GRM Property Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 09514968 (England and Wales)

GRM PROPERTY LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD

27 MARCH 2015 TO 31 MARCH 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

M Gambling

REGISTERED OFFICE:

2 School Lane

Stretton-on-Dunsmore

Warwickshire

CV23 9NB

REGISTERED NUMBER:

09514968 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Investment property

2

395,101

CURRENT ASSETS

Cash in hand

100

CREDITORS

Amounts falling due within one year

3

(321,625

)

NET CURRENT LIABILITIES

(321,525

)

TOTAL ASSETS LESS CURRENT LIABILITIES

73,576

CREDITORS

Amounts falling due after more than one year

(44,815

)

NET ASSETS

28,761

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

28,661

SHAREHOLDERS' FUNDS

28,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 for issue by the director on 20 December 2016 and were signed by:

M Gambling - 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 January

2015).

Going concern

At 31 March 2016 there were net current liabilities of £321,525. However, the going concern basis of preparation

of the financial statements is considered appropriate in view of the fact that the company will continue to have

the financial support of related parties to enable it to meet it's liabilities as they fall due for payment and the

director is confident that it will continue to be profitable in future years.

Turnover

The turnover shown in the profit and loss account represents amounts receivable in respect of rental income

during the period, exclusive of value added tax.

Investment property

Investment properties are shown at their market value. The surplus or deficit arising from the annual revaluation

is transferred to an investment revaluation reserve unless a deficit or its reversal on an individual property is

expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) which,

unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties

are held for their investment potential and not for use by the company so their current value is of prime

importance. This departure from the Act is required in order to give a true and fair view.

Deferred tax

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

balance sheet date.

Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not

that there will be suitable taxable profits from which the future reversal of the underlying timing differences can

be deducted.

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed

assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the

extent that, at the balance sheet date, there is a binding agreement to dispose of the asset concerned.

However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more

likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the

replacement assets are sold.

Government grants

Government grants towards capital expenditure are treated as deferred income in the balance sheet and written

off in the profit and loss account over the useful life of the assets.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

Additions

395,101

At 31 March 2016

395,101

NET BOOK VALUE

At 31 March 2016

395,101

3.

CREDITORS

Creditors include an amount of £ 310,386 for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.