GRC Retail Solutions Limited Filleted accounts for Companies House (small and micro)

GRC RETAIL SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04607168

GRC Retail Solutions Limited

Filleted Unaudited Financial Statements

31 May 2019

GRC Retail Solutions Limited

Balance Sheet

31 May 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		16,952	33,101

Current assets

Stocks		26,970	87,752
Debtors	6	444,867	295,866
Cash at bank and in hand		183,021	340,723
		---------	---------
		654,858	724,341

Creditors: amounts falling due within one year	7	640,125		594,391
		---------		---------
Net current assets			14,733	129,950
			--------	---------
Total assets less current liabilities			31,685	163,051

Provisions

Taxation including deferred tax	2,000	4,000
	--------	---------
Net assets	29,685	159,051
	--------	---------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	19,685	149,051
	--------	---------
Shareholders funds	29,685	159,051
	--------	---------

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 profit and loss account has not been delivered.

For the year ending 31 May 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 .

GRC Retail Solutions Limited

Balance Sheet (continued)

31 May 2019

These financial statements were approved by the board of directors and authorised for issue on 10 September 2019 , and are signed on behalf of the board by:

Ms H Grundy

Director

Company registration number: 04607168

GRC Retail Solutions Limited

Notes to the Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in England and Wales, registration number 04607168 . The address of the registered office is Unit 502, Centre 500, Lowfield Drive, Newcastle ST5 0UU.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. The directors reviewed the value of the stock at the year end and have made adjustments for any obsolete stocks as stated in the accounting policy, based on their knowledge of the jobs in progress. The directors reviewed the value of work in progress at the year end and have made adjustments for foreseeable losses as stated in the accounting policy, based on the directors knowledge of the work completed.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of value added tax. Revenue is recognised upon the supply of goods and services to the customer.

Income tax

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. 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 material 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant and Machinery	-	33% straight line
Fixtures and Fittings	-	25% straight line
Motor Vehicles	-	25% straight line

Depreciation is provided from the month of addition to the month of disposal.

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises invoice cost for raw materials. Net realisable value is the estimated proceeds from the sale of stock items. Work in progress is valued at the cost of materials and labour time on jobs outstanding at the year end. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2018: 25 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 June 2018	71,806	30,523	13,894	116,223
Additions	–	1,220	–	1,220
	--------	--------	--------	---------
At 31 May 2019	71,806	31,743	13,894	117,443
	--------	--------	--------	---------
Depreciation
At 1 June 2018	48,209	21,019	13,894	83,122
Charge for the year	12,384	4,985	–	17,369
	--------	--------	--------	---------
At 31 May 2019	60,593	26,004	13,894	100,491
	--------	--------	--------	---------
Carrying amount
At 31 May 2019	11,213	5,739	–	16,952
	--------	--------	--------	---------
At 31 May 2018	23,597	9,504	–	33,101
	--------	--------	--------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	369,011	236,543
Other debtors	75,856	59,323
	---------	---------
	444,867	295,866
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	483,352	308,230
Social security and other taxes	77,961	65,827
Other creditors	78,812	220,334
	---------	---------
	640,125	594,391
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	75,216	104,828
Later than 1 year and not later than 5 years	54,778	114,194
	---------	---------
	129,994	219,022
	---------	---------