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

REGISTERED NUMBER: 00064757 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Grant, Barnett & Company 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:

00064757 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

FIXED ASSETS

Tangible assets

4

8,212

18,911

CURRENT ASSETS

Stocks

286,258

282,391

Debtors

5

3,107,881

3,923,180

Cash at bank and in hand

1,448

21,981

3,395,587

4,227,552

CREDITORS

Amounts falling due within one year

6

(1,955,517

)

(2,746,460

)

NET CURRENT ASSETS

1,440,070

1,481,092

TOTAL ASSETS LESS CURRENT LIABILITIES

1,448,282

1,500,003

CREDITORS

Amounts falling due after more than one year

7

(29,459

)

(29,459

)

NET ASSETS

1,418,823

1,470,544

CAPITAL AND RESERVES

Called up share capital

35,460

35,460

Share premium

84,000

84,000

Capital redemption reserve

343,275

343,275

Retained earnings

956,088

1,007,809

SHAREHOLDERS' FUNDS

1,418,823

1,470,544

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 Statement of Income and Retained Earnings 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 & Company 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

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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes. Turnover from the supply of services represents the value of services

provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the

consideration received or receivable.

Other income

Interest income, including income arising from finance leases and other financial instruments, is recognised using

the effective interest method.

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

-

33% on cost, 25% on cost and at varying rates on cost

Impairment of assets

Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 Statement of Income and

Retained Earnings, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange

ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction,

subject to forward contracts policy below.

Exchange gains and losses are recognised in the profit and loss account.

Operating leases

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease

term.

Benefits received and receivable as an incentive to sign an operating lease are recognized on a straight line basis

over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Pensions

The company contributes to personal pension schemes and the pension charge represents the amounts payable by

the company to the funds in respect of the year.

Forward contracts

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction or,

where forward foreign currency contracts have been taken out, at contractual rates. Monetary assets and

liabilities are retranslated at the rates of exchange ruling at the balance sheet date, or at a forward contractual rate

if applicable. Exchange gains and losses are taken to the profit and loss account.

Forward currency contracts are not recognised until they mature.

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.

Dividends

Dividends are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2017 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

136,289

Additions

769

Disposals

(10,594

)

At 31 December 2018

126,464

DEPRECIATION

At 1 January 2018

117,378

Charge for year

11,468

Eliminated on disposal

(10,594

)

At 31 December 2018

118,252

NET BOOK VALUE

At 31 December 2018

8,212

At 31 December 2017

18,911

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

1,572,221

1,864,735

Amounts owed by group undertakings

1,425,508

1,835,561

Other debtors

110,152

222,884

3,107,881

3,923,180

Included within trade debtors are invoice discounted debts amounting to £1,410,357 (2017 - £1,844,541).

Advances have been made against this amount and are included within creditors.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

103,781

38,473

Trade creditors

1,357,090

1,947,312

Taxation and social security

92,266

173,750

Other creditors

402,380

586,925

1,955,517

2,746,460

Included in other creditors are advances under discounting which were made under the invoice discounting

facility and are secured on the trade debtors of the company.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Other creditors

29,459

29,459

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Preference shares

29,459

29,459

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.18

31.12.17

£

£

Bank overdrafts

103,781

38,473

Other loans

286,366

569,800

390,147

608,273

Security has been given by way of a debenture from Barclays Bank Plc comprising fixed and floating charges

over all the assets and undertaking of the company including all present and future freehold and leasehold

property, book and other debtors, chattels and goodwill, both present and future.

9.	CONTINGENT LIABILITIES

There is a cross guarantee in place with entities connected with key management personnel which have total

loans of £283,628 (2017: £261,758).

10.	RELATED PARTY TRANSACTIONS