Grosvenor Partitioning and Storage Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02624444 (England and Wales)

GROSVENOR PARTITIONING AND STORAGE

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs M P Troth

G P Troth

REGISTERED OFFICE:

1310 Solihull Parkway

Birmingham Business Park

Birmingham

West Midlands

B37 7YB

REGISTERED NUMBER:

02624444 (England and Wales)

ACCOUNTANTS:

Weatherer Bailey Bragg

Chartered Accountants

100 Boldmere Road

Sutton Coldfield

West Midlands

B73 5UB

FIXED ASSETS

Tangible assets

4

4,539

6,271

CURRENT ASSETS

Debtors

5

8,736

13,767

Cash at bank and in hand

64,067

65,144

72,803

78,911

CREDITORS

Amounts falling due within one year

6

(45,477

)

(40,316

)

NET CURRENT ASSETS

27,326

38,595

TOTAL ASSETS LESS CURRENT LIABILITIES

31,865

44,866

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

31,765

44,766

SHAREHOLDERS' FUNDS

31,865

44,866

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2022 and were signed on its behalf by:

G P Troth - Director

1.	STATUTORY INFORMATION

Grosvenor Partitioning and Storage 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

During the year, the company placed a number employees on furlough on due to the interruption in trade as a result of the COVID-19 pandemic. All employees have now been brought back to the workplace.

Although there can be no certainty, the directors are of the opinion that the company will have sufficient future trade to be enable it to continue to operate for the foreseeable future, and are hopeful that they will be able to meet creditors as they fall due. As such the directors consider the going concern basis of preparation appropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be reliably estimated. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be reliably recovered.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants

Government grants are recognised using the accruals model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them.

Government grant income claimed in relation to the COVID-19 pandemic job retention scheme and job support scheme for employees which have been placed on furlough, has been claimed in accordance with the relevant guidelines.

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 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

and 31 March 2022

18,379

11,949

9,310

39,638

DEPRECIATION

At 1 April 2021

13,440

11,213

8,714

33,367

Charge for year

988

148

596

1,732

At 31 March 2022

14,428

11,361

9,310

35,099

NET BOOK VALUE

At 31 March 2022

3,951

588

-

4,539

At 31 March 2021

4,939

736

596

6,271

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Trade debtors

-

2,002

Tax

-

5,533

Deferred tax asset

7,781

5,202

Prepayments

955

1,030

8,736

13,767

Deferred tax asset

31/3/22

31/3/21

£

£

Tax losses carried forward

8,558

6,289

Deferred taxation

(777

)

(1,087

)

7,781

5,202

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Trade creditors

2,233

1,364

Social security & other taxes

819

346

VAT

2,183

634

Directors' loan accounts

39,092

36,872

Accrued expenses

1,150

1,100

45,477

40,316

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/22

31/3/21

value:

£

£

100

Ordinary

£1

100

100

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

31/3/22

31/3/21

£

£

G P Troth and Mrs M P Troth

Balance outstanding at start of year

(36,872

)

(35,968

)

Amounts advanced

16,247

18,917

Amounts repaid

(18,467

)

(19,821

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(39,092

)

(36,872

)

No interest is charged by directors' on loans to the company. Amounts are repayable on demand.