Griptrak (Midlands) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03101415 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2021

for

Griptrak (Midlands) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Grewcock

Dr L J Grewcock

SECRETARY:

Dr L J Grewcock

REGISTERED OFFICE:

4 HRFC Business Centre

Leicester Road

Hinckley

Leicestershire

LE10 3DR

BUSINESS ADDRESS:

Unit 12

Phoenix Park

Telford Way

Coalville

LE67 3HB

REGISTERED NUMBER:

03101415 (England and Wales)

ACCOUNTANTS:

Gopsall Services Limited

4 HRFC Business Centre

Leicester Road

Hinckley

Leicestershire

LE10 3DR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

446,540

484,675

Investments

6

10

10

446,550

484,685

CURRENT ASSETS

Debtors

7

1,399,238

992,789

Cash at bank and in hand

498,494

722,242

1,897,732

1,715,031

CREDITORS

Amounts falling due within one year

8

554,826

415,986

NET CURRENT ASSETS

1,342,906

1,299,045

TOTAL ASSETS LESS CURRENT LIABILITIES

1,789,456

1,783,730

CREDITORS

Amounts falling due after more than one year

9

(32,221

)

(32,220

)

PROVISIONS FOR LIABILITIES

(18,656

)

(6,580

)

NET ASSETS

1,738,579

1,744,930

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,737,579

1,743,930

1,738,579

1,744,930

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 20 December 2021 and were signed on its behalf by:

K Grewcock - Director

1.	STATUTORY INFORMATION

Griptrak (Midlands) 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.

Turnover

Revenue is measured at fair value of the right to consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Cherished vehicle numbers

Amortisation has been calculated to write down the cost of the cherished vehicle numbers, over their expected useful lives at a rate of 10% per annum of cost.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

2% straight line

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Government grants

Government grants have been accounted for under the accrual model. The grants, which relate to revenue, are recognised as income in the same period as the expenses for which they compensate.

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.

Hire purchase and leasing commitments

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

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 42 (2020 - 23 ) .

4.	INTANGIBLE FIXED ASSETS

Cherished

vehicle

numbers

£

COST

At 1 July 2020

and 30 June 2021

10,431

AMORTISATION

At 1 July 2020

and 30 June 2021

10,431

NET BOOK VALUE

At 30 June 2021

-

At 30 June 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2020

262,359

10,725

197,802

379,123

850,009

Additions

-

-

-

117,100

117,100

Disposals

-

-

-

(123,930

)

(123,930

)

At 30 June 2021

262,359

10,725

197,802

372,293

843,179

DEPRECIATION

At 1 July 2020

75,190

7,551

139,922

142,671

365,334

Charge for year

5,248

634

8,682

70,960

85,524

Eliminated on disposal

-

-

-

(54,219

)

(54,219

)

At 30 June 2021

80,438

8,185

148,604

159,412

396,639

NET BOOK VALUE

At 30 June 2021

181,921

2,540

49,198

212,881

446,540

At 30 June 2020

187,169

3,174

57,880

236,452

484,675

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2020

and 30 June 2021

10

NET BOOK VALUE

At 30 June 2021

10

At 30 June 2020

10

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

as restated

£

£

Trade debtors

1,391,098

978,792

Other debtors

8,140

13,997

1,399,238

992,789

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

as restated

£

£

Hire purchase contracts

32,221

16,110

Trade creditors

324,000

259,065

Taxation and social security

128,034

60,020

Other creditors

70,571

80,791

554,826

415,986

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

as restated

£

£

Hire purchase contracts

32,221

32,220

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

as restated

£

£

Hire purchase contracts

64,442

48,330

Hire purchase liabilities are secured against the assets to which they relate.