
(2,918) |
(2,918) |
Gain/(loss) on financial assets at fair value through profit and loss |
||
Investment properties fair value adjustments |
21,050 |
3,503 |
Interest payable and similar expenses |
||
Bank loan interest payable |
(12,943) |
- |