ACCOUNTS - Final Accounts

C G GROTE & SONS LIMITED - Company Information

Registered number: 04738056

C G GROTE & SONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

C G GROTE & SONS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF C G GROTE & SONS LIMITED
FOR THE YEAR ENDED 28 FEBRUARY 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C G Grote & Sons Limited for the year ended 28 February 2019 which comprise the 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 at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of C G Grote & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2014. Our work has been undertaken solely to prepare for your approval the financial statements of C G Grote & Sons Limited and state those matters that we have agreed to state to the Board of directors of C G Grote & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C G Grote & Sons Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that C G Grote & Sons 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 loss of C G Grote & Sons Limited. You consider that C G Grote & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of C G Grote & Sons 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

10 June 2019

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C G GROTE & SONS LIMITED

REGISTERED NUMBER: 04738056

BALANCE SHEET

AS AT 28 FEBRUARY 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		144		-
Investments	5		4		-
			148		-
Current assets
Stocks	6	985,000		1,220,985
Debtors: amounts falling due within one year	7	4,490		45,780
Cash at bank and in hand		38,959		74,905
		1,028,449		1,341,670
Creditors: amounts falling due within one year	8	(1,076,225)		(1,341,039)
Net current (liabilities)/assets			(47,776)		631
Total assets less current liabilities			(47,628)		631

Net (liabilities)/assets			(47,628)		631

Capital and reserves
Called up share capital	1,832	1,832
Profit and loss account	(49,460)	(1,201)
	(47,628)	631

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C G GROTE & SONS LIMITED

REGISTERED NUMBER: 04738056

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 June 2019.

C G V A G Grote

Director

The notes on pages 4 to 9 form part of these financial statements.

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C G GROTE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

1.	General information

C G Grote & Sons Limited is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 5 Bloodhills, East Somerton, Great Yarmouth, NR29 4DU. Its principle place of business is the United Kingdom.
The Company's principle activity is that of property development and consultancy.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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C G GROTE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in the Profit and loss account using the effective interest method.

2.5

Finance costs

Finance costs are charged to the Profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in the Profit and loss account in the year in which they are incurred.

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C G GROTE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

2.Accounting policies (continued)

2.7

Taxation

Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10

Stocks

Stocks represent work in progress on property developments and are valued at the lower of cost and estimated net relisable value of the work undertaken.

2.11

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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C G GROTE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

2.Accounting policies (continued)

2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	192
	At 28 February 2019	192
	Depreciation
	Charge owned for the period	48
	At 28 February 2019	48
	Net book value
	At 28 February 2019	144
	At 28 February 2018	-

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C G GROTE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	4
	At 28 February 2019	4

6.	Stocks
		2019	2018
		£	£

Work in progress	985,000	1,220,985
	985,000	1,220,985

Debtors

					2019	2018
					£	£


Trade debtors	2,020	17,692
Other debtors	529	25,440
Prepayments and accrued income	1,941	2,648
	4,490	45,780

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C G GROTE & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

8.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Other loans	-	100,250
Trade creditors	46	25,058
Corporation tax	-	1,311
Other creditors	1,026,598	1,212,326
Accruals and deferred income	49,581	2,094
	1,076,225	1,341,039

9.	Related party transactions
	As at 28 February 2019, the company owed £1,023,598 (2018 - £1,212,326) to the directors. These balances are interest free and repayable on demand and are included in other creditors due within one year in note 8 to the financial statements.

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