Grosvenor House Papers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02912127 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2019

for

Grosvenor House Papers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K Young

Mrs J Young

Mr C N Tague

SECRETARY:

Mr C N Tague

REGISTERED OFFICE:

Westmorland Business Park

Kendal

Cumbria

LA9 6NP

REGISTERED NUMBER:

02912127 (England and Wales)

ACCOUNTANTS:

Bennett Kirkhope Smith

Chartered Certified Accountants

Suites 5 & 6 The Printworks

Hey Road

Barrow

Clitheroe

Lancashire

BB7 9WB

BANKERS:

Yorkshire Bank plc

7 Stricklandgate

Kendal

Lancashire

LA9 4NB

FIXED ASSETS

Intangible assets

4

172,917

197,917

Tangible assets

5

705,241

812,297

Investments

6

45,100

45,100

923,258

1,055,314

CURRENT ASSETS

Stocks

1,947,561

1,921,949

Debtors

7

986,347

955,553

Cash at bank and in hand

10,924

5,657

2,944,832

2,883,159

CREDITORS

Amounts falling due within one year

8

2,599,459

2,204,151

NET CURRENT ASSETS

345,373

679,008

TOTAL ASSETS LESS CURRENT LIABILITIES

1,268,631

1,734,322

CREDITORS

Amounts falling due after more than one year

9

(396,191

)

(581,611

)

PROVISIONS FOR LIABILITIES

12

(64,400

)

(91,875

)

ACCRUALS AND DEFERRED INCOME

(63,870

)

(75,845

)

NET ASSETS

744,170

984,991

CAPITAL AND RESERVES

Called up share capital

13

100,000

100,000

Retained earnings

644,170

884,991

SHAREHOLDERS' FUNDS

744,170

984,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2019 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 24 January 2020 and were signed on its behalf by:

Mr K Young - Director

Mrs J Young - Director

1.	STATUTORY INFORMATION

Grosvenor House Papers 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.

Turnover

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

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

5% on cost and Straight line over 3 years

Plant and machinery

-

15% on reducing balance and Over the term of the lease

Fixtures and fittings

-

33% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Certain specified debts are assigned to an invoice financing company which offers a credit facility whereby the

company may draw a percentage of the book value of the debts. The invoice financing company does not

underwrite the debts and therefore the gross amount due to the invoice financing company is shown as a

creditor and the full amount due from the trade debtors is separately disclosed.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss

account over the expected useful life of the assets. Grants towards revenue expenditure are released to the

profit and loss account as the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2018 - 60 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2018

and 30 April 2019

250,000

AMORTISATION

At 1 May 2018

52,083

Charge for year

25,000

At 30 April 2019

77,083

NET BOOK VALUE

At 30 April 2019

172,917

At 30 April 2018

197,917

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 May 2018

85,733

621,890

398,014

541,494

1,647,131

Additions

5,900

9,848

60,819

-

76,567

At 30 April 2019

91,633

631,738

458,833

541,494

1,723,698

DEPRECIATION

At 1 May 2018

10,227

273,605

283,278

267,724

834,834

Charge for year

14,777

53,259

47,141

68,446

183,623

At 30 April 2019

25,004

326,864

330,419

336,170

1,018,457

NET BOOK VALUE

At 30 April 2019

66,629

304,874

128,414

205,324

705,241

At 30 April 2018

75,506

348,285

114,736

273,770

812,297

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2018

346,709

Transfer to ownership

(24,200

)

At 30 April 2019

322,509

DEPRECIATION

At 1 May 2018

128,097

Charge for year

54,654

Transfer to ownership

(16,862

)

At 30 April 2019

165,889

NET BOOK VALUE

At 30 April 2019

156,620

At 30 April 2018

218,612

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 May 2018

and 30 April 2019

45,000

100

45,100

NET BOOK VALUE

At 30 April 2019

45,000

100

45,100

At 30 April 2018

45,000

100

45,100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

774,716

722,473

Bad debt provision

(7,050

)

(4,734

)

Other debtors

380

947

Tax

19,818

-

Prepayments

198,483

236,867

986,347

955,553

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans and overdrafts

762,339

767,361

Hire purchase contracts (see note 10)

50,681

81,242

Trade creditors

709,718

474,869

YBIF account

600,464

559,775

Corporation tax

-

19,818

Social security and other taxes

15,553

22,197

VAT

99,099

58,429

Loan: Papercraft Connections Ltd

45,000

45,000

Other creditors

15,996

2,004

Directors' current accounts

249,047

139,694

Accruals

51,562

33,762

2,599,459

2,204,151

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans - 1-5 years

367,247

471,404

Bank loans over 5 years

-

30,582

Hire purchase contracts (see note 10)

28,944

79,625

396,191

581,611

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

-

30,582

The bank loan, the aggregate total of which amounts to £502,772 (2018: £632,599), is repayable in monthly

instalments. The gross liability due after five years by instalments is Nil (2018: £31,680).

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.19

30.4.18

£

£

Net obligations repayable:

Within one year

50,681

81,242

Between one and five years

28,944

79,625

79,625

160,867

Non-cancellable operating

leases

30.4.19

30.4.18

£

£

Within one year

160,000

160,000

Between one and five years

93,333

253,333

253,333

413,333

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.19

30.4.18

£

£

Bank overdrafts

626,814

636,748

Bank loans

502,772

632,599

Hire purchase contracts

79,625

160,867

YBIF finance

600,464

559,775

1,809,675

1,989,989

The bank loan, overdraft and invoice finance facility are secured by a debenture incorporating a fixed and

floating charge over the assets of the company, together with a legal mortgage over 2.9 acres of land at

Gilthwaiterigg Lane, Kendal owned personally by the directors.

The hire purchase liabilities are secured on the assets to which they relate.

12.	PROVISIONS FOR LIABILITIES

30.4.19

30.4.18

£

£

Deferred tax

64,400

91,875

Deferred

tax

£

Balance at 1 May 2018

91,875

Provided during year

(27,475

)

Balance at 30 April 2019

64,400

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

100,000

Ordinary

£1

100,000

100,000