Granite & Marble Imports Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05542781 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

GRANITE & MARBLE IMPORTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M S Sissons

SECRETARY:

A E Cook

REGISTERED OFFICE:

179 Forncett Street

Sheffield

South Yorkshire

S4 7QG

REGISTERED NUMBER:

05542781 (England and Wales)

ACCOUNTANTS:

Foster & Company

Chartered Accountants

5 South Terrace

Moorgate

Rotherham

South Yorkshire

S60 2EU

FIXED ASSETS

Tangible assets

4

1,624,616

876,593

CURRENT ASSETS

Debtors

627,279

473,607

Cash at bank

28,445

34,490

655,724

508,097

CREDITORS

Amounts falling due within one year

742,688

399,669

NET CURRENT (LIABILITIES)/ASSETS

(86,964

)

108,428

TOTAL ASSETS LESS CURRENT LIABILITIES

1,537,652

985,021

CREDITORS

Amounts falling due after more than one year

5

(932,733

)

(493,776

)

PROVISIONS FOR LIABILITIES

(47,206

)

-

NET ASSETS

557,713

491,245

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

557,711

491,243

SHAREHOLDERS' FUNDS

557,713

491,245

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 April 2020 and were signed by:

M S Sissons - Director

1.	STATUTORY INFORMATION

Granite & Marble Imports 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.

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.

Freehold property

-

2% on cost

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2018 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 September 2018

1,071,763

Additions

843,222

Disposals

(8,587

)

At 31 August 2019

1,906,398

DEPRECIATION

At 1 September 2018

195,170

Charge for year

87,060

Eliminated on disposal

(448

)

At 31 August 2019

281,782

NET BOOK VALUE

At 31 August 2019

1,624,616

At 31 August 2018

876,593

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

Totals

£

COST

At 1 September 2018

195,100

Additions

64,250

Disposals

(8,587

)

Reclassification/transfer

(16,000

)

At 31 August 2019

234,763

DEPRECIATION

At 1 September 2018

46,241

Charge for year

44,677

Eliminated on disposal

(448

)

Reclassification/transfer

(9,250

)

At 31 August 2019

81,220

NET BOOK VALUE

At 31 August 2019

153,543

At 31 August 2018

148,859

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2019

2018

£

£

Repayable by instalments

Bank loans more 5 yr by instal

546,173

216,057

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

59,767

72,603

Between one and five years

61,884

47,823

121,651

120,426

Non-cancellable

operating leases

2019

2018

£

£

Within one year

108,829

132,147

Between one and five years

10,480

119,309

119,309

251,456

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,151,724

535,782

Hire purchase contracts

121,651

120,426

1,273,375

656,208