Grant (Bury St Edmunds) Limited Filleted accounts for Companies House (small and micro)

GRANT (BURY ST. EDMUNDS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00508921

Grant (Bury St Edmunds) Limited

Filleted Unaudited Financial Statements

31 October 2018

Grant (Bury St Edmunds) Limited

Statement of Financial Position

31 October 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		204,385	204,423

Current assets

Debtors	6	39,477	33,252
Cash at bank and in hand		461,006	499,754
		---------	---------
		500,483	533,006

Creditors: amounts falling due within one year	7	168,242		168,933
		---------		---------
Net current assets			332,241	364,073
			---------	---------
Total assets less current liabilities			536,626	568,496
			---------	---------

Capital and reserves

Called up share capital	12,500	12,500
Profit and loss account	524,126	555,996
	---------	---------
Shareholders funds	536,626	568,496
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2018 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 financial statements were approved by the board of directors and authorised for issue on 19 June 2019 , and are signed on behalf of the board by:

Mrs J M E Grant
Director

Company registration number: 00508921

Grant (Bury St Edmunds) Limited

Notes to the Financial Statements

Year ended 31 October 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 58 College Street,, Bury St Edmunds,, IP33 1NH, Suffolk.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', except for the treatment of freehold property.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. No revaluation is made in respect of freehold property, as noted below.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Included within freehold property is certain investment property. This is stated at cost. No revaluation has been made. This policy is not in accordance with FRS 102. The directors have not quantified the difference between cost and open market value.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & fittings	-	15% reducing balance

No depreciation is provided on freehold property which is all investment property .

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 November 2017 and 31 October 2018	204,166	9,440	213,606
	---------	-------	---------
Depreciation
At 1 November 2017	–	9,183	9,183
Charge for the year	–	38	38
	---------	-------	---------
At 31 October 2018	–	9,221	9,221
	---------	-------	---------
Carrying amount
At 31 October 2018	204,166	219	204,385
	---------	-------	---------
At 31 October 2017	204,166	257	204,423
	---------	-------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	39,477	33,252
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	37,848	44,628
Corporation tax	14,444	14,977
Social security and other taxes	4,930	2,465
Other creditors	111,020	106,863
	---------	---------
	168,242	168,933
	---------	---------