Grantham Bros. Limited - Period Ending 2021-11-30
Grantham Bros. Limited - Period Ending 2021-11-30
Registration number:
Grantham Bros. Limited
for the Year Ended 30 November 2021
Grantham Bros. Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Grantham Bros. Limited
Company Information
Directors |
P C Grantham D H Grantham S H Grantham |
Registered office |
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Grantham Bros. Limited
(Registration number: 01372008)
Balance Sheet as at 30 November 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
170,100 |
170,100 |
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Revaluation reserve |
2,148,177 |
2,148,177 |
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Other reserves |
150,909 |
150,909 |
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Retained earnings |
6,011,898 |
5,830,234 |
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Shareholders' funds |
8,481,084 |
8,299,420 |
For the financial year ending 30 November 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Grantham Bros. Limited
(Registration number: 01372008)
Balance Sheet as at 30 November 2021
Approved and authorised by the
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Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01372008.
The address of its registered office is:
These financial statements cover the individual entity, Grantham Bros Limited.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 subject to the departure detailed below.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
Departure from requirements of FRS 102
No depreciation has been charged on freehold land and buildings as they are maintained to such a standard that their residual value is not less than their cost. Management have concluded that this does not affect the financial statements from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position at cost or deemed cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives. Freehold buildings are depreciated to write down the cost or deemed cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost, no depreciation is charged as it is not material.
Asset class |
Depreciation method and rate |
Land and buildings |
No depreciation charged |
Plant and machinery |
15%-33% straight line basis |
Motor vehicles |
20% straight line basis |
Asset under construction |
No depreciation is charged |
Office equipment |
33% straight line basis |
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.
Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20 years straight line basis |
Single farm payment entitlements |
7 years straight line basis |
Computer software |
3 years straight line basis |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Intangible assets |
Goodwill |
Single farm entitlements |
Computer software |
Total |
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Cost or valuation |
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At 1 December 2020 |
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- |
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Additions acquired separately |
- |
- |
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At 30 November 2021 |
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Amortisation |
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At 1 December 2020 |
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- |
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Amortisation charge |
- |
- |
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At 30 November 2021 |
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Carrying amount |
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At 30 November 2021 |
- |
- |
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Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Tangible assets |
Land and buildings |
Long leasehold land and buildings |
Properties under construction |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2020 |
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- |
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- |
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Additions |
- |
- |
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Disposals |
- |
- |
- |
( |
- |
- |
( |
At 30 November 2021 |
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Depreciation |
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At 1 December 2020 |
- |
- |
- |
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- |
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Charge for the year |
- |
- |
- |
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Eliminated on disposal |
- |
- |
- |
( |
- |
- |
( |
At 30 November 2021 |
- |
- |
- |
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Carrying amount |
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At 30 November 2021 |
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At 30 November 2020 |
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- |
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- |
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Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Investment properties |
2021 |
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At 1 December |
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At 30 November |
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There has been no valuation of investment property by an independent valuer.
Investments |
2021 |
2020 |
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Investments in associates |
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Associates |
£ |
Cost |
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At 1 December 2020 |
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Provision |
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Carrying amount |
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At 30 November 2021 |
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At 30 November 2020 |
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Stocks |
2021 |
2020 |
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Work in progress |
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Finished goods and goods for resale |
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Debtors |
Current |
2021 |
2020 |
Trade debtors |
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Prepayments |
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Other debtors |
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Details of non-current trade and other debtors
£156,567 (2020 -£94,366) of other debtors is classified as non current.
Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
199,093 |
207,654 |
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Due after one year |
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Loans and borrowings |
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Creditors amounts falling due within one year on which security has been given includes bank overdraft of £- (2020 - £36,585) and finance lease liabilities of £27,653 (2020 - £32,738).
Creditors amounts falling due after one year on which security has been given includes finance lease liabilities of £139,731 (2020 - £9,784).
The bank overdraft is secured by charges over the company's assets.
The finance lease liabilities are secured on the assets to which they relate to.
Creditors include bank loans repayable by instalments of £0.00 (2020 - £9,167.00) due after more than five years.
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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HP and finance lease liabilities |
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Director's loan account |
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Grantham Bros. Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021
Related party transactions |
Transactions with Directors |
2021 |
At 1 December 2020 |
Advances to Director |
Repayments by Director |
At 30 November 2021 |
Director's interest free loan account - no formal repayments |
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( |
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2020 |
At 1 December 2019 |
Advances to Director |
Repayments by Director |
At 30 November 2020 |
Director's interest free loan account - no formal repayments |
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( |
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Income and receivables from related parties
2021 |
Other related parties |
Amounts receivable from related party |
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2020 |
Key management |
Amounts receivable from related party |
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