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 2020

GRC Retail Solutions Limited

Financial Statements

Year ended 31 May 2020

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 7

GRC Retail Solutions Limited

Balance Sheet

31 May 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	24,391	16,952

Current assets

Stocks		26,970	26,970
Debtors	6	262,821	444,867
Cash at bank and in hand		137,762	183,021
		---------	---------
		427,553	654,858

Creditors: amounts falling due within one year	7	354,968	640,125
		---------	---------
Net current assets		72,585	14,733
		--------	--------
Total assets less current liabilities		96,976	31,685

Creditors: amounts falling due after more than one year	8	9,028	–

Provisions

Taxation including deferred tax	4,000	2,000
	--------	--------
Net assets	83,948	29,685
	--------	--------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	73,948	19,685
	--------	--------
Shareholders funds	83,948	29,685
	--------	--------

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 2020 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 2020

These financial statements were approved by the board of directors and authorised for issue on 1 September 2020 , and are signed on behalf of the board by:

Ms H P Grundy

Director

Company registration number: 04607168

GRC Retail Solutions Limited

Notes to the Financial Statements

Year ended 31 May 2020

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 (2019: 19 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 June 2019	71,806	31,743	13,894	117,443
Additions	–	2,112	17,750	19,862
Disposals	–	–	( 13,894)	( 13,894)
	--------	--------	--------	---------
At 31 May 2020	71,806	33,855	17,750	123,411
	--------	--------	--------	---------
Depreciation
At 1 June 2019	60,593	26,004	13,894	100,491
Charge for the year	6,577	4,367	1,479	12,423
Disposals	–	–	( 13,894)	( 13,894)
	--------	--------	--------	---------
At 31 May 2020	67,170	30,371	1,479	99,020
	--------	--------	--------	---------
Carrying amount
At 31 May 2020	4,636	3,484	16,271	24,391
	--------	--------	--------	---------
At 31 May 2019	11,213	5,739	–	16,952
	--------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	174,562	369,011
Other debtors	88,259	75,856
	---------	---------
	262,821	444,867
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	191,382	483,352
Corporation tax	2,000	–
Social security and other taxes	73,416	77,961
Other creditors	88,170	78,812
	---------	---------
	354,968	640,125
	---------	---------

The hire purchase creditor of £5,417 (2019: £nil) is secured against the asset being financed.

Barclays Bank PLC holds a fixed and floating charge over the undertaking and all property and assets present and future of the company, including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.

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

	2020	2019
	£	£
Other creditors	9,028	–
	-------	----

The hire purchase creditor of £9,028 (2019: £nil) is secured against the asset being financed

Creditors payable or repayable by instalments > 5 years total £nil (2019: £nil) and creditors payable or repayable other than by instalments > 5 years total £nil (2019: £nil).

9. Operating leases

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

	2020	2019
	£	£
Not later than 1 year	84,075	75,216
Later than 1 year and not later than 5 years	55,254	54,778
	---------	---------
	139,329	129,994
	---------	---------