Groco Newco 1 Limited - Limited company accounts 23.2

REGISTERED NUMBER: 09828824 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

GROCO NEWCO 1 LIMITED

Page

Company Information

1

Report of the Directors

2

Statement of Income and Retained Earnings

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Mrs K M Baker

J S Baker

H M Lloyd

REGISTERED OFFICE:

Greenbank House

141 Adelphi Street

Preston

Lancashire

PR1 7BH

REGISTERED NUMBER:

09828824 (England and Wales)

ACCOUNTANTS:

James Todd & Co

Greenbank House

141 Adelphi Street

Preston

Lancashire

PR1 7BH

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

Mrs K M Baker

J S Baker

H M Lloyd

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs K M Baker - Director

26 April 2024

TURNOVER

93,666

85,494

Administrative expenses

49,388

2,918

OPERATING PROFIT

44,278

82,576

Income from fixed asset investments

5

893

Interest receivable and similar income

5,230

801

5,235

1,694

49,513

84,270

Gain/loss on revaluation of investments

1,457

(4,658

)

PROFIT BEFORE TAXATION

50,970

79,612

Tax on profit

10,537

15,017

PROFIT FOR THE FINANCIAL YEAR

40,433

64,595

Retained earnings at beginning of year

169,651

117,056

Dividends

(16,000

)

(12,000

)

RETAINED EARNINGS AT END OF YEAR

194,084

169,651

FIXED ASSETS

Investments

4

61,958

60,501

Investment property

5

1,269,529

1,269,529

1,331,487

1,330,030

CURRENT ASSETS

Debtors

6

7,434

9,873

Cash at bank

265,753

226,100

273,187

235,973

CREDITORS

Amounts falling due within one year

7

43,729

29,491

NET CURRENT ASSETS

229,458

206,482

TOTAL ASSETS LESS CURRENT LIABILITIES

1,560,945

1,536,512

CAPITAL AND RESERVES

Called up share capital

1,271,767

1,271,767

Share premium

95,094

95,094

Retained earnings

194,084

169,651

1,560,945

1,536,512

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2024 and were signed on its behalf by:

Mrs K M Baker - Director

1.	STATUTORY INFORMATION

Groco Newco 1 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

The properties held by the company are classed as investment properties. The investment properties are stated at open market value, their most recent valuation, at the balance sheet date. Gains or losses arising from the changes in the fair values of investment properties are included in the Income Statement for the period in which they arise.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 October 2022

60,501

Additions

76,930

Disposals

(76,930

)

Revaluations

1,457

At 30 September 2023

61,958

NET BOOK VALUE

At 30 September 2023

61,958

At 30 September 2022

60,501

Cost or valuation at 30 September 2023 is represented by:

Other

investments

£

Valuation in 2020

(1,337

)

Valuation in 2021

8,866

Valuation in 2022

(4,658

)

Valuation in 2023

1,457

Cost

57,630

61,958

If investments had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

57,630

57,630

Fixed asset investments were valued on an open market basis on 30 September 2023 by Five Wealth Limited .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2022

and 30 September 2023

1,269,529

NET BOOK VALUE

At 30 September 2023

1,269,529

At 30 September 2022

1,269,529

The directors consider the market value of investment properties as at 30 September 2023 and 30 September 2022 to be not materially different to their original cost to the company.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,120

1,899

Other debtors

6,314

7,974

7,434

9,873

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Taxation and social security

10,537

15,370

Other creditors

33,192

14,121

43,729

29,491

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Groco Newco 4 Limited.

The ultimate controlling party is Mrs K M Baker.