Registration number:
Grosvenor Place Holdings Limited
for the Year Ended 30 September 2021
Grosvenor Place Holdings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Grosvenor Place Holdings Limited
(Registration number: 03033804)
Balance Sheet as at 30 September 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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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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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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- |
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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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Profit and loss account |
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Shareholders' funds |
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Grosvenor Place Holdings Limited
(Registration number: 03033804)
Balance Sheet as at 30 September 2021
For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
In light of the rapid global spread of the Coronavirus “Covid-19” in early 2020, the director assessed the impact and have reviewed budgets for the next twelve months. Following this review, the directors consider that although the company has been impacted by the Government’s lockdown measures, the company is able to continue as a going concern.
Based on the above and information available to the directors at the date of approval, the directors consider it appropriate continue to adopt the going concern basis in preparing these financial statements and that the company has adequate resources to continue to trade for the foreseeable future being 12 months from approval of these financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. 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.
Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
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.
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.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and macinery |
Reducing balance 15% |
Office equipment |
Reducing balance 15% |
Investment property
the current market rents and investment property yields for comparable real estate, adjusted if
necessary for any difference in the nature, location or condition of the specific asset. No depreciation
is provided. Changes in fair value are recognised in the Statement of Profit and Loss.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2020 |
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At 30 September 2021 |
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Depreciation |
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At 1 October 2020 |
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Charge for the year |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Investment properties |
2021 |
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At 1 October 2020 and 2021 |
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The fair value of the investment properties has been arrived at on the opinion of the directors. The basis of this valuation was open market value.
Had the investment properties been measured on a historical cost basis, their carrying amount would have been £1,885,319 (2020 - £1,885,319).
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 October 2020 |
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Provision |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Stocks |
2021 |
2020 |
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Work in progress |
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Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by other related parties |
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Other debtors |
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Prepayments and accrued income |
2,122 |
907 |
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Creditors |
Due within one year |
Note |
2021 |
2020 |
Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Other creditors |
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Accruals |
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Corporation tax liability |
168,003 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
- |
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2,636,744 |
2,862,274 |
The loans and borrowings are secured by way of fixed and floating charges agaisnt the assets to which they relate.
Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £5,823 (2020 - £15,417). They are hire purchase liabilities.
Grosvenor Place Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Related party transactions |
Loans to related parties
2021 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2020 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans to related parties
Loans from related parties
2021 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2020 |
Key management |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Terms of loans from related parties