Greys Investments Limited 30/11/2017 iXBRL

Greys Investments Limited 30/11/2017 iXBRL

GREYS INVESTMENTS LIMITED - Company Information

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Company registration number: 07295607
Greys Investments Limited
Unaudited filleted financial statements
30 November 2017
Greys Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Greys Investments Limited
Directors and other information
Directors Mr Adam Charles Gibbon
Mrs Amanda Bernadette Gibbon
Secretary Adam Charles Gibbon
Company number 07295607
Registered office 59A Brent Street
London
NW4 2EA
Business address Copse Hill
Greys Green
Rotherfield Greys
Henley on Thames
RG9 4QQ
Accountants David Fishel Accountancy Services Limited
59A Brent Street
London
NW4 2EA
Bankers Nat West plc
Chancery Lane & High Holborn Branch
PO Box 159 322 High Holborn
London
WC1V 7PS
Solicitors Harold Benjamin
Hill House
67-71 Lowlands Road
Harrow
Middlesex HA1 3EQ
Greys Investments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Greys Investments Limited
Year ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Greys Investments Limited for the year ended 30 November 2017 which comprise the statement of financial position and related notes 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Greys Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Greys Investments Limited and state those matters that we have agreed to state to the board of directors of Greys Investments Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Greys Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Greys Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Greys Investments Limited. You consider that Greys Investments Limited 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 financial statements of Greys Investments Limited. 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 financial statements.
David Fishel Accountancy Services Limited
Chartered Accountants
59A Brent Street
London
NW4 2EA
Date: 23 August 2018
Greys Investments Limited
Statement of financial position
30 November 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 1,218,927 825,124
_______ _______
1,218,927 825,124
Current assets
Debtors 6 491,704 974,087
Cash at bank and in hand 2,489 25,593
_______ _______
494,193 999,680
Creditors: amounts falling due
within one year 7 ( 418,049) ( 969,410)
_______ _______
Net current assets 76,144 30,270
_______ _______
Total assets less current liabilities 1,295,071 855,394
Provisions for liabilities ( 73,367) -
_______ _______
Net assets 1,221,704 855,394
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 1,221,702 855,392
_______ _______
Shareholders funds 1,221,704 855,394
_______ _______
For the year ending 30 November 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 23 August 2018 , and are signed on behalf of the board by:
Mr Adam Charles Gibbon
Director
Company registration number: 07295607
Greys Investments Limited
Notes to the financial statements
Year ended 30 November 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 59A Brent Street, London, NW4 2EA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based upon a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold Investment property - No depreciation - see below
Fittings fixtures and equipment - 25 % straight line
No depreciation is provided on the company's freehold property portfolio. This treatment may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, the properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy is therefore necessary for the accounts to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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 not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.
Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is no intention to settle on a net basis or to realise the asset or settle the liability immediately.
4. Tax on profit
Major components of tax expense
2017 2016
£ £
Current tax:
UK current tax expense 13,728 31,913
Adjustments in respect of previous periods - 4
_______ _______
Deferred tax:
Deferred tax 73,367 -
_______ _______
Tax on profit 87,095 31,917
_______ _______
5. Tangible assets
Freehold investment property Fixtures, fittings and equipment Total
£ £ £
Cost or valuation
At 1 December 2016 813,858 20,851 834,709
Additions 11,416 - 11,416
Revaluation 386,142 - 386,142
_______ _______ _______
At 30 November 2017 1,211,416 20,851 1,232,267
_______ _______ _______
Depreciation
At 1 December 2016 - 9,584 9,584
Charge for the year - 3,756 3,756
_______ _______ _______
At 30 November 2017 - 13,340 13,340
_______ _______ _______
Carrying amount
At 30 November 2017 1,211,416 7,511 1,218,927
_______ _______ _______
At 30 November 2016 813,858 11,267 825,125
_______ _______ _______
Investment property
The company's investment property was revalued at balance sheet date by Mr A C Gibbon, one of the company's directors, based upon local market conditions. Mr Gibbon is a Member of the Royal Instuitute of Chartered Surveyors.
6. Debtors
2017 2016
£ £
Other debtors 491,704 974,087
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Corporation tax 13,728 31,913
Social security and other taxes 43 -
Other creditors 404,278 937,497
_______ _______
418,049 969,410
_______ _______
8. Reserves
The balance on the profit and loss account at balance sheet date includes £386,142 of unrealised profits which are not available for distribution.
9. Related party transactions
Included in fees for consultancy advice received during the year was £25,000 from JACCA Investments Limited, a company controlled by this company's directors.At balance sheet date the company had made loans to JACCA Investments Limited of £115,000 (2016 - £115,000) and Languard Homes 2020 LLP of £354,923 (2016 - £357,491), a partnership in which both this company and Mr Gibbon, one of this company's directors, hold 12.5% interests. Both loans are interest free with no stipulation as to repayment.Mr Gibbon has also made a loan to the company. At balance sheet date this loan stood at £404,168 (2016 - £924,958). There is also no stipulation as to repayment of this loan.The loan carries an interest rate of 2%.
10. Controlling party
The company is under the control of its two directors , Mr A C Gibbon and Mrs A B Gibbon, who own 100% of the equity issued share company of the company.No one person has overall control of the company.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.