Company Registration No. 06540175 (England and Wales)
GROVEWELL ESTATES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
GROVEWELL ESTATES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
GROVEWELL ESTATES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,826,823
1,824,573
Current assets
Stocks
2,000
1,000
Debtors
79,447
58,951
Cash at bank and in hand
89,918
71,941
171,365
131,892
Creditors: amounts falling due within one year
(298,830)
(231,026)
Net current liabilities
(127,465)
(99,134)
Total assets less current liabilities
1,699,358
1,725,439
Creditors: amounts falling due after more than one year
3
(1,409,864)
(1,503,963)
Provisions for liabilities
(26,512)
(20,951)
262,982
200,525
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
262,882
200,425
Shareholders' funds
262,982
200,525
GROVEWELL ESTATES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2016
30 June 2016
- 2 -
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 March 2017
Mr R D Murugupillai
Director
Company Registration No. 06540175
GROVEWELL ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
These financial statements have been prepared on the assumption that the company will continue in operational existence for the forseeable future.
The validity of this assumption depends on the continued support of the directors and creditors.
If the company was unable to continue in operational existence for the forseeable future, adjustments would be necessary to reduce the balance sheet value of assets to their recoverable amounts, to reclassify fixed assets as current assets and long term liabilities as current liabilities and to provide for further liabilities which might arise.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of trade discounts.
of
trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold land and buildings
over the 125 year lease
Fixtures, fittings and equipment
15% reducing balance
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
GROVEWELL ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 July 2015
450,000
2,063,279
2,513,279
Additions
-
50,781
50,781
At 30 June 2016
450,000
2,114,060
2,564,060
Depreciation
At 1 July 2015
450,000
238,706
688,706
Charge for the year
-
48,531
48,531
At 30 June 2016
450,000
287,237
737,237
Net book value
At 30 June 2016
-
1,826,823
1,826,823
At 30 June 2015
-
1,824,573
1,824,573
3
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £1,523,037 (2015 - £1,586,037).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100