Company registration number SC513064 (Scotland)
GROSVENOR (EDINBURGH) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
GROSVENOR (EDINBURGH) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GROSVENOR (EDINBURGH) LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
327,921
378,228
Current assets
Debtors
5
34,133
32,125
Cash at bank and in hand
2,903
37,036
32,125
Creditors: amounts falling due within one year
6
(34,853)
(34,462)
Net current assets/(liabilities)
2,183
(2,337)
Total assets less current liabilities
330,104
375,891
Creditors: amounts falling due after more than one year
7
401,015
542,390
Capital and reserves
Called up share capital
10,001
10,001
Profit and loss reserves
(80,912)
(176,500)
330,104
375,891
GROSVENOR (EDINBURGH) LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2022
28 February 2022
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 November 2022 and are signed on its behalf by:
Mr E D Fox
Director
Company Registration No. SC513064
GROSVENOR (EDINBURGH) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 3 -
1
Accounting policies
Company information
Grosvenor (Edinburgh) Ltd is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
24a Frederick Street, Edinburgh, EH2 2JR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services in relation to the leasing of commercial property. It is measured at the fair value of consideration received or receivable and represents amounts receivable net of discounts and value added tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Refurbishment costs
5% straight line
Equipment
10% straight line
Fixtures & fittings
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
GROSVENOR (EDINBURGH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Any impairment loss is recognised in the profit and loss account. Subsequent reversals are reversed recognised in profit and loss but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits
including holiday pay
are recognised as a liability and an expense
.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
GROSVENOR (EDINBURGH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Depreciation
Depreciation of fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
GROSVENOR (EDINBURGH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 6 -
4
Tangible fixed assets
Refurbishment costs
Equipment
Fixtures & fittings
Total
£
£
£
£
Cost
At 1 March 2021 and 28 February 2022
197,960
202,075
202,005
602,040
Depreciation and impairment
At 1 March 2021
44,541
88,368
90,903
223,812
Depreciation charged in the year
9,898
20,208
20,201
50,307
At 28 February 2022
54,439
108,576
111,104
274,119
Carrying amount
At 28 February 2022
143,521
93,499
90,901
327,921
At 28 February 2021
153,419
113,707
111,102
378,228
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
34,133
32,125
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
12
Trade creditors
3,007
9,145
Taxation and social security
27,605
Other creditors
4,241
25,305
34,853
34,462
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
401,015
542,390
The long-term borrowing of £98,333 has a floating charge against the assets of the company.
GROSVENOR (EDINBURGH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 7 -
8
Operating lease commitments
Lessee
The company has 1
5
years remaining on the lease held for the property. The current annual rent of the property is £88,508 per annum.
9
Related party transactions
Transactions with related parties
During the year the company received £257,677 (2021 - £Nil) in respect of rent and management fees from Encore Bars Ltd, a company under the common control of the mutual director.
At the balance sheet date the company was owed £34,133 (2021 - £32,125) from Encore Bars Ltd.
Encore Bars Ltd is a company registered in Scotland.