Groves & Partners Eastbourne Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04891340 (England and Wales)

GROVES & PARTNERS EASTBOURNE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs J Collard

Mrs R M Groves

Mrs L C Askaroff F.G.A.

SECRETARY:

Mrs J Collard

REGISTERED OFFICE:

117 Wish Hill

Willingdon

Eastbourne

East Sussex

BN20 9HQ

REGISTERED NUMBER:

04891340 (England and Wales)

ACCOUNTANTS:

Cornfield Accountants Limited

Chartered Accountants

5 Cornfield Terrace

Eastbourne

East Sussex

BN21 4NN

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Groves & Partners Eastbourne Limited for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Groves & Partners Eastbourne Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Groves & Partners Eastbourne Limited and state those matters that we have agreed to state to the Board of Directors of Groves & Partners Eastbourne Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Groves & Partners Eastbourne Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Groves & Partners Eastbourne Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Groves & Partners Eastbourne Limited. You consider that Groves & Partners Eastbourne Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Groves & Partners Eastbourne Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cornfield Accountants Limited

Chartered Accountants

5 Cornfield Terrace

Eastbourne

East Sussex

BN21 4NN

15 August 2022

FIXED ASSETS

Tangible assets

3

1,139

600

Investment property

4

1,005,000

900,000

1,006,139

900,600

CURRENT ASSETS

Debtors

5

6,730

5,976

Cash at bank

2,198

2,335

8,928

8,311

CREDITORS

Amounts falling due within one year

6

375,059

370,296

NET CURRENT LIABILITIES

(366,131

)

(361,985

)

TOTAL ASSETS LESS CURRENT LIABILITIES

640,008

538,615

PROVISIONS FOR LIABILITIES

88,739

68,573

NET ASSETS

551,269

470,042

CAPITAL AND RESERVES

Called up share capital

300

300

Fair value reserve

7

504,000

418,950

Retained earnings

7

46,969

50,792

SHAREHOLDERS' FUNDS

551,269

470,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2022 and were signed on its behalf by:

Mrs J Collard - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes in effect a financing transaction, the fair value of the consideration is measured as the present value of all future receipts determined using an imputed rate of interest, normally the rate that discounts the nominal amount of consideration to the cash sales price.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities of the actual completion of a proportion of the total services to be rendered.

When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33.33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) no depreciation is provided in respect of freehold properties which are classified as investment properties, This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view.

Taxation

Taxation represents the sum of the tax currently payable and deferred tax.

The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2021

3,221

3,310

6,531

Additions

-

1,258

1,258

At 31 December 2021

3,221

4,568

7,789

DEPRECIATION

At 1 January 2021

3,221

2,710

5,931

Charge for year

-

719

719

At 31 December 2021

3,221

3,429

6,650

NET BOOK VALUE

At 31 December 2021

-

1,139

1,139

At 31 December 2020

-

600

600

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

900,000

Revaluations

105,000

At 31 December 2021

1,005,000

NET BOOK VALUE

At 31 December 2021

1,005,000

At 31 December 2020

900,000

During the year the investment properties were valued by the directors at £1,005,000.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

6,400

5,646

Other debtors

330

330

6,730

5,976

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Taxation and social security

77

-

Other creditors

374,982

370,296

375,059

370,296

7.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2021

50,792

418,950

469,742

Profit for the year

81,227

81,227

Transfer between reserves

(85,050

)

85,050

-

At 31 December 2021

46,969

504,000

550,969

8.	RELATED PARTY DISCLOSURES

Included in other creditors is £20,826 (2020 - £15,819) owed to Mrs R M Groves, a director of the company. This amount is interest free and repayable on demand.

Included in other creditors is £178,393 (2020 - £178,393) owed to Mrs L C Askaroff, a director of the company. This amount is interest free and repayable on demand.

Included in other creditors is £174,455 (2020 - £174,842) owed to Mrs J Collard a director of the company. This amount is interest free and repayable on demand.

9.

CHARGES

There are three charges in relation to securing all monies due or becoming due in favour of National Westminster Bank PLC dated 2 December 2010 and registered 4 December 2010.