James Grimstead Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08149631 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2022

for

JAMES GRIMSTEAD LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Directors:

Mr G E H Grimstead

Mr J J Grimstead

Registered office:

22 Tyle Green

Hornchurch

Essex

RM11 2TB

Registered number:

08149631 (England and Wales)

Accountants:

Haines Watts Essex LLP

Chartered Accountants

Juniper House

Warley Hill Business Park

The Drive

Brentwood

Essex

CM13 3BE

Current assets

Debtors

4

11,091

8,575

Cash at bank

612

6,192

11,703

14,767

Creditors

Amounts falling due within one year

5

11,446

14,517

Net current assets

257

250

Total assets less current liabilities

257

250

Capital and reserves

Called up share capital

7

100

100

Retained earnings

157

150

Shareholders' funds

257

250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2023 and were signed on its behalf by:

Mr G E H Grimstead - Director

1.	Statutory information

James Grimstead 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.

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 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.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	Employees and directors

The average number of employees during the year was 2 (2021 - 2 ) .

4.

Debtors: amounts falling due within one year

2022

2021

£

£

Other debtors

11,091

8,575

5.

Creditors: amounts falling due within one year

2022

2021

£

£

Taxation and social security

9,772

10,668

Other creditors

1,674

3,849

11,446

14,517

6.	Leasing agreements

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

2022

2021

£

£

Within one year

7,000

7,000

Between one and five years

28,000

28,000

In more than five years

17,500

24,500

52,500

59,500

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

NIL

Ordinary

£1

-

100

40

A Ordinary

£1

40

-

40

B Ordinary

£1

40

-

20

C Ordinary

£1

20

-

100

100

On 21st January 2022, the entire issued share capital of 100 Ordinary Shares of £1 each were re-designated as 40"A" Ordinary Shares of £1 each, 40 "B" Ordinary Shares of £1 each, and 20 "C" Ordinary Shares of £1 each.

8.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2022 and 31 July 2021:

2022

2021

£

£

Mr J J Grimstead

Balance outstanding at start of year

(2,175

)

-

Amounts advanced

36,000

36,000

Amounts repaid

(28,275

)

(38,175

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,550

(2,175

)

9.	Related party disclosures

Included within other debtors due within one year, is a balance of £5,541 (2021 - £8,575) due from a shareholder of the business.