Grant, Barnett Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04108513 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Grant, Barnett Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W S Thomas

P S Thomas

REGISTERED OFFICE:

Waterfront House

55-61 South Street

Bishop's Stortford

Hertfordshire

CM23 3AL

REGISTERED NUMBER:

04108513 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

FIXED ASSETS

Intangible assets

4

-

-

Investments

5

3,514,393

3,778,891

3,514,393

3,778,891

CURRENT ASSETS

Debtors

6

783,163

600,000

CREDITORS

Amounts falling due within one year

7

(1,700,303

)

(2,295,187

)

NET CURRENT LIABILITIES

(917,140

)

(1,695,187

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,597,253

2,083,704

CAPITAL AND RESERVES

Called up share capital

140,000

140,000

Share premium

38,000

38,000

Capital redemption reserve

165,000

165,000

Retained earnings

2,254,253

1,740,704

SHAREHOLDERS' FUNDS

2,597,253

2,083,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 on 18 September 2019 and were signed on its behalf by:

W S Thomas - Director

P S Thomas - Director

1.	STATUTORY INFORMATION

Grant, Barnett Holdings 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 financial statements are presented in pounds sterling and rounded to the nearest £. The company's functional

currency is Pounds Sterling, Euro and US Dollar.

Going concern

Current liabilities exceed current assets, however, after reviewing the entities forecasts and projections, the

directors have a reasonable expectation that the company has adequate resources to continue in operational

existence for the foreseeable future. The company therefore continues to adopt the going concern basis in

preparing its financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Grant, Barnett Holdings Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company is exempt under

Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the circumstances.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and fair value of the

identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Investments in subsidiaries

Investments in subsidiaries are disclosed at cost less impairment.

Other Investments

Other investments are shown at fair value or where fair value cannot be readily ascertained at cost less

impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

Debtors and creditors receivable/payable in one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a financing transaction it is measured at the present value of future payments.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle the obligation , and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the end of the reporting period, taking in to account the risks and uncertainties surrounding the

obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the

obligation is recognised at fair value, net of transactions costs, and are measured subsequently at amortised cost

using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

814,715

AMORTISATION

At 1 January 2018

and 31 December 2018

814,715

NET BOOK VALUE

At 31 December 2018

-

At 31 December 2017

-

5.	FIXED ASSET INVESTMENTS

31.12.18

31.12.17

£

£

Shares in group undertakings

2,683,365

2,683,365

Other investments not loans

831,028

1,095,526

3,514,393

3,778,891

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 January 2018

and 31 December 2018

2,683,365

NET BOOK VALUE

At 31 December 2018

2,683,365

At 31 December 2017

2,683,365

Investments (neither listed nor unlisted) were as follows:

31.12.18

31.12.17

£

£

Brought forward

1,095,526

1,018,489

Net movement

(264,498

)

77,037

831,028

1,095,526

Investments (neither listed nor unlisted) represents the fair value of the company's capital account balance in GB

Creations LLP, Grant Barnett Designs LLP and Grant Barnett Assets LLP. The LLP's are considered subsidiaries

as their voting rights are controlled by the company.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Other debtors

783,163

600,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Amounts owed to group undertakings

1,425,508

1,835,561

Taxation and social security

30,645

2,073

Other creditors

244,150

457,553

1,700,303

2,295,187

8.	SECURED DEBTS

Barclays Bank Plc has a fixed and floating charge over all the assets of the company.

9.	CONTINGENT LIABILITIES

There is a cross guarantee in place with group entities for which there are total loans of £674,382 (2017:

£870,030).

10.	RELATED PARTY DISCLOSURES