Grosvenor Pumps Limited
Grosvenor Pumps Limited
Registered number: 02345508
Unaudited Financial Statements
For The Year Ended
31 May 2020
Grosvenor Pumps Limited
Unaudited Financial Statements
For The Year Ended
31 May 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Grosvenor Pumps Limited
Balance Sheet
As at
31 May 2020
Balance Sheet
Registered number:
02345508
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.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Revaluation reserve | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 121,455 | 122,965 | |||
Page 1
Grosvenor Pumps Limited
Balance Sheet (continued)
As at
31 May 2020
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Grosvenor Pumps Limited
Notes to the Financial Statements
For The Year Ended
31 May 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The presentation currency of the financial statements is the Pound Sterling (£).
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3.
Tangible Fixed Assets and Depreciation
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 as follows:
| Plant & Machinery |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Grosvenor Pumps Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
1.5.
Taxation
Taxation for the year represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2019: 2)
3.
Tangible Assets
| Plant & Machinery | |
|---|---|
| £ | |
| Cost | |
| As at
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| As at
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| Net Book Value | |
| As at
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| As at
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Page 4
Grosvenor Pumps Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
The analysis of the cost or valuation of the above assets is as follows:
| Plant & Machinery | |
|---|---|
| £ | |
| As at
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| At cost | 13,970 |
| At valuation | 32,000 |
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| As at
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| At cost | 13,970 |
| At valuation | 32,000 |
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If an item of plant and machinery had not been revalued it would have been included at an historical cost value of £80,374 (2019 : £80,374). Aggregate depreciation would have been £80,374 (2019 : £80,374). The revaluation took place in 2009.
4.
Stocks
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - materials |
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| Stock - work in progress |
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5.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| Corporation tax recoverable assets |
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| VAT |
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6.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other creditors |
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| Payment on account |
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Page 5
Grosvenor Pumps Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2020
8.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at
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| As at
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9.
General Information
Grosvenor Pumps Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
02345508
. The registered office is Trevoole, Praze, Camborne, Cornwall, TR14 0PJ.
Page 6