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Unaudited Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Grange Portfolio Holdings Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Grange Portfolio Holdings Limited |
Grange Portfolio Holdings Limited (Registered number: 10274678) |
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Contents of the Financial Statements |
for the year ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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Grange Portfolio Holdings Limited |
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Company Information |
for the year ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Pacioli House |
9 Brookfield |
Duncan Close |
Northampton |
Northamptonshire |
NN3 6WL |
Grange Portfolio Holdings Limited (Registered number: 10274678) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Grange Portfolio Holdings Limited (Registered number: 10274678) |
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Notes to the Financial Statements |
for the year ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Grange Portfolio Holdings Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 Section 1A") and with the Companies Act 2006. The financial statements have been prepared under the historical cost basis. |
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The financial statements are presented in Sterling (£) and cover the period to the 31st March each year. |
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Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Preparation of consolidated financial statements |
The financial statements contain information about Grange Portfolio Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Grange Portfolio Holdings Limited (Registered number: 10274678) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Grange Portfolio Holdings Limited (Registered number: 10274678) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2021 |
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6. | FINANCIAL RISK MANAGEMENT |
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The company as a standalone entity does not face any financial risk, however as parent company the risks it faces are those of its subsidiary entities, in particular: |
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Credit risk |
The company has limited exposure to credit risks due its income stream being from commissions and rental and so a limited amount of income comes with credit terms. |
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Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. |
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Interest rate risk |
The company has significant borrowings which are impacted by the interest rate set by the Bank of England, and so the company is sensitive to movements in the base rate. Where possible strategies to mitigate this risk have been implemented. |
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Market risk |
There is a market risk associated with the fluctuation in demand for the mortgage and protection services provided by the company's subsidiaries. Most of this is mitigated by monitoring the markets to ensure that overheads and costs are tailored to the demand for the services offered. |
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The company holds no derivative financial instruments at the year end. |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 300 | 300 |
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8. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company was owed £130,300 (2020 - £123,300) from a subsidiary company. There in no interest accruing, and the amount is repayable on demand, and so included within debtors less than one year. |