Grant International (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03801755 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

GRANT INTERNATIONAL (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J J Craven

M R Palmer

R J Palmer

L Spratt

SECRETARIES:

J H Williams

J H Craven

REGISTERED OFFICE:

Unit 7 Dane Road Industrial Estate

Sale

Cheshire

M33 7BH

REGISTERED NUMBER:

03801755 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

10,529

4,376

CURRENT ASSETS

Stocks

647

865

Debtors

5

1,203,843

1,089,326

Cash at bank and in hand

655,504

381,409

1,859,994

1,471,600

CREDITORS

Amounts falling due within one year

6

(633,546

)

(385,906

)

NET CURRENT ASSETS

1,226,448

1,085,694

TOTAL ASSETS LESS CURRENT LIABILITIES

1,236,977

1,090,070

CREDITORS

Amounts falling due after more than one year

7

(171,875

)

(234,375

)

NET ASSETS

1,065,102

855,695

CAPITAL AND RESERVES

Called up share capital

9

20,000

20,000

Capital redemption reserve

5,000

5,000

Retained earnings

1,040,102

830,695

SHAREHOLDERS' FUNDS

1,065,102

855,695

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd June 2022 and were signed on its behalf by:

M R Palmer - Director

1.	STATUTORY INFORMATION

Grant International (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03801755. The address of the registered office and the principal place of business is Unit 7, Dane Road Industrial Estate, Sale, M33 7BH.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts recognised by the company in respect of goods supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale of clothing accessories and footwear, which are recognised at the point of which the goods are delivered and legal title is passed.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Improvements to property

- In accordance with lease

Computer equipment

- 20% to 50% on cost

Fixtures and fittings

- 33% on cost

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Government grants

Government grants are recognised on the accrual model and are measured at fair value of the asset receivable. Grants are classified as relating either to other income or to assets. Grants related to other income are recognised in profit or loss over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents are represented by cash at bank and in hand. Bank borrowings are included within creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2021

29,395

-

20,135

49,530

Additions

-

9,176

1,816

10,992

Disposals

(29,395

)

-

-

(29,395

)

At 31st December 2021

-

9,176

21,951

31,127

DEPRECIATION

At 1st January 2021

29,395

-

15,759

45,154

Charge for year

-

1,923

2,916

4,839

Eliminated on disposal

(29,395

)

-

-

(29,395

)

At 31st December 2021

-

1,923

18,675

20,598

NET BOOK VALUE

At 31st December 2021

-

7,253

3,276

10,529

At 31st December 2020

-

-

4,376

4,376

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

638,174

592,456

Amounts owed by group undertakings

532,269

434,704

Other debtors

33,400

62,166

1,203,843

1,089,326

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

62,500

15,625

Trade creditors

378,128

277,060

Amounts owed to group undertakings

1,764

5,400

Taxation and social security

95,514

44,070

Other creditors

95,640

43,751

633,546

385,906

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

171,875

234,375

8.	SECURED DEBTS

The company has entered into an invoice discounting agreement with RBS Invoice Finance Limited and this is secured by a first-ranking debenture over all assets, an unlimited inter company composite guarantee, a fixed charge over contract monies of the Company.

The company also has a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

20,000

Ordinary

£1.00

20,000

20,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Garrett (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

11.	OTHER FINANCIAL COMMITMENTS

At the year end operating lease commitments were £27,798 (2020 - £51,682).

12.	RELATED PARTY DISCLOSURES

Included in trade creditors is a balance of £1,760 owed to Palletower GB Limited, a subsidiary company of R W Jupe Limited (2020: £5,400).

During the year the company paid management charges of £17,640 (2020: £15,681) to Palletower GB Limited.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling company is R W Jupe Limited and the ultimate controlling party is Mr M R Palmer by virtue of his majority shareholding.

The parent company of the largest and smallest group that inckudes the company and for which group financial statements are prepared is R W Jupe Limited. Copies of the R W Jupe Limited consolidated financial statements, which include the company, are available from The Registrar of Companies, Companies Registration House, Maindy, Cardiff, CF4 3UZ.