Grandslam Holdings Limited Filleted accounts for Companies House (small and micro)

Grandslam Holdings Limited Filleted accounts for Companies House (small and micro)

GRANDSLAM HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10645493
GRANDSLAM HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2021
GRANDSLAM HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
463,855
331,783
Current assets
Debtors
6
93,948
62,500
Cash at bank and in hand
1,674
50,000
---------
----------
95,622
112,500
Creditors: amounts falling due within one year
7
421,064
394,281
----------
----------
Net current liabilities
325,442
281,781
----------
----------
Total assets less current liabilities
138,413
50,002
Creditors: amounts falling due after more than one year
8
44,688
50,000
----------
---------
Net assets
93,725
2
----------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
93,723
–
---------
----
Shareholder funds
93,725
2
---------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GRANDSLAM HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 24 November 2022 , and are signed on behalf of the board by:
Mrs E L Doogan-Hobbs
Director
Company registration number: 10645493
GRANDSLAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Music Factory, Jessop Way, Newark, NG24 2ER.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling , which is the functional currency of the entity.
Going concern
The Directors expect the company will continue to trade and meets its liabilities as they fall due for at least the next 12 months. Accordingly the financial statements have been prepared on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10-25% reducing balance
Fixtures and fittings
-
12% straight line
Motor vehicles
-
12% straight line
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
331,783
–
–
–
331,783
Additions
180,929
–
–
2,476
183,405
Transfers
( 32,500)
10,000
10,000
12,500
–
----------
---------
---------
---------
----------
At 31 December 2021
480,212
10,000
10,000
14,976
515,188
----------
---------
---------
---------
----------
Depreciation
At 1 January 2021
–
–
–
–
–
Charge for the year
46,970
1,250
1,250
1,863
51,333
----------
---------
---------
---------
----------
At 31 December 2021
46,970
1,250
1,250
1,863
51,333
----------
---------
---------
---------
----------
Carrying amount
At 31 December 2021
433,242
8,750
8,750
13,113
463,855
----------
---------
---------
---------
----------
At 31 December 2020
331,783
–
–
–
331,783
----------
---------
---------
---------
----------
6. Debtors
2021
2020
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
93,948
–
Other debtors
–
62,500
---------
---------
93,948
62,500
---------
---------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
5,312
–
Trade creditors
–
19,283
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,522
–
Social security and other taxes
5,860
–
Other related party loans
30,676
–
Other creditors
376,694
374,998
----------
----------
421,064
394,281
----------
----------
The Director loaned the company £375,000 during the previous period with the remaining balance at year end being £318,200. The loan is unsecured and interest is charged at 10% over the Bank of England base rate.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
44,688
50,000
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £21,920 (2020: £27,840) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan which is due for repayment after more than 5 years is subject to a market rate of interest and is repayable in monthly installments.