Grosvenor Pumps Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02345508 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

GROSVENOR PUMPS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J Harvey

SECRETARY:

Mr D W Handley

REGISTERED OFFICE:

Trevoole

Praze

Camborne

Cornwall

TR14 0PJ

REGISTERED NUMBER:

02345508 (England and Wales)

ACCOUNTANTS:

Kitchen & Brown

Chartered Accountants

Alpha House

40 Coinagehall Street

Helston

Cornwall

TR13 8EQ

FIXED ASSETS

Tangible assets

4

40,339

39,554

CURRENT ASSETS

Stocks

89,708

74,435

Debtors

5

51,999

41,938

Cash at bank

18,156

34,595

159,863

150,968

CREDITORS

Amounts falling due within one year

6

69,537

64,905

NET CURRENT ASSETS

90,326

86,063

TOTAL ASSETS LESS CURRENT LIABILITIES

130,665

125,617

PROVISIONS FOR LIABILITIES

7,700

7,500

NET ASSETS

122,965

118,117

CAPITAL AND RESERVES

Called up share capital

40,000

40,000

Revaluation reserve

7

32,000

32,000

Retained earnings

50,965

46,117

122,965

118,117

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 18 February 2020 and were signed by:

Mr J Harvey - Director

1.	STATUTORY INFORMATION

Grosvenor Pumps 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

At each reporting date the company reviews the carrying value of its assets to determine whether there is any

indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable

amount of the asset is estimated in order to determine the extent of the impairment loss. Where the recoverable

amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in the Profit

and Loss Account. Impairment losses are reversed in a subsequent period if, and only if, the reasons for the

impairment loss have ceased to apply.

Revaluation gains and losses are charged to other comprehensive income and accumulated in the revaluation

reserve in equity. Revaluation losses are charged to other comprehensive income only to the extent that they

reverse any previous gains in the revaluation reserve. If a revaluation decrease exceeds the accumulated

revaluation gains accumulated in equity in respect of that asset, the excess is recognised in profit or loss. If the

revaluation has resulted in the carrying value increasing, this is recognised in other comprehensive income and

accumulated in equity. However the increase is recognised in profit or loss to the extent that it reverses a

revaluation decrease of the same asset previously recognised in profit or loss.

Depreciation is charged so as to allocate the cost of an asset, less its estimated residual value, over its estimated

useful life:

Plant and machinery - 1% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST OR VALUATION

At 1 June 2018

44,778

Additions

1,192

At 31 May 2019

45,970

DEPRECIATION

At 1 June 2018

5,224

Charge for year

407

At 31 May 2019

5,631

NET BOOK VALUE

At 31 May 2019

40,339

At 31 May 2018

39,554

Cost or valuation at 31 May 2019 is represented by:

Plant and

machinery

etc

£

Valuation in 2009

32,000

Cost

13,970

45,970

If an item of plant and equipment had not been revalued it would have been included at the following historical

cost:

31.5.19

31.5.18

as restated

£

£

Cost

80,374

80,374

Aggregate depreciation

80,374

80,374

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

as restated

£

£

Trade debtors

23,235

33,887

Other debtors

28,764

8,051

51,999

41,938

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

as restated

£

£

Trade creditors

23,641

14,733

Taxation and social security

2,600

7,276

Other creditors

43,296

42,896

69,537

64,905

7.

RESERVES

Revaluation

reserve

£

At 1 June 2018

and 31 May 2019

32,000