GRANGE STREET COMPANY LIMITED

GRANGE STREET COMPANY LIMITED

GRANGE STREET COMPANY LIMITED - Company Information

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GRANGE STREET COMPANY LIMITED

Company Registration Number:
11045888 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2021

Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

GRANGE STREET COMPANY LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Balance sheet
Notes

GRANGE STREET COMPANY LIMITED

Balance sheet

As at 31 December 2021


Notes
2021
2020


£
£
Current assets
Stocks: 81,133 118,583
Debtors:   24,722 75,699
Cash at bank and in hand: 106 10,587
Total current assets: 105,961 204,869
Creditors: amounts falling due within one year: 3 (272,876) (269,143)
Net current assets (liabilities): (166,915) (64,274)
Total assets less current liabilities: (166,915) (64,274)
Creditors: amounts falling due after more than one year: 4 (39,795) (49,227)
Total net assets (liabilities): (206,710) (113,501)
Capital and reserves
Called up share capital: 100 100
Profit and loss account: (206,810) (113,601)
Shareholders funds: (206,710) (113,501)

The notes form part of these financial statements

GRANGE STREET COMPANY LIMITED

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 31 March 2023
and signed on behalf of the board by:

Name: P A WEEDON
Status: Director

The notes form part of these financial statements

GRANGE STREET COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration receivable for sale of goods net of VAT and trade discounts and is recognised at the point of sale.

Valuation and information policy

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Other accounting policies

Debtors and Creditors receivable/payable within one year:Debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.Taxation:Taxation represents the sum of tax currently payable and deferred tax.Pension Scheme:The Company operates a defined contribution scheme for the benefit of its employees. Contributions are expensed as they become payable.Foreign Currencies:Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.Loans:Loans are initially recognised at the transaction price including associated costs. Interest is charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.Going Concern:During the year , an unexpected problem with an overseas supplier has hampered the company's financial progress.In the circumstances ,the planned debt repayment to The Clarke Tin Whistle Company Limited has been put on hold until such time as the Company's financial circumstances allow. On this basis ,the Directors have prepared the accounts on the going concern basis.

GRANGE STREET COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

2. Employees

2021 2020
Average number of employees during the period 2 2

GRANGE STREET COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Creditors: amounts falling due within one year note

Secured Creditors amount to £Nil (2020: £46,554)

GRANGE STREET COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Creditors: amounts falling due after more than one year note

There are no secured creditors.

GRANGE STREET COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Related party transactions

At 31 December 2021 the Company owes £203,117 (2020: £193,587) to The Clarke Tin Whistle Company Limited which is wholly owned by J A Weedon, who is a Director of Grange Street Company Limited and owns 50% of its issued share capital.