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

REGISTERED NUMBER: 05526960 (England and Wales)

Financial Statements

for the Year Ended 31 July 2020

for

Grosvenor Merchants Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

BA Richins

REGISTERED OFFICE:

19b Holder Road

Aldershot

Hampshire

GU12 4RH

REGISTERED NUMBER:

05526960 (England and Wales)

ACCOUNTANTS:

Perrin & Co

James House

153 Grosvenor Road

Aldershot

Hampshire

GU11 3EF

FIXED ASSETS

Intangible assets

4

4,925

14,775

Tangible assets

5

268,307

274,414

273,232

289,189

CURRENT ASSETS

Stocks

47,448

51,343

Debtors

6

25,036

24,982

Cash at bank and in hand

14,343

390

86,827

76,715

CREDITORS

Amounts falling due within one year

7

73,439

67,069

NET CURRENT ASSETS

13,388

9,646

TOTAL ASSETS LESS CURRENT LIABILITIES

286,620

298,835

CREDITORS

Amounts falling due after more than one year

8

(78,021

)

(92,038

)

PROVISIONS FOR LIABILITIES

(3,478

)

(4,638

)

NET ASSETS

205,121

202,159

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

204,121

201,159

SHAREHOLDERS' FUNDS

205,121

202,159

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

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

The financial statements were approved by the director and authorised for issue on 26 February 2021 and were signed by:

BA Richins - Director

1.	STATUTORY INFORMATION

Grosvenor Merchants 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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 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

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 1 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

98,500

AMORTISATION

At 1 August 2019

83,725

Charge for year

9,850

At 31 July 2020

93,575

NET BOOK VALUE

At 31 July 2020

4,925

At 31 July 2019

14,775

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 August 2019

and 31 July 2020

250,000

355

45,118

DEPRECIATION

At 1 August 2019

-

268

38,828

Charge for year

-

22

1,575

At 31 July 2020

-

290

40,403

NET BOOK VALUE

At 31 July 2020

250,000

65

4,715

At 31 July 2019

250,000

87

6,290

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2019

and 31 July 2020

39,095

3,239

337,807

DEPRECIATION

At 1 August 2019

22,195

2,102

63,393

Charge for year

4,225

285

6,107

At 31 July 2020

26,420

2,387

69,500

NET BOOK VALUE

At 31 July 2020

12,675

852

268,307

At 31 July 2019

16,900

1,137

274,414

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade debtors

25,036

24,982

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans and overdrafts

13,458

17,704

Trade creditors

14,922

21,353

Corporation tax

6,511

-

VAT

5,101

2,185

Directors' loan accounts

31,697

24,077

Sundry creditors and accruals

1,750

1,750

73,439

67,069

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.20

31.7.19

£

£

Bank loans

78,021

92,038

9.	RELATED PARTY DISCLOSURES

Included in creditors are details of a loan owed by the company to its director in the sum of £31,697 (2019: £24,077). The loan is repayable upon demand. During the year under review it was not subject to interest.

The director is the majority shareholder of a company called Toric Builders Limited. During the year sales of £42,890 (2019: £58,766) were made to that company and charges for rent and services were raised in the sum of £15,268 (2019: £17,960). Conversely, that business carried out works on behalf of the company in the year in the sum of £Nil (2019: £1,183). The relevant overall net balance owed to the company by the business at the year end was £5,332 (2019: £10,817) which is to be settled post year end in the normal course of business.

During the year sales of £90 (2019: £16) were also made to BA Richins Painting & Decorating Limited a company in which the director has a significant interest.