Grosvenor Construction Limited Company Accounts

GROSVENOR CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06793432

Grosvenor Construction Limited

Filleted Unaudited Financial Statements

31 March 2019

Grosvenor Construction Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants and business advisors report to the board of directors on the preparation of the unaudited statutory financial statements	9

Grosvenor Construction Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		316,939	342,378

Current assets

Stocks		268,627	272,986
Debtors	6	165,246	119,133
Cash at bank and in hand		1,113,844	472,865
		------------	---------
		1,547,717	864,984

Creditors: amounts falling due within one year	7	1,055,430		496,998
		------------		---------
Net current assets			492,287	367,986
			---------	---------
Total assets less current liabilities			809,226	710,364

Creditors: amounts falling due after more than one year	8		482	32,598

Provisions

Taxation including deferred tax	24,184		37,455
Other provisions	89,684		–
	---------		--------
		113,868	37,455
		---------	---------
Net assets		694,876	640,311
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	694,776	640,211
	---------	---------
Members funds	694,876	640,311
	---------	---------

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 March 2019 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 .

Grosvenor Construction Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 15 October 2019 , and are signed on behalf of the board by:

Mr R N Moore	Mr C W F Mellor
Director	Director

Company registration number: 06793432

Grosvenor Construction Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 41, Tir Llwyd Industrial Estate, Kimnel Bay, Rhyl, Denbighshire, LL18 5JA.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Work in progress is valued on the basis of direct costs plus attributable overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation

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

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property	-	5% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Freehold land is not depreciated.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 34 (2018: 37 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2018	133,204	365,072	30,723	139,931	668,930
Additions	–	15,500	4,732	22,898	43,130
Disposals	–	( 13,016)	( 494)	–	( 13,510)
	---------	---------	--------	---------	---------
At 31 March 2019	133,204	367,556	34,961	162,829	698,550
	---------	---------	--------	---------	---------
Depreciation
At 1 April 2018	9,624	209,177	17,184	90,567	326,552
Charge for the year	1,603	42,410	4,510	18,065	66,588
Disposals	–	( 11,268)	( 261)	–	( 11,529)
	---------	---------	--------	---------	---------
At 31 March 2019	11,227	240,319	21,433	108,632	381,611
	---------	---------	--------	---------	---------
Carrying amount
At 31 March 2019	121,977	127,237	13,528	54,197	316,939
	---------	---------	--------	---------	---------
At 31 March 2018	123,580	155,895	13,539	49,364	342,378
	---------	---------	--------	---------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	160,700	111,570
Other debtors	4,546	7,563
	---------	---------
	165,246	119,133
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	13,637	15,206
Trade creditors	394,254	267,181
Social security and other taxes	281,916	126,055
Other creditors	365,623	88,556
	------------	---------
	1,055,430	496,998
	------------	---------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	–	14,232
Other creditors	482	18,366
	----	--------
	482	32,598
	----	--------

The bank loan is secured by a Legal Charge over the freehold property.

9. Related party transactions

The directors operated loan accounts with the company with an aggregate opening balance of £27,421 (2018 £30,161)and net movement in the year amounting to £20,139, with a closing credit balance of £47,560(2018 £27,421). During the year dividends were paid to family members of the directors amounting to £42,000. In the period the company employed the wife of one of the directors. Her salary for the period was £30,671. The company also employed the partner of the other director. Her salary in the period was £20,615. The company also employed the father of one of the directors. His salary in the year was £14,928. The company employed two of the sons of one of the directors, and the aggregate salary paid to them in the year was £7,658.

Grosvenor Construction Limited

Management Information

Year ended 31 March 2019

The following pages do not form part of the financial statements.

Grosvenor Construction Limited

Chartered Accountants and Business Advisors Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grosvenor Construction Limited

Year ended 31 March 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 Grosvenor Construction Limited for the year ended 31 March 2019, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Grosvenor Construction Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Grosvenor Construction Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grosvenor Construction Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grosvenor Construction 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 profit of Grosvenor Construction Limited. You consider that Grosvenor Construction Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Grosvenor Construction 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.

BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisors

Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT

15 October 2019