Grosvenor Construction Limited Company Accounts

GROSVENOR CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06793432

Grosvenor Construction Limited

Filleted Unaudited Financial Statements

31 March 2017

Grosvenor Construction Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants and business advisors report to the board of directors on the preparation of the unaudited statutory financial statements	10

Grosvenor Construction Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		388,448	249,906

Current assets

Stocks		167,474	114,799
Debtors	6	407,101	353,168
Cash at bank and in hand		567,260	477,333
		------------	---------
		1,141,835	945,300

Creditors: amounts falling due within one year	7	822,179		585,192
		------------		---------
Net current assets			319,656	360,108
			---------	---------
Total assets less current liabilities			708,104	610,014

Creditors: amounts falling due after more than one year	8		75,633	74,641

Provisions

Taxation including deferred tax	44,921	22,324
	---------	---------
Net assets	587,550	513,049
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	587,450	512,949
	---------	---------
Members funds	587,550	513,049
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 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 financial statements for the year in question in accordance with section 476 ;

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

Grosvenor Construction Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 1 November 2017 , and are signed on behalf of the board by:

Mr R N Moore	Mr C W F Mellor
Director	Director

Company registration number: 06793432

Grosvenor Construction Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 41, Tir Llwyd Industrial Estate, Kimnel Bay, Rhyl, Denbighshire, LL18 5JA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Work in progress is valued on the basis of direct costs plus attributable overheads based on the normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	5% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Freehold land is not depreciated.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 49 (2016: 38 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2016	133,204	182,588	16,900	149,476	482,168
Additions	–	189,087	11,055	39,739	239,881
Disposals	–	( 16,070)	( 2,980)	( 32,119)	( 51,169)
	---------	---------	--------	---------	---------
At 31 March 2017	133,204	355,605	24,975	157,096	670,880
	---------	---------	--------	---------	---------
Depreciation
At 1 April 2016	6,416	120,418	10,789	94,639	232,262
Charge for the year	1,604	61,096	4,198	22,574	89,472
Disposals	–	( 9,155)	( 2,316)	( 27,831)	( 39,302)
	---------	---------	--------	---------	---------
At 31 March 2017	8,020	172,359	12,671	89,382	282,432
	---------	---------	--------	---------	---------
Carrying amount
At 31 March 2017	125,184	183,246	12,304	67,714	388,448
	---------	---------	--------	---------	---------
At 31 March 2016	126,788	62,170	6,111	54,837	249,906
	---------	---------	--------	---------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	251,899	342,882
Other debtors	155,202	10,286
	---------	---------
	407,101	353,168
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	14,400	14,400
Trade creditors	609,086	300,237
Social security and other taxes	113,918	169,737
Other creditors	84,775	100,818
	---------	---------
	822,179	585,192
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	30,244	44,877
Other creditors	45,389	29,764
	--------	--------
	75,633	74,641
	--------	--------

The bank loan is secured by a Legal Charge over the freehold property.

9. Directors' advances, credits and guarantees

Dividends paid to directors who are also shareholders amounted to £252,000 in the period. The directors also operated loan accounts with the company, the aggregated opening balances of which were £47,155 in credit and the aggregated closing balances were £30,162 in credit.

10. Related party transactions

Dividends paid to other family members amounted to £63,000. In the period the company employed Mrs J Moore, the wife of one of the directors. Her salary for the period was £29,598. The company also employed Ms J Osbourne, the partner of the other director. Her salary in the period was £20,416. The company also employed Mr H Moore, the father of one of the directors. His salary in the year was £14,552. The company employed two of the sons of one of the directors, and the aggregate salary paid to them in the year was £2,113. No further transactions with related parties were undertaken such as are required to be disclosed.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Grosvenor Construction Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the financial statements.

Grosvenor Construction Limited

Chartered Accountants and Business Advisors Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grosvenor Construction Limited

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisors

18 Ruabon Road Wrexham LL13 7PB

1 November 2017