GRM Development Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03099018 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2021

for

GRM DEVELOPMENT SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Dr W S Peacock

R Upton

G W Beckett

Secretary:

Mrs A Bryant

Registered office:

Laurus House First Avenue

Centrum 100

Burton Upon Trent

Staffordshire

DE14 2WH

Registered number:

03099018 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

10 Stadium Business Court

Millennium Way

Pride Park

Derby

DE24 8HP

Fixed assets

Tangible assets

4

1,835,044

1,928,164

Current assets

Stocks

68,350

33,759

Debtors

5

785,446

693,516

Cash at bank and in hand

1,141,442

516,560

1,995,238

1,243,835

Creditors

Amounts falling due within one year

6

857,363

758,184

Net current assets

1,137,875

485,651

Total assets less current liabilities

2,972,919

2,413,815

Creditors

Amounts falling due after more than one year

7

(922,769

)

(757,114

)

Provisions for liabilities

(117,598

)

(128,155

)

Net assets

1,932,552

1,528,546

Capital and reserves

Called up share capital

9

9,157

9,655

Share premium

13,188

13,188

Revaluation reserve

10

482,500

482,500

Capital redemption reserve

6,373

5,875

Retained earnings

1,421,334

1,017,328

Shareholders' funds

1,932,552

1,528,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 30 November 2021 and were signed on its behalf by:

Dr W S Peacock - Director

1.	STATUTORY INFORMATION

GRM Development Solutions 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 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, excluding discounts, rebates, value added tax and other sales taxes.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on reducing balance

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.

Work in progress

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

Work in progress is valued at sales value less any provisions for the foreseeable losses where appropriate.

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.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis.

Lease income is recognised in profit or loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Pension costs and other post-retirement benefits

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.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2020 - 60 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 May 2020

1,750,000

21,293

426,949

215,628

2,413,870

Additions

-

863

-

-

863

Disposals

-

(3,510

)

-

-

(3,510

)

At 30 April 2021

1,750,000

18,646

426,949

215,628

2,411,223

Depreciation

At 1 May 2020

70,000

16,915

243,067

155,724

485,706

Charge for year

35,000

976

36,776

19,966

92,718

Eliminated on disposal

-

(2,245

)

-

-

(2,245

)

At 30 April 2021

105,000

15,646

279,843

175,690

576,179

Net book value

At 30 April 2021

1,645,000

3,000

147,106

39,938

1,835,044

At 30 April 2020

1,680,000

4,378

183,882

59,904

1,928,164

Freehold property was revalued in March 2018 at an open market value by Salloway Property Consultants. The historical cost of freehold property is £1,200,000 (2020: £1,200,000).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

744,542

677,381

Other debtors

40,904

16,135

785,446

693,516

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

38,000

38,000

Trade creditors

146,109

280,894

Taxation and social security

259,956

122,713

Other creditors

413,298

316,577

857,363

758,184

Amounts owed under hire purchase contracts are secured against the assets to which they relate.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

504,893

530,183

Other creditors

417,876

226,931

922,769

757,114

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

352,893

378,183

352,893

378,183

Amounts owed under bank loans are secured by a fixed and floating charge over the property of the company.

8.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

14,920

13,000

Between one and five years

27,714

36,434

42,634

49,434

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2,000

C Ordinary

£1

2,000

2,000

1,000

D Ordinary

£1

1,000

1,000

3,000

3,000

Allotted and issued:

Number:

Class:

Nominal

2021

2020

value:

£

£

48,102

Share capital 1

10p

6,157

6,655

10.

RESERVES

Revaluation

reserve

£

At 1 May 2020

and 30 April 2021

482,500

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/4/21

30/4/20

value:

£

£

2,000

C Ordinary

£1

2,000

2,000

1,000

D Ordinary

£1

1,000

1,000

3,000

3,000

Allotted and issued:

Number:

Class:

Nominal

30/4/21

30/4/20

value:

£

£

61,570

Ordinary

10p

6,157

6,656