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 2020

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 1-9

Carrington Business Park

Carrington

Manchester

Greater Manchester

M31 4DD

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

46,396

74,958

CURRENT ASSETS

Stocks

83,126

33,337

Debtors

5

1,615,604

1,215,734

Cash at bank and in hand

72,268

160,737

1,770,998

1,409,808

CREDITORS

Amounts falling due within one year

6

555,793

432,465

NET CURRENT ASSETS

1,215,205

977,343

TOTAL ASSETS LESS CURRENT LIABILITIES

1,261,601

1,052,301

PROVISIONS FOR LIABILITIES

13,680

13,680

NET ASSETS

1,247,921

1,038,621

CAPITAL AND RESERVES

Called up share capital

35,000

35,000

Retained earnings

8

1,212,921

1,003,621

SHAREHOLDERS' FUNDS

1,247,921

1,038,621

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 9 August 2021 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

Government grants

Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received.

Stocks

Stock is valued at the lower of cost or 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

732,699

Additions

8,845

At 31 December 2020

741,544

DEPRECIATION

At 1 January 2020

657,741

Charge for year

37,407

At 31 December 2020

695,148

NET BOOK VALUE

At 31 December 2020

46,396

At 31 December 2019

74,958

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

473,845

319,295

Amounts owed by group undertakings

1,112,006

831,844

Other debtors

29,753

64,595

1,615,604

1,215,734

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

397,065

382,385

Taxation and social security

138,281

27,888

Other creditors

20,447

22,192

555,793

432,465

7.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

742

8,087

8.

RESERVES

Retained

earnings

£

At 1 January 2020

1,003,621

Profit for the year

370,220

Dividends

(160,920

)

At 31 December 2020

1,212,921

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.	EVENTS AFTER THE REPORTING DATE

From early 2020, the Coronavirus (COVID-19) pandemic has severely impacted upon many economies across the world. Measures taken by governments to control the spread of the virus have included travel bans, quarantine restrictions, social distancing and the closing of non-essential services resulting in many businesses having to cease or limit their activities for long or indefinite periods of time leading to a global economic slowdown. Governments and central banks have responded with monetary and fiscal interventions in order to stabilise economic conditions.

It is not possible to estimate the duration and impact of the Coronavirus (COVID-19) pandemic on the financial position and results of the company for future periods. However, whilst members of staff have needed to adapt to working from home and other changes, there has been minimal disruption of the company's activities and little, if any, adverse effect on the company's financial position. Accordingly, the directors have determined that these are non-adjusting post balance sheet events. Furthermore, the financial position and results for the year ended 31 December 2020 have not been adjusted to reflect their impact.

13.	ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is G.P.S. Holdings Limited, a company registered in England and Wales. At the balance sheet date the parent company beneficially owns 100% of the issued share capital. It is also the parent company for the largest and smallest group for which group accounts are prepared.