Granite Estates Limited - Limited company accounts 18.2
Granite Estates Limited - Limited company accounts 18.2
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements for the Year Ended 31 March 2018 |
| for |
| Granite Estates Limited |
| Granite Estates Limited (Registered number: 02652515) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Chartered Certified Accountants' Report | 3 |
| Income Statement | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| Granite Estates Limited |
| Company Information |
| for the Year Ended 31 March 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Argyle House |
| Joel Street |
| Northwood Hills |
| HA6 1NW |
| Granite Estates Limited (Registered number: 02652515) |
| Report of the Directors |
| for the Year Ended 31 March 2018 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| The directors are responsible for preparing the Directors' report and the financial statements in accordance with |
| applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
| have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
| Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
| approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
| company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
| are required to: |
| a) select suitable accounting policies and then apply them consistently; |
| b) make judgments and accounting estimates that are reasonable and prudent; |
| c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that |
| the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
| company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
| enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
| safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
| and other irregularities. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2017 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE DIRECTORS: |
| Chartered Certified Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Granite Estates Limited |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of Granite Estates Limited for the year ended 31 March 2018 which comprise the Income |
| Statement, Balance Sheet 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 http://www.accaglobal.com/rulebook. |
| This report is made solely to the Board of Directors of Granite Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Granite Estates Limited and state those matters that we have agreed to state to the Board of Directors of Granite Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Granite Estates 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 loss of Granite Estates Limited. You consider that Granite Estates 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 Granite Estates 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. |
| Argyle House |
| Joel Street |
| Northwood Hills |
| HA6 1NW |
| Granite Estates Limited (Registered number: 02652515) |
| Income Statement |
| for the Year Ended 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| TURNOVER |
| Administrative expenses | ( |
) |
| OPERATING (LOSS)/PROFIT | ( |
) |
| Interest receivable and similar income |
| (544,292 | ) | 590,803 |
| Interest payable and similar expenses |
| (LOSS)/PROFIT BEFORE TAXATION | ( |
) |
| Tax on (loss)/profit |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| Granite Estates Limited (Registered number: 02652515) |
| Balance Sheet |
| 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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 financial statements were approved by the Board of Directors on by: |
| Granite Estates Limited (Registered number: 02652515) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2018 |
| 1. | STATUTORY INFORMATION |
| Granite Estates Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis. |
| 1.1.1) the directors of the company have received assurances from the creditors who are also subsidiary |
| undertakings of the company's ultimate parent undertaking or related undertakings that their indebtedness will be |
| deferred and they will not seek repayment of them until the earlier of such time as the company is in a position to |
| repay those liabilities and thirteen months from the date of these accounts; and |
| 1.1.2) the directors of the company have received indications from the other creditors that they will not seek |
| repayment of them until such time as the company is in a position to repay those liabilities |
| Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
| as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that |
| evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Investment in subsidiary undertakings |
| The company accounts for its investments in subsidiary undertakings by the equity method, whereby the original |
| cost of the investments since their date of acquisition is adjusted for the movement in underlying net assets |
| applicable to the investments since their date of acquisition, with a corresponding adjustment to the company's |
| revaluation reserve. |
| Consolidation |
| The company has taken advantage of the exemption conferred by Section 402 of the Companies Act 2006 not to |
| prepare group accounts, since the group headed by the company qualifies, under the provisions of Section 405 of |
| the Companies Act 2006, as a small group. |
| Granite Estates Limited (Registered number: 02652515) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 3. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 April 2017 |
| and 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| Cost or valuation at 31 March 2018 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Valuation in 2018 | 2,209,884 |
| The investment in subsidiaries were valued on fair value basis on 31 March 2018 by the Directors . |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Amounts owed to group undertakings |
| Other creditors |