GRD Retail Ltd - Accounts to registrar (filleted) - small 22.3

GRD Retail Ltd - Accounts to registrar (filleted) - small 22.3

GRD RETAIL LTD - Company Information

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REGISTERED NUMBER: 11356524 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

GRD RETAIL LTD
GRD RETAIL LTD (REGISTERED NUMBER: 11356524)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRD RETAIL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022







DIRECTOR: R J Stainsby





REGISTERED OFFICE: The Oak Centre, Whinfield Drive
Aycliffe Business Park
Newton Aycliffe
DL5 6AU





REGISTERED NUMBER: 11356524 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW
Page 1
GRD RETAIL LTD (REGISTERED NUMBER: 11356524)

BALANCE SHEET
31 MAY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 293 391

CURRENT ASSETS
Stocks 8,000 10,000
Debtors 5 8,000 8,000
Cash at bank 77,932 83,090
93,932 101,090
CREDITORS
Amounts falling due within one year 6 61,347 78,160
NET CURRENT ASSETS 32,585 22,930
TOTAL ASSETS LESS CURRENT
LIABILITIES
32,878
23,321

CREDITORS
Amounts falling due after more than one
year
7
7,686
10,000
NET ASSETS 25,192 13,321

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 25,190 13,319
SHAREHOLDERS' FUNDS 25,192 13,321

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

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GRD RETAIL LTD (REGISTERED NUMBER: 11356524)

BALANCE SHEET - continued
31 MAY 2022


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 director and authorised for issue on 21 February 2023 and were signed by:





R J Stainsby - Director


The notes form part of these financial statements

Page 3
GRD RETAIL LTD (REGISTERED NUMBER: 11356524)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022

1. STATUTORY INFORMATION

GRD Retail Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. Income is recognised on the despatch of goods.

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 - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and 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 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 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.

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GRD RETAIL LTD (REGISTERED NUMBER: 11356524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

2. ACCOUNTING POLICIES - continued

Going concern
The directors have reviewed the company's forecasts and projections and, in particular, have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic. However, it has inevitably had to scale back its operations.

With the benefit of the government support packages available to help businesses through the pandemic, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 June 2021
and 31 May 2022 725
DEPRECIATION
At 1 June 2021 334
Charge for year 98
At 31 May 2022 432
NET BOOK VALUE
At 31 May 2022 293
At 31 May 2021 391

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 8,000 8,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 2,437 2,500
Other creditors 58,910 75,660
61,347 78,160

Page 5 continued...
GRD RETAIL LTD (REGISTERED NUMBER: 11356524)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 7,686 10,000

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
2 Ordinary £1 2 2

9. RELATED PARTY DISCLOSURES

During the year the director maintained an interest free loan to the company. As at 31 May 2022 the balance outstanding was £10,660 (2021: £10,660).

During the year the company maintained an interest free loan from a company related by way of having a common director. This amount is included within Creditors: Amounts falling due within one year, as there are no formal terms for repayment. As at 31 May 2022 the balance outstanding was £48,250 (2021: £65,000).

During the year the company maintained an interest free loan to a company related by way of having a common director. This amount is included within Debtors: Amounts falling due within one year, as there are no formal terms for repayment. As at 31 May 2022 the balance outstanding was £8,000 (2021: £8,000).

During the year the company recharged various expenses to a company related by way of having a common director. The total amount recharged was £11,750 (2021: £Nil) deemed by the director to be on market terms.

Page 6