Registration number:
Gray's Inn Estates (London) Limited
for the Year Ended 31 October 2023
Gray's Inn Estates (London) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Gray's Inn Estates (London) Limited
Company Information
Director |
Mrs C Steinhouse |
Company secretary |
Mrs C Steinhouse |
Registered office |
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Accountants |
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Gray's Inn Estates (London) Limited
(Registration number: 02967809)
Balance Sheet as at 31 October 2023
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Gray's Inn Estates (London) Limited
(Registration number: 02967809)
Balance Sheet as at 31 October 2023
Approved and authorised by the
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Gray's Inn Estates (London) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
The presentational currency of these financial statements is £ sterling. The level of rounding is to the nearest £1.
Revenue recognition
Turnover represents the proceeds of ground rent and freehold reversion sales together with rents receivable and insurance premiums. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Gray's Inn Estates (London) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Investment property
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.
Trade debtors
Trade debtors are amounts due from tenants in respect of the lease of freehold land.
Stocks
Stocks of ground rents are acquired and held with the intention of resale and are valued at the lower of cost and net realisable value.
Net realisable value is based on estimated selling price less further costs to completion and disposal.
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.
Financial instruments
Classification
Recognition and measurement
Gray's Inn Estates (London) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment property |
2023 |
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At 1 November 2022 |
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Fair value adjustments |
( |
At 31 October 2023 |
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Stocks |
2023 |
2022 |
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Other inventories |
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15,359 |
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
2023 |
2022 |
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Trade creditors |
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Other creditors |
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Gray's Inn Estates (London) Limited
Notes to the Financial Statements for the Year Ended 31 October 2023
Related party transactions |
Loans to related parties
2023 |
Key management |
At start of period |
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Advanced |
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Repaid |
- |
At end of period |
- |
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2022 |
Key management |
At start of period |
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Advanced |
- |
Repaid |
( |
At end of period |
- |
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Terms of loans to related parties