Grosvenor House Papers Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02912127 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2023

for

Grosvenor House Papers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K Young

Mrs J Young

Mr C N Tague

SECRETARY:

Mr C N Tague

REGISTERED OFFICE:

Westmorland Business Park

Kendal

Cumbria

LA9 6NP

REGISTERED NUMBER:

02912127 (England and Wales)

ACCOUNTANTS:

Bennett Kirkhope Smith

Chartered Certified Accountants

Suites 5 & 6 The Printworks

Hey Road

Barrow

Clitheroe

Lancashire

BB7 9WB

BANKERS:

Yorkshire Bank plc

7 Stricklandgate

Kendal

Lancashire

LA9 4NB

FIXED ASSETS

Intangible assets

4

72,917

97,917

Tangible assets

5

779,937

829,277

Investments

6

45,100

45,100

897,954

972,294

CURRENT ASSETS

Stocks

2,174,753

1,683,638

Debtors

7

1,132,369

990,605

Cash at bank and in hand

37,410

26,494

3,344,532

2,700,737

CREDITORS

Amounts falling due within one year

8

2,040,549

1,781,984

NET CURRENT ASSETS

1,303,983

918,753

TOTAL ASSETS LESS CURRENT LIABILITIES

2,201,937

1,891,047

CREDITORS

Amounts falling due after more than one year

9

(187,565

)

(261,144

)

PROVISIONS FOR LIABILITIES

12

(154,141

)

(123,120

)

ACCRUALS AND DEFERRED INCOME

(101,516

)

(124,640

)

NET ASSETS

1,758,715

1,382,143

CAPITAL AND RESERVES

Called up share capital

13

100,000

100,000

Retained earnings

1,658,715

1,282,143

SHAREHOLDERS' FUNDS

1,758,715

1,382,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 2 August 2023 and were signed on its behalf by:

Mr K Young - Director

Mrs J Young - Director

Mr C N Tague - Director

1.	STATUTORY INFORMATION

Grosvenor House Papers 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 2016, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

5% on cost and Straight line over 3 years

Plant and machinery

-

15% on reducing balance and Over the term of the lease

Fixtures and fittings

-

33% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies

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 transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors

Certain specified debts are assigned to an invoice financing company which offers a credit facility whereby the company may draw a percentage of the book value of the debts. The invoice financing company does not underwrite the debts and therefore the gross amount due to the invoice financing company is shown as a creditor and the full amount due from the trade debtors is separately disclosed.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2022 - 54 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2022

and 30 April 2023

250,000

AMORTISATION

At 1 May 2022

152,083

Charge for year

25,000

At 30 April 2023

177,083

NET BOOK VALUE

At 30 April 2023

72,917

At 30 April 2022

97,917

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 May 2022

195,318

754,294

472,178

694,247

2,116,037

Additions

2,034

108,773

11,749

-

122,556

Disposals

-

-

-

(80,105

)

(80,105

)

At 30 April 2023

197,352

863,067

483,927

614,142

2,158,488

DEPRECIATION

At 1 May 2022

52,410

466,208

398,908

369,234

1,286,760

Charge for year

9,126

50,103

21,302

77,885

158,416

Eliminated on disposal

-

-

-

(66,625

)

(66,625

)

At 30 April 2023

61,536

516,311

420,210

380,494

1,378,551

NET BOOK VALUE

At 30 April 2023

135,816

346,756

63,717

233,648

779,937

At 30 April 2022

142,908

288,086

73,270

325,013

829,277

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2022

-

139,000

139,000

Additions

107,732

-

107,732

At 30 April 2023

107,732

139,000

246,732

DEPRECIATION

At 1 May 2022

-

58,189

58,189

Charge for year

6,733

20,203

26,936

At 30 April 2023

6,733

78,392

85,125

NET BOOK VALUE

At 30 April 2023

100,999

60,608

161,607

At 30 April 2022

-

80,811

80,811

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 May 2022

and 30 April 2023

45,000

100

45,100

NET BOOK VALUE

At 30 April 2023

45,000

100

45,100

At 30 April 2022

45,000

100

45,100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

854,663

658,168

Bad debt provision

(19,207

)

(6,273

)

Other debtors

1,609

1,199

Prepayments

295,304

337,511

1,132,369

990,605

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans and overdrafts

539,317

395,816

Hire purchase contracts (see note 10)

44,065

27,800

Trade creditors

464,287

720,254

YBIF account

526,733

145,904

Corporation tax

102,634

49,023

Social security and other taxes

28,916

27,601

VAT

159,727

33,751

Loan: Papercraft Connections Ltd

45,000

45,000

Other creditors

16,234

1,333

Directors' current accounts

84,257

109,898

Accruals

29,379

225,604

2,040,549

1,781,984

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans - 1-5 years

107,093

225,577

Hire purchase contracts (see note 10)

80,472

35,567

187,565

261,144

The bank loan, the aggregate total of which amounts to £228,035 (2022: £385,711), is repayable in monthly instalments. The gross liability due after five years by instalments is Nil (2022: Nil).

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.23

30.4.22

£

£

Net obligations repayable:

Within one year

44,065

27,800

Between one and five years

80,472

35,567

124,537

63,367

Non-cancellable

operating leases

30.4.23

30.4.22

£

£

Within one year

160,000

160,000

Between one and five years

413,333

573,333

573,333

733,333

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.23

30.4.22

£

£

Bank overdrafts

418,375

235,682

Bank loans

228,035

385,711

Hire purchase contracts

124,537

63,367

YBIF finance

526,733

145,904

1,297,680

830,664

The bank loan, overdraft and invoice finance facility are secured by a debenture incorporating a fixed and floating charge over the assets of the company, together with a legal mortgage over 2.9 acres of land at Gilthwaiterigg Lane, Kendal owned personally by the directors.

The hire purchase liabilities are secured on the assets to which they relate.

12.	PROVISIONS FOR LIABILITIES

30.4.23

30.4.22

£

£

Deferred tax

154,141

123,120

Deferred

tax

£

Balance at 1 May 2022

123,120

Provided during year

31,021

Balance at 30 April 2023

154,141

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.23

30.4.22

value:

£

£

100,000

Ordinary

£1

100,000

100,000