Grayland Investments Limited Company Accounts

GRAYLAND INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00753067

Grayland Investments Limited

Filleted Unaudited Financial Statements

31 March 2017

Grayland Investments Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Statement of changes in equity	4

Notes to the financial statements	5

Grayland Investments Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grayland Investments Limited

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

GERALD KREDITOR & CO. Chartered Accountants

Hallswelle House 1 Hallswelle Road London NW11 0DH

25 June 2018

Grayland Investments Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		4,284,094	2,713,100

Current assets

Debtors	6	1,738,243	1,732,829
Cash at bank and in hand		175,390	279,201
		------------	------------
		1,913,633	2,012,030

Creditors: amounts falling due within one year	7	1,917,729		1,929,994
		------------		------------
Net current (liabilities)/assets			( 4,096)	82,036
			------------	------------
Total assets less current liabilities			4,279,998	2,795,136

Provisions

Taxation including deferred tax	( 86,830)	–
	------------	------------
Net assets	4,193,168	2,795,136
	------------	------------

Capital and reserves

Called up share capital		1,500,000	1,500,000
Fair value reserve	8	1,410,080	–
Profit and loss account	8	1,283,088	1,295,136
		------------	------------
Shareholders funds		4,193,168	2,795,136
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Grayland Investments Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 25 June 2018 , and are signed on behalf of the board by:

E Tajtelbaum

Director

Company registration number: 00753067

Grayland Investments Limited

Statement of Changes in Equity

Year ended 31 March 2017

		Called up share capital	Fair value reserve	Profit and loss account	Total
		£	£	£	£
At 1 April 2015		1,500,000	–	1,284,836	2,784,836

Profit for the year				10,300	10,300
		------------	----	------------	------------
Total comprehensive income for the year		–	–	10,300	10,300

At 31 March 2016		1,500,000	–	1,295,136	2,795,136

Profit for the year				1,398,032	1,398,032
Other comprehensive income for the year:
	Transfer from profit and loss to fair value reserve	–	1,410,080	(1,410,080)	–
		------------	------------	------------	------------
Total comprehensive income for the year		–	1,410,080	( 12,048)	1,398,032

		------------	------------	------------	------------
At 31 March 2017		1,500,000	1,410,080	1,283,088	4,193,168
		------------	------------	------------	------------

Grayland Investments Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

The turnover shown in the profit and loss account represents amount of rents and service charges receivable.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

No provision has been made for depreciation of freehold buildings.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 April 2016	2,713,090	2,333	2,715,423
Additions	74,084	–	74,084
Revaluations	1,496,910	–	1,496,910
	------------	-------	------------
At 31 March 2017	4,284,084	2,333	4,286,417
	------------	-------	------------
Depreciation
At 1 April 2016 and 31 March 2017	–	2,323	2,323
	------------	-------	------------
Carrying amount
At 31 March 2017	4,284,084	10	4,284,094
	------------	-------	------------
At 31 March 2016	2,713,090	10	2,713,100
	------------	-------	------------

Included within the above is investment property as follows:

	£
At 1 April 2016	2,713,090
Additions	74,084
Fair value adjustments	1,496,910
	------------
At 31 March 2017	4,284,084
	------------

The investment properties were revalued by the directors as at 31 March 2017 having considered the open market value of the properties. No independent valuation has been undertaken.

6. Debtors

	2017	2016
	£	£
Trade debtors	44,017	55,681
Other debtors	1,694,226	1,677,148
	------------	------------
	1,738,243	1,732,829
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	1,615	1,615
Other taxation	–	10,590
Other creditors	1,916,114	1,917,789
	------------	------------
	1,917,729	1,929,994
	------------	------------

8. Reserves

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income which is not distributable. Profit and loss account - This reserve records retained earnings and accumulated losses which are distributable.

9. Related party transactions

During the year, interest amounting to £102,500 was paid on loans from the directors and connected parties.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.