Christian Grant Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08089676 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Christian Grant Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K G Draper

Mrs M O Draper

SECRETARY:

Mrs M O Draper

REGISTERED OFFICE:

Suite 1

Liberty House

South Liberty Lane

Bristol

BS3 2ST

REGISTERED NUMBER:

08089676 (England and Wales)

ACCOUNTANTS:

Stanley Joseph Limited

Chartered Accountants

Suite 1

Liberty House

South Liberty Lane

Bristol

BS3 2ST

FIXED ASSETS

Property, plant and equipment

4

29,454

32,648

CURRENT ASSETS

Inventories

5

772,686

2,402,143

Debtors

6

59,985

44,254

Cash at bank

821,364

23,009

1,654,035

2,469,406

CREDITORS

Amounts falling due within one year

7

651,957

541,227

NET CURRENT ASSETS

1,002,078

1,928,179

TOTAL ASSETS LESS CURRENT LIABILITIES

1,031,532

1,960,827

CREDITORS

Amounts falling due after more than one year

8

(16,283

)

(1,867,338

)

PROVISIONS FOR LIABILITIES

(5,596

)

(6,203

)

NET ASSETS

1,009,653

87,286

CAPITAL AND RESERVES

Called up share capital

9

100

2

Retained earnings

10

1,009,553

87,284

SHAREHOLDERS' FUNDS

1,009,653

87,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2020 and were signed on its behalf by:

K G Draper - Director

1.	STATUTORY INFORMATION

Christian Grant Properties 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 represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

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.

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 5 (2019 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2019

-

45,218

9,469

54,687

Additions

2,417

-

5,551

7,968

At 31 May 2020

2,417

45,218

15,020

62,655

DEPRECIATION

At 1 June 2019

-

16,683

5,356

22,039

Charge for year

806

7,134

3,222

11,162

At 31 May 2020

806

23,817

8,578

33,201

NET BOOK VALUE

At 31 May 2020

1,611

21,401

6,442

29,454

At 31 May 2019

-

28,535

4,113

32,648

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

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2019

-

36,913

-

36,913

Additions

2,417

-

2,333

4,750

At 31 May 2020

2,417

36,913

2,333

41,663

DEPRECIATION

At 1 June 2019

-

10,951

-

10,951

Charge for year

806

6,491

778

8,075

At 31 May 2020

806

17,442

778

19,026

NET BOOK VALUE

At 31 May 2020

1,611

19,471

1,555

22,637

At 31 May 2019

-

25,962

-

25,962

5.	INVENTORIES

31.5.20

31.5.19

£

£

Work-in-progress

772,686

2,402,143

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Amounts owed by associates

44,185

-

VAT

15,800

44,254

59,985

44,254

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Other loans

11,224

216,415

Bounce back loan

50,000

-

Hire purchase contracts

8,054

6,639

Tax

205,779

14,679

Tax on interest

8,332

4,334

Social security and other taxes

(233

)

(1,534

)

Reservations

4,250

-

Pension

349

-

Directors' current accounts

362,751

299,242

Accrued expenses

1,451

1,452

651,957

541,227

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.20

31.5.19

£

£

Bank loans more 5 yr by instal

-

1,846,482

Hire purchase contracts

16,283

20,856

16,283

1,867,338

31.5.20

31.5.19

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,846,482

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

£

2

Ordinary

£1

100

2

10.

RESERVES

Retained

earnings

£

At 1 June 2019

87,284

Profit for the year

1,057,269

Dividends

(135,000

)

At 31 May 2020

1,009,553

11.	RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with the directors:

2020

2019

Dividends

135,000

125,000

Capital withdrawn

-

-

Interest paid

15,994

10,703

Capital introduced

63,508

85,520

At the balance sheet date the amount due to the directors was £362,750 (2019 - £299,242).

Float 8

A company controlled by K Draper.

At the year end, Float 8 owed the company £44,185 (2019 - £nil).