Grosvenor House Papers Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02912127 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 April 2016

for

Grosvenor House Papers Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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:

Towers & Gornall

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

2

247,917

-

Tangible assets

3

306,644

280,115

Investments

4

45,100

599,661

325,215

CURRENT ASSETS

Stocks

1,544,983

1,763,648

Debtors

780,456

841,004

Cash at bank and in hand

5,358

4,864

2,330,797

2,609,516

CREDITORS

Amounts falling due within one year

5

1,610,146

1,990,536

NET CURRENT ASSETS

720,651

618,980

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,320,312

944,195

CREDITORS

Amounts falling due after more than one
year

5

(595,529

)

(431,287

)

PROVISIONS FOR LIABILITIES

(48,000

)

(39,700

)

ACCRUALS AND DEFERRED INCOME

(32,289

)

(2,000

)

NET ASSETS

644,494

471,208

CAPITAL AND RESERVES

Called up share capital

6

100,000

Profit and loss account

544,494

371,208

SHAREHOLDERS' FUNDS

644,494

471,208

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 13 January 2017 and were signed on its
behalf by:

Mr K Young - Director

Mrs J Young - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

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

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account 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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

250,000

At 30 April 2016

250,000

AMORTISATION

Amortisation for year

2,083

At 30 April 2016

2,083

NET BOOK VALUE

At 30 April 2016

247,917

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

823,109

Additions

92,208

Disposals

(12,950

)

At 30 April 2016

902,367

DEPRECIATION

At 1 May 2015

542,994

Charge for year

52,729

At 30 April 2016

595,723

NET BOOK VALUE

At 30 April 2016

306,644

At 30 April 2015

280,115

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 May 2015

and 30 April 2016

45,100

NET BOOK VALUE

At 30 April 2016

45,100

At 30 April 2015

45,100

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Papercraft Connections Limited

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

30.4.16

30.4.15

£

Aggregate capital and reserves

45,000

5.

CREDITORS

Creditors include an amount of £ 1,678,081 (30.4.15 - £ 1,617,446 ) for which security has been given.

They also include the following debts falling due in more than five years:

30.4.16

30.4.15

£

Repayable by instalments

126,244

128,892

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.16

30.4.15

value:

£

100,000

Ordinary

£1

100,000

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end there was a balance owed to the directors of £50,992 (2015: £35,608)

8.	RELATED PARTY DISCLOSURES

Papercraft Connections Limited

A wholly owned subsidiary

There was no interest paid during the year on this unsecured loan (2015: £Nil) with the full balance

repayable on demand.

30.4.16

30.4.15

£

Amount due to related party at the balance sheet date

45,000

Mr K and Mrs J Young

Directors and shareholders

The company occupies premises owned privately by Mr K and Mrs J Young. A normal commercial rent

of £160,000 (2015: £153,192) was paid during the year. At the balance sheet date there was no

amount outstanding in respect of this (2015: £Nil).

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr K Young.