Grangemoss Limited - Period Ending 2017-03-31

Registration number: 01299873

Grangemoss Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Sable & Argent Limited
Chartered Accountants
2 Elvetham Crescent
Fleet
Hampshire
GU51 1BU

Grangemoss Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Grangemoss Limited

Company Information

Directors	A Godfrey A R Godfrey C R Godfrey S Bernardino-Godfrey

Company secretary

A Godfrey

Registered office

3 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AE

Accountants

Sable & Argent Limited Chartered Accountants 2 Elvetham Crescent Fleet Hampshire GU51 1BU

Page 1

Grangemoss Limited

(Registration number: 01299873)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,000	1,000
Investment property	5	3,270,000	3,370,000
		3,271,000	3,371,000
Current assets
Debtors	6	30,429	28,787
Cash at bank and in hand		215,577	190,210
		246,006	218,997
Creditors: Amounts falling due within one year	7	(109,962)	(118,717)
Net current assets		136,044	100,280
Total assets less current liabilities		3,407,044	3,471,280
Provisions for liabilities		(90,762)	(109,549)
Net assets		3,316,282	3,361,731
Capital and reserves
Called up share capital		10,000	10,000
Other reserves		1,790,767	1,866,003
Profit and loss account		1,515,515	1,485,728
Total equity		3,316,282	3,361,731

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 November 2017 and signed on its behalf by:
 

C R Godfrey

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

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Grangemoss Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
3 Claridge Court
Lower Kings Road
Berkhamsted
Hertfordshire
HP4 2AE
United Kingdom

These financial statements were authorised for issue by the Board on 22 November 2017.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Motor vehicles	25% p.a. on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate
and with reference to the rents receivable, determined annually by the directors but with reference to periodic
valuations by external independent valuers in accordance with the requirements of the company's bankers. The
valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition
of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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Grangemoss Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from tenants in respect of property lettings and property services provided to tenants in the accounting period. Trade debtors are recognised at the transaction price less a provision for bad debts where it is probable that the amount may not be recovered.

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.

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.

3	Staff numbers

The average number of people (including directors) employed by the company in the year, was 4 (2016: 4).

4	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2016	20,849	20,849
At 31 March 2017	20,849	20,849
Depreciation
At 1 April 2016	19,849	19,849
At 31 March 2017	19,849	19,849
Carrying amount
At 31 March 2017	1,000	1,000
At 31 March 2016	1,000	1,000

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Grangemoss Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5	Investment properties

	2017 £
At 1 April	3,370,000
Fair value adjustments	(100,000)
At 31 March	3,270,000

The investment properties are revalued annually by the directors by reference to both rental income yields and the market value of other properties similar to those held by the company, and taking account of periodic professional valuations.

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2017 £	2016 £
Trade debtors	30,429	23,795
Other debtors	-	4,992
Total current trade and other debtors	30,429	28,787

7

Creditors

	Note	2017 £	2016 £
Due within one year
Taxation and social security		6,663	2,809
Other creditors		103,299	115,908
		109,962	118,717

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Grangemoss Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8	Transition to FRS 102

On transition to FRS102 the company has provided for deferred tax on the increase in value of the investment properties. The revaluation reserve (less the newly-provided deferred tax) has been re-analysed as a separate non-distributable reserve (a component of the profit and loss reserve), and further increases in the value of the investment properties, and movements in the deferred tax provision on these amounts, are transferred to this reserve so that a clear distinction is maintained between distributable and non-distributable reserves.

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		1,000	-	-	1,000
Investment property		3,244,000	-	-	3,244,000
		3,245,000	-	-	3,245,000
Current assets
Debtors		64,349	-	-	64,349
Cash at bank and in hand		60,550	-	-	60,550
		124,899	-	-	124,899
Creditors: Amounts falling due within one year		(129,014)	-	-	(129,014)
Net current liabilities		(4,115)	-	-	(4,115)
Total assets less current liabilities		3,240,885	-	-	3,240,885
Provisions for liabilities		-	-	(88,621)	(88,621)
Net assets/(liabilities)		3,240,885	-	(88,621)	3,152,264
Capital and reserves
Called up share capital		(10,000)	-	-	(10,000)
Revaluation reserve		(1,849,552)	1,849,552	-	-
Other reserves		-	(1,849,552)	88,621	(1,760,931)
Profit and loss account		(1,381,333)	-	-	(1,381,333)
Total equity		(3,240,885)	-	88,621	(3,152,264)

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Grangemoss Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		1,000	-	-	1,000
Investment property		3,370,000	-	-	3,370,000
		3,371,000	-	-	3,371,000
Current assets
Debtors		28,787	-	-	28,787
Cash at bank and in hand		190,210	-	-	190,210
		218,997	-	-	218,997
Creditors: Amounts falling due within one year		(118,717)	-	-	(118,717)
Net current assets		100,280	-	-	100,280
Total assets less current liabilities		3,471,280	-	-	3,471,280
Provisions for liabilities		-	-	(109,549)	(109,549)
Net assets/(liabilities)		3,471,280	-	(109,549)	3,361,731
Capital and reserves
Called up share capital		(10,000)	-	-	(10,000)
Revaluation reserve		(1,975,552)	1,975,552	-	-
Other reserves		-	(1,975,552)	109,549	(1,866,003)
Profit and loss account		(1,485,728)	-	-	(1,485,728)
Total equity		(3,471,280)	-	109,549	(3,361,731)

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