J Grodzinski & Daughters Ltd - Accounts to registrar (filleted) - small 18.2
J Grodzinski & Daughters Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2020 |
| FOR |
| J GRODZINSKI & DAUGHTERS LTD |
| J GRODZINSKI & DAUGHTERS LTD (REGISTERED NUMBER: 02782965) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2020 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 6 |
| J GRODZINSKI & DAUGHTERS LTD |
| COMPANY INFORMATION |
| for the year ended 30 June 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 88 Crawford Street |
| London |
| W1H 2EJ |
| J GRODZINSKI & DAUGHTERS LTD (REGISTERED NUMBER: 02782965) |
| ABRIDGED BALANCE SHEET |
| 30 June 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| J GRODZINSKI & DAUGHTERS LTD (REGISTERED NUMBER: 02782965) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2020 |
| 1. | STATUTORY INFORMATION |
| J Grodzinski & Daughters Ltd is a |
| 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Income is recognised on point of sale transaction or on production of invoices. 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. |
| Tangible assets |
| Tangible assets are stated at cost less depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: |
| Land and building Leasehold | Over the life of the lease |
| Plant and machinery | 20% on the reducing balance |
| Fixtures, fittings & office equipment | 25% on the reducing balance |
| Motor vehicles | 25% on the reducing balance |
| Land and building leasehold are not depreciated as it is considered that the depreciation would be immaterial as the estimated residual value of the property is not materially different from the carrying amount. |
| The company's policy is to review the remaining useful economic lives and residual values of property, plant, equipment and motor vehicles on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic life and residual value. |
| Fully depreciated property, plant, equipment and motor vehicles are retained in the cost of the property, plant, equipment and motor vehicles and related accumulated depreciation until they are removed from service. In case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the profit and loss. |
| Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount. |
| The recoverable amount is the higher of the asset's fair value less costs to sell and value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's continued use. The pre-tax and interest cash flows are discontinued using a pre-tax discount rate that represents the current market risk free rate and risks inherent in the asset. For the purposes of assessing impairment, assets are grouped a the lowest levels for which there are separately identifiable cash flows (cash-generating units). |
| If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously reconsidered revaluation. Thereafter any excess is recognised in profit and loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| J GRODZINSKI & DAUGHTERS LTD (REGISTERED NUMBER: 02782965) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefits |
| The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to profit and loss account in the year they are payable. |
| The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans |
| Short term benefits |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
| Annual bonus plans |
| The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made. |
| Defined contribution pension plans |
| The company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contribution into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. |
| Cash and cash equivalents |
| Cash and cash equivalents include cash on hand, demand deposits and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities and on the statement of financial position. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 5. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST |
| Additions | 3,020,100 |
| Disposals | (3,020,100 | ) |
| At 30 June 2020 | - |
| NET BOOK VALUE |
| At 30 June 2020 | - |
| J GRODZINSKI & DAUGHTERS LTD (REGISTERED NUMBER: 02782965) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Other debtors |
| 7. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by Mr. J J Grodzinski, a director of the company. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| J GRODZINSKI & DAUGHTERS LTD |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J Grodzinski & Daughters Ltd for the year ended 30 June 2020 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of J Grodzinski & Daughters Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J Grodzinski & Daughters Ltd and state those matters that we have agreed to state to the Board of Directors of J Grodzinski & Daughters Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Grodzinski & Daughters Ltd and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that J Grodzinski & Daughters Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J Grodzinski & Daughters Ltd. You consider that J Grodzinski & Daughters Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of J Grodzinski & Daughters Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| 88 Crawford Street |
| London |
| W1H 2EJ |