GRD Precision Limited 30/09/2020 iXBRL

GRD Precision Limited 30/09/2020 iXBRL

GRD PRECISION LIMITED - Company Information

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15 30/09/2020 2020-09-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2019-10-01 Sage Accounts Production 20.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 04770503 2019-10-01 2020-09-30 04770503 2020-09-30 04770503 2019-09-30 04770503 2018-10-01 2019-09-30 04770503 2019-09-30 04770503 core:PlantMachinery 2019-10-01 2020-09-30 04770503 core:FurnitureFittingsToolsEquipment 2019-10-01 2020-09-30 04770503 core:MotorVehicles 2019-10-01 2020-09-30 04770503 core:OnerousContractsExcludingVacantProperties 2019-10-01 2020-09-30 04770503 bus:LeadAgentIfApplicable 2019-10-01 2020-09-30 04770503 bus:Director1 2019-10-01 2020-09-30 04770503 bus:Director2 2019-10-01 2020-09-30 04770503 bus:CompanySecretary1 2019-10-01 2020-09-30 04770503 core:PlantMachinery 2019-09-30 04770503 core:FurnitureFittingsToolsEquipment 2019-09-30 04770503 core:MotorVehicles 2019-09-30 04770503 core:PlantMachinery 2020-09-30 04770503 core:FurnitureFittingsToolsEquipment 2020-09-30 04770503 core:MotorVehicles 2020-09-30 04770503 core:WithinOneYear 2020-09-30 04770503 core:WithinOneYear 2019-09-30 04770503 core:ShareCapital 2020-09-30 04770503 core:ShareCapital 2019-09-30 04770503 core:CapitalRedemptionReserve 2020-09-30 04770503 core:CapitalRedemptionReserve 2019-09-30 04770503 core:RetainedEarningsAccumulatedLosses 2020-09-30 04770503 core:RetainedEarningsAccumulatedLosses 2019-09-30 04770503 core:PlantMachinery 2019-09-30 04770503 core:FurnitureFittingsToolsEquipment 2019-09-30 04770503 core:MotorVehicles 2019-09-30 04770503 bus:SmallEntities 2019-10-01 2020-09-30 04770503 bus:AuditExempt-NoAccountantsReport 2019-10-01 2020-09-30 04770503 bus:FullAccounts 2019-10-01 2020-09-30 04770503 bus:SmallCompaniesRegimeForAccounts 2019-10-01 2020-09-30 04770503 bus:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 04770503 core:ComputerEquipment 2019-10-01 2020-09-30 04770503 core:ComputerEquipment 2019-09-30 04770503 core:ComputerEquipment 2020-09-30 04770503 1 2019-10-01 2020-09-30
Company registration number: 04770503
GRD Precision Limited
Unaudited filleted financial statements
30 September 2020
GRD Precision Limited
Directors and other information
Directors Mr R W Dawrant
Mrs J L Dawrant
Secretary Mrs J L Dawrant
Company number 04770503
Business address Jubilee House
Cliffe Road
Brighouse
HD6 1HE
Accountants Hodgson Hey Limited
Heritage Exchange
South Lane
Elland
HX5 0HG
Bankers Clydesdale Bank Plc
12 Bradford Road
Cleckheaton
BD19 3RJ
GRD Precision Limited
Statement of financial position
30 September 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 60,088 69,667
_______ _______
60,088 69,667
Current assets
Stocks 80,000 120,000
Debtors 6 205,319 210,606
Cash at bank and in hand 856,562 914,506
_______ _______
1,141,881 1,245,112
Creditors: amounts falling due
within one year 7 ( 168,456) ( 248,153)
_______ _______
Net current assets 973,425 996,959
_______ _______
Total assets less current liabilities 1,033,513 1,066,626
Provisions for liabilities ( 11,047) ( 12,700)
_______ _______
Net assets 1,022,466 1,053,926
_______ _______
Capital and reserves
Called up share capital 500 500
Capital redemption reserve 500 500
Profit and loss account 1,021,466 1,052,926
_______ _______
Shareholders funds 1,022,466 1,053,926
_______ _______
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 June 2021 , and are signed on behalf of the board by:
Mr R W Dawrant
Director
Company registration number: 04770503
GRD Precision Limited
Notes to the financial statements
Year ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is GRD Precision Limited.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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 - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2019: 15 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 October 2019 413,157 15,972 49,676 19,622 498,427
Additions 555 4,117 - 1,232 5,904
_______ _______ _______ _______ _______
At 30 September 2020 413,712 20,089 49,676 20,854 504,331
_______ _______ _______ _______ _______
Depreciation
At 1 October 2019 354,765 14,422 42,288 17,285 428,760
Charge for the year 11,789 1,133 1,847 714 15,483
_______ _______ _______ _______ _______
At 30 September 2020 366,554 15,555 44,135 17,999 444,243
_______ _______ _______ _______ _______
Carrying amount
At 30 September 2020 47,158 4,534 5,541 2,855 60,088
_______ _______ _______ _______ _______
At 30 September 2019 58,392 1,550 7,388 2,337 69,667
_______ _______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 193,139 206,790
Other debtors 12,180 3,816
_______ _______
205,319 210,606
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 27,581 77,254
Corporation tax 13,876 16,500
Social security and other taxes 74,807 68,564
Other creditors 52,192 85,835
_______ _______
168,456 248,153
_______ _______
8. Related party transactions
During the year rent of £32,700 (2019: £32,700) was paid to the directors.
9. Controlling party
The company was controlled throughout the year by the directors who own 100% of the issued share capital.