Grosvenor Merchants Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05526960 (England and Wales)

Financial Statements

for the Year Ended 31 July 2022

for

Grosvenor Merchants Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

BA Richins

REGISTERED OFFICE:

19b Holder Road

Aldershot

Hampshire

GU12 4RH

REGISTERED NUMBER:

05526960 (England and Wales)

ACCOUNTANTS:

Perrin & Co

James House

153 Grosvenor Road

Aldershot

Hampshire

GU11 3EF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

260,291

263,726

260,291

263,726

CURRENT ASSETS

Stocks

42,735

44,184

Debtors

6

54,002

26,831

Cash at bank and in hand

19,599

33,978

116,336

104,993

CREDITORS

Amounts falling due within one year

7

100,181

86,776

NET CURRENT ASSETS

16,155

18,217

TOTAL ASSETS LESS CURRENT LIABILITIES

276,446

281,943

CREDITORS

Amounts falling due after more than one year

8

(48,014

)

(62,879

)

PROVISIONS FOR LIABILITIES

(1,955

)

(2,608

)

NET ASSETS

226,477

216,456

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

225,477

215,456

SHAREHOLDERS' FUNDS

226,477

216,456

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 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 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 director and authorised for issue on 14 February 2023 and were signed by:

BA Richins - Director

1.	STATUTORY INFORMATION

Grosvenor Merchants 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2021

and 31 July 2022

98,500

AMORTISATION

At 1 August 2021

and 31 July 2022

98,500

NET BOOK VALUE

At 31 July 2022

-

At 31 July 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 August 2021

and 31 July 2022

250,000

355

45,118

DEPRECIATION

At 1 August 2021

-

307

41,583

Charge for year

-

12

887

At 31 July 2022

-

319

42,470

NET BOOK VALUE

At 31 July 2022

250,000

36

2,648

At 31 July 2021

250,000

48

3,535

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2021

and 31 July 2022

39,095

3,239

337,807

DEPRECIATION

At 1 August 2021

29,589

2,602

74,081

Charge for year

2,376

160

3,435

At 31 July 2022

31,965

2,762

77,516

NET BOOK VALUE

At 31 July 2022

7,130

477

260,291

At 31 July 2021

9,506

637

263,726

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade debtors

54,002

26,831

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Bank loans and overdrafts

24,752

14,300

Trade creditors

18,482

20,642

Corporation tax

5,349

6,901

VAT

4,970

3,925

Directors' loan accounts

44,938

39,318

Sundry creditors and accruals

1,690

1,690

100,181

86,776

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.22

31.7.21

£

£

Bank loans

48,014

62,879

9.	RELATED PARTY DISCLOSURES