Greylands Investments Limited Filleted accounts for Companies House (small and micro)

GREYLANDS INVESTMENTS LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Greylands Investments Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04398507

GREYLANDS INVESTMENTS LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2018

GREYLANDS INVESTMENTS LIMITED

REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF GREYLANDS INVESTMENTS LIMITED

YEAR ENDED 31 MARCH 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Greylands Investments Limited for the year ended 31 March 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

11 December 2018

GREYLANDS INVESTMENTS LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	4	1,644	2,416
Investments	5	466,188	466,188
		------------	------------
		467,832	468,604

Creditors: amounts falling due within one year	10,145		12,720
	------------		------------
Net current liabilities		10,145		12,720
		------------		------------
Total assets less current liabilities		457,687		455,884

Creditors: amounts falling due after more than one year	6	465,152	476,326
		------------	------------
Net liabilities		( 7,465)	( 20,442)
		------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 8,465)	( 21,442)
	------------	------------
Shareholders deficit	( 7,465)	( 20,442)
	------------	------------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

GREYLANDS INVESTMENTS LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 11 December 2018 , and are signed on behalf of the board by:

C N Seeley
Director

Company registration number: 04398507

GREYLANDS INVESTMENTS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 115 Spring Lane, Erdington, Birmingham, B24 9BY.

2. Statement of compliance

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

Going concern

The members' attention is drawn to the deficit showing on the balance sheet. The accounts have been prepared on the going concern basis, following assurances from the director that he will not be calling for repayment of his loan account for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents the realisable value of rents receivable and work undertaken during the year, exclusive of Value Added Tax.

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.

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.

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	-	15% straight line
Computer equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

4. Tangible assets

	£
Cost
At 1 April 2017	9,981
Additions	175
	------------
At 31 March 2018	10,156
	------------
Depreciation
At 1 April 2017	7,565
Charge for the year	947
	------------
At 31 March 2018	8,512
	------------
Carrying amount
At 31 March 2018	1,644
	------------
At 31 March 2017	2,416
	------------

5. Investments

	£
Cost
At 1 April 2017 and 31 March 2018	466,188
	------------
Impairment
At 1 April 2017 and 31 March 2018	–
	------------
Carrying amount
At 31 March 2018	466,188
	------------
At 31 March 2017	466,188
	------------

6. Creditors: amounts falling due after more than one year

Included within creditors: amounts falling due after more than one year is an amount of £400,000 (2017: £400,000) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

7. Contingencies

The amounts due to Britannic Money Plc are secured by a fixed charge on the various investment properties owned by the company in respect to which the loans were granted. The amount due to Onesavings Bank Plc is secured by a fixed charge on the investment property owned by the company in respect to which the loan was granted. There is a fixed and floating charge over all the assets of the company for all monies due in favour of Barclays Bank Plc dated 11 April 2008.

8. Director's advances, credits and guarantees

Amounts owed to the director at the balance sheet date are included in creditors and totalled £57,957 (2017 £65,783).