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GROSVENOR FREEHOLDS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Grosvenor Freeholds Limited is a limited company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD. Its principal business address is at Cavendish House, 369 Burnt Oak Broadway, Edgware, Middlesex, HA8 5AW.
The principal activity of the Company is that of property investment.
The Company's functional and presentational currency is £ sterling.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The director is satisfied that projected rental income will be sufficient to meet ongoing running costs for at least 12 months from the date of his approval of these financial statements. Based on the above the director considers it appropriate to prepare the financial statements on a going concern basis.
Turnover comprises ground rents receivable for the year, exclusive of Value Added Tax and are recognised in the period to which they relate.
Investment property is carried at fair value determined annually and derived from 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 Comprehensive Income.
Short term debtors are measured at the transaction price.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Short term creditors are measured at the transaction price.
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