Grosvenor Oil Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02909421 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Grosvenor Oil Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M I Stephen

G A Allen

REGISTERED OFFICE:

Unit C3 Taylor Business Park

Risley

Warrington

Cheshire

WA3 6BL

REGISTERED NUMBER:

02909421 (England and Wales)

AUDITORS:

Johnstone Howell & Co

Statutory Auditors

104 Whitby Road

Ellesmere Port

Cheshire

CH65 0AB

FIXED ASSETS

Tangible assets

4

50,141

46,396

CURRENT ASSETS

Stocks

47,099

83,126

Debtors

5

992,843

1,615,604

Cash at bank and in hand

186,921

72,268

1,226,863

1,770,998

CREDITORS

Amounts falling due within one year

6

963,764

555,793

NET CURRENT ASSETS

263,099

1,215,205

TOTAL ASSETS LESS CURRENT LIABILITIES

313,240

1,261,601

PROVISIONS FOR LIABILITIES

13,680

13,680

NET ASSETS

299,560

1,247,921

CAPITAL AND RESERVES

Called up share capital

35,000

35,000

Retained earnings

8

264,560

1,212,921

SHAREHOLDERS' FUNDS

299,560

1,247,921

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 26 September 2022 and were signed on its behalf by:

G A Allen - Director

M I Stephen - Director

1.	STATUTORY INFORMATION

Grosvenor Oil Services 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.

The company's presentational currency is pounds sterling.

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 is measured net of value added tax, rebates and discounts.

Turnover from the sale of goods and services is recognised when the company has delivered those goods and services to the customer.

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 etc

-

25% on cost and at varying rates on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairments. The cost of property, plant and equipment includes any directly attributable incremental costs incurred in its acquisition and installation.

Stocks

Stock is valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents the price payable to the third party suppliers of inventory.

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.

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.

Government grants

Coronavirus (COVID-19) grants and support payments are recognised as income when the grant proceeds are received or receivable.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

741,544

Additions

33,427

Disposals

(32,062

)

At 31 December 2021

742,909

DEPRECIATION

At 1 January 2021

695,148

Charge for year

29,529

Eliminated on disposal

(31,909

)

At 31 December 2021

692,768

NET BOOK VALUE

At 31 December 2021

50,141

At 31 December 2020

46,396

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

244,941

473,845

Amounts owed by group undertakings

706,855

1,112,006

Other debtors

41,047

29,753

992,843

1,615,604

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

351,310

397,065

Amounts owed to group undertakings

443,205

-

Taxation and social security

145,578

138,281

Other creditors

23,671

20,447

963,764

555,793

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

744

742

8.

RESERVES

Retained

earnings

£

At 1 January 2021

1,212,921

Profit for the year

375,239

Dividends

(1,323,600

)

At 31 December 2021

264,560

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

The Report of the Auditors was unqualified.

Andrew Bagnall FCA (Senior Statutory Auditor)

for and on behalf of Johnstone Howell & Co

10.	OTHER FINANCIAL COMMITMENTS

There is an unlimited cross-company bank guarantee given by the company, Grosvenor Power Services Limited and G.P.S. Holdings Limited.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions available under 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.

12.	ULTIMATE PARENT COMPANY

The company's immediate parent undertaking and controlling party is G.P.S. Holdings Limited, a company registered in England and Wales. The ultimate parent undertaking, for the largest and smallest group for which the group accounts are prepared, is Grosvenor Power Group Holdings Limited, registered in England and Wales.