Grosvenor Oil Services Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02909421 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

Grosvenor Oil Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M I Stephen

G A Allen

REGISTERED OFFICE:

Unit C3 Taylor Business Park

Risley

Warrington

Cheshire

WA3 6BL

REGISTERED NUMBER:

02909421 (England and Wales)

AUDITORS:

Johnstone Howell & Co

Statutory Auditors

104 Whitby Road

Ellesmere Port

Cheshire

CH65 0AB

FIXED ASSETS

Tangible assets

4

91,091

50,141

CURRENT ASSETS

Stocks

23,241

47,099

Debtors

5

1,117,289

992,843

Cash at bank and in hand

373,385

186,921

1,513,915

1,226,863

CREDITORS

Amounts falling due within one year

6

1,258,532

963,764

NET CURRENT ASSETS

255,383

263,099

TOTAL ASSETS LESS CURRENT LIABILITIES

346,474

313,240

PROVISIONS FOR LIABILITIES

13,105

13,680

NET ASSETS

333,369

299,560

CAPITAL AND RESERVES

Called up share capital

35,000

35,000

Retained earnings

8

298,369

264,560

SHAREHOLDERS' FUNDS

333,369

299,560

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 22 September 2023 and were signed on its behalf by:

G A Allen - Director

M I Stephen - Director

1.	STATUTORY INFORMATION

Grosvenor Oil Services 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.

The company's presentational currency is pounds sterling.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured net of value added tax, rebates and discounts.

Turnover from the sale of goods and services is recognised when the company has delivered those goods and services to the customer.

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 etc

-

25% on cost and at varying rates on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairments. The cost of property, plant and equipment includes any directly attributable incremental costs incurred in its acquisition and installation.

Stocks

Stock is valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

Cost represents the price payable to the third party suppliers of inventory.

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.

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.

Government grants

Coronavirus (COVID-19) grants and support payments are recognised as income when the grant proceeds are received or receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

742,909

Additions

76,394

Disposals

(174,066

)

At 31 December 2022

645,237

DEPRECIATION

At 1 January 2022

692,768

Charge for year

34,333

Eliminated on disposal

(172,955

)

At 31 December 2022

554,146

NET BOOK VALUE

At 31 December 2022

91,091

At 31 December 2021

50,141

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

547,099

244,941

Amounts owed by group undertakings

559,231

706,855

Other debtors

10,959

41,047

1,117,289

992,843

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

224,634

351,310

Amounts owed to group undertakings

774,739

443,205

Taxation and social security

148,987

145,578

Other creditors

110,172

23,671

1,258,532

963,764

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

-

744

8.

RESERVES

Retained

earnings

£

At 1 January 2022

264,560

Profit for the year

390,343

Dividends

(356,534

)

At 31 December 2022

298,369

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Bagnall FCA (Senior Statutory Auditor)

for and on behalf of Johnstone Howell & Co

10.	OTHER FINANCIAL COMMITMENTS

There is an unlimited bilateral bank guarantee given by the company and Grosvenor Power Services Limited.

There are fixed and floating charges over the undertaking and all property and assets present and future.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions available under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE PARENT COMPANY

The ultimate parent undertaking, for the largest and smallest group for which the group accounts are prepared, is Grosvenor Power Group Holdings Limited, registered in England and Wales.