Grainge Architects Limited - Period Ending 2016-12-31

Registration number: 03275169

Grainge Architects Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Grainge Architects Limited
(Registration number: 03275169)

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 10

Grainge Architects Limited
(Registration number: 03275169)

Company Information

Directors

J E G Brookes A R Pollintine

Registered office

The Boat Shed Haven Banks Exeter Devon EX2 8DD

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grainge Architects Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grainge Architects Limited for the year ended 31 December 2016 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Grainge Architects Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Grainge Architects Limited and state those matters that we have agreed to state to the Board of Directors of Grainge Architects Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grainge Architects Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Grainge Architects Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Grainge Architects Limited. You consider that Grainge Architects Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Grainge Architects Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

17 July 2017

Page 2

Grainge Architects Limited
(Registration number: 03275169)

Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	5	94,556	102,877
Current assets
Debtors	6	391,963	357,346
Cash at bank and in hand		108,897	121,506
		500,860	478,852
Creditors: Amounts falling due within one year	7	(184,535)	(192,338)
Net current assets		316,325	286,514
Total assets less current liabilities		410,881	389,391
Provisions for liabilities		(11,189)	(9,972)
Net assets		399,692	379,419
Capital and reserves
Called up share capital		18,000	18,000
Capital redemption reserve		49,250	49,250
Profit and loss account		332,442	312,169
Total equity		399,692	379,419

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Grainge Architects Limited
(Registration number: 03275169)

Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 17 July 2017 and signed on its behalf by:
 

.........................................

J E G Brookes

Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Grainge Architects Limited
(Registration number: 03275169)

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
The Boat Shed
Haven Banks
Exeter
Devon
EX2 8DD

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and Buildings	10 % straight line
Plant and Machinery	20 % reducing balance
Fixtures and Equipment	20% reducing balance / 20% straight line

Page 5

Grainge Architects Limited
(Registration number: 03275169)

Notes to the Financial Statements for the Year Ended 31 December 2016

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 6

Grainge Architects Limited
(Registration number: 03275169)

Notes to the Financial Statements for the Year Ended 31 December 2016

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2015 - 22).

Page 7

Grainge Architects Limited
(Registration number: 03275169)

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2016	150,000	150,000
At 31 December 2016	150,000	150,000
Amortisation
At 1 January 2016	150,000	150,000
At 31 December 2016	150,000	150,000
Carrying amount
At 31 December 2016	-	-

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2016	126,004	268,930	91,403	486,337
Additions	-	20,884	-	20,884
At 31 December 2016	126,004	289,814	91,403	507,221
Depreciation
At 1 January 2016	83,003	229,055	71,402	383,460
Charge for the year	12,600	12,605	4,000	29,205
At 31 December 2016	95,603	241,660	75,402	412,665
Carrying amount
At 31 December 2016	30,401	48,154	16,001	94,556
At 31 December 2015	43,001	39,875	20,001	102,877

Included within the net book value of land and buildings above is £30,401 (2015 - £43,001) in respect of long leasehold land and buildings.
 

Page 8

Grainge Architects Limited
(Registration number: 03275169)

Notes to the Financial Statements for the Year Ended 31 December 2016

6

Debtors

	2016 £	2015 £
Trade debtors	254,780	243,725
Other debtors	128,535	81,680
Prepayments and accrued income	8,648	31,941
Total current trade and other debtors	391,963	357,346

7

Creditors

	2016 £	2015 £
Due within one year
Trade creditors	3,898	537
Taxation and social security	177,557	189,353
Other creditors	3,080	2,448
	184,535	192,338

8	Financial commitments, guarantees and contingencies

Financial commitments

The total amount of financial commitments not included in the balance sheet is £7,580 (2015 - £-). The company has operating lease committments for items of plant with total minimum lease payment committments of £7,580, of which £3,157 falls payable within one year.

9	Related party transactions

Transactions with directors

2016	At 1 January 2016 £	Advances to directors £	Repayments by director £	At 31 December 2016 £
J E G Brookes
Interest free loan repayable on demand	27,271	66,941	(30,762)	63,450
A R Pollintine
Interest free loan repayable on demand	28,274	69,181	(32,370)	65,085

Page 9

Grainge Architects Limited
(Registration number: 03275169)

Notes to the Financial Statements for the Year Ended 31 December 2016

2015	At 1 January 2015 £	Advances to directors £	Repayments by director £	At 31 December 2015 £
J E G Brookes
Interest free loan repayable on demand	(3,644)	30,916	-	27,271
A R Pollintine
Interest free loan repayable on demand	(3,644)	31,918	-	28,274

10	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under previous UK GAAP were for the year ended 31 December 2015 and the date of transition to FRS 102 was 1 January 2015. The changes in accounting policies brought about through the transition from UK GAAP as previously reported to FRS 102 have had no effect on the profit for the year to 31 December 2015 or total equity as at 1 January 2015 and 31 December 2015.

Page 10