Grosvenor Oil Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02909421 (England and Wales)

Financial Statements for the Year Ended 31 December 2018

for

Grosvenor Oil Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M I Stephen

G A Allen

REGISTERED OFFICE:

Unit 1-9

Carrington Business Park

Carrington

Manchester

Greater Manchester

M31 4DD

REGISTERED NUMBER:

02909421 (England and Wales)

AUDITORS:

Johnstone Howell & Co

Statutory Auditors

104 Whitby Road

Ellesmere Port

Cheshire

CH65 0AB

FIXED ASSETS

Tangible assets

4

44,117

78,642

CURRENT ASSETS

Stocks

22,739

86,904

Debtors

5

1,247,831

786,429

Cash at bank and in hand

94,914

327,841

1,365,484

1,201,174

CREDITORS

Amounts falling due within one year

6

344,677

291,784

NET CURRENT ASSETS

1,020,807

909,390

TOTAL ASSETS LESS CURRENT LIABILITIES

1,064,924

988,032

PROVISIONS FOR LIABILITIES

41,040

35,308

NET ASSETS

1,023,884

952,724

CAPITAL AND RESERVES

Called up share capital

35,000

35,000

Retained earnings

8

988,884

917,724

SHAREHOLDERS' FUNDS

1,023,884

952,724

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 28 June 2019 and were signed on its behalf by:

G A Allen - Director

M I Stephen - Director

1.	STATUTORY INFORMATION

Grosvenor Oil Services Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	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.

The company's presentational currency is pounds sterling.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured net of value added tax, rebates and discounts. Turnover from the sale of goods and

services is recognised when the company has delivered those goods and services to the customer.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and at varying rates on cost

Stocks

Stock is valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

748,753

Additions

815

Disposals

(25,070

)

At 31 December 2018

724,498

DEPRECIATION

At 1 January 2018

670,111

Charge for year

35,340

Eliminated on disposal

(25,070

)

At 31 December 2018

680,381

NET BOOK VALUE

At 31 December 2018

44,117

At 31 December 2017

78,642

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

334,709

410,454

Amounts owed by group undertakings

893,989

366,027

Other debtors

19,133

9,948

1,247,831

786,429

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

266,253

196,559

Taxation and social security

44,462

44,472

Other creditors

33,962

50,753

344,677

291,784

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

2,122

26,423

Between one and five years

24,973

-

27,095

26,423

8.

RESERVES

Retained

earnings

£

At 1 January 2018

917,724

Profit for the year

273,185

Dividends

(202,025

)

At 31 December 2018

988,884

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Bagnall FCA (Senior Statutory Auditor)

for and on behalf of Johnstone Howell & Co

10.	OTHER FINANCIAL COMMITMENTS

There is an unlimited cross-company bank guarantee given by the company, Grosvenor Power Services Limited

and G.P.S. Holdings Limited.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions available under Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party

transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is G.P.S. Holdings Limited, a company registered in England and

Wales. At the balance sheet date the parent company beneficially owns 100% of the issued share capital. It is

also the parent company for the largest and smallest group for which group accounts are prepared.