Griptrak (Midlands) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03101415 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

GRIPTRAK (MIDLANDS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Grewcock

Dr L J Grewcock

SECRETARY:

Dr L J Grewcock

REGISTERED OFFICE:

Unit 8, Oak Spinney Park

Ratby Lane

Leicester Forest East

Leicester

Leicestershire

LE3 3AW

REGISTERED NUMBER:

03101415 (England and Wales)

ACCOUNTANTS:

SFB Group Limited

Chartered Accountants

Unit 8 Oak Spinney Park

Ratby Lane

Leicester Forest East

Leicester

LE3 3AW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

481,906

505,317

Investments

6

10

10

481,916

505,327

CURRENT ASSETS

Debtors

7

1,177,879

1,464,366

Cash at bank and in hand

1,213,324

1,122,415

2,391,203

2,586,781

CREDITORS

Amounts falling due within one year

8

184,641

570,409

NET CURRENT ASSETS

2,206,562

2,016,372

TOTAL ASSETS LESS CURRENT LIABILITIES

2,688,478

2,521,699

CREDITORS

Amounts falling due after more than one year

9

742,500

742,500

NET ASSETS

1,945,978

1,779,199

CAPITAL AND RESERVES

Called up share capital

8,500

8,500

Retained earnings

1,937,478

1,770,699

SHAREHOLDERS' FUNDS

1,945,978

1,779,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 4 December 2017 and were signed on its behalf by:

K Grewcock - Director

1.	STATUTORY INFORMATION

Griptrak (Midlands) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Cherished vehicle numbers

Amortisation has been calculated to write down the cost of the cherished vehicle numbers, over their expected useful lives

at a rate of 10% per annum of cost.

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.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Hire purchase and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.	INTANGIBLE FIXED ASSETS

Cherished

vehicle

numbers

£

COST

At 1 July 2016

and 30 June 2017

10,431

AMORTISATION

At 1 July 2016

and 30 June 2017

10,431

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2016

262,359

10,725

157,541

346,072

776,697

Additions

-

-

32,998

162,637

195,635

Disposals

-

-

-

(188,450

)

(188,450

)

At 30 June 2017

262,359

10,725

190,539

320,259

783,882

DEPRECIATION

At 1 July 2016

54,202

2,975

89,607

124,596

271,380

Charge for year

5,247

1,550

15,140

62,334

84,271

Eliminated on disposal

-

-

-

(53,675

)

(53,675

)

At 30 June 2017

59,449

4,525

104,747

133,255

301,976

NET BOOK VALUE

At 30 June 2017

202,910

6,200

85,792

187,004

481,906

At 30 June 2016

208,157

7,750

67,934

221,476

505,317

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2016

and 30 June 2017

10

NET BOOK VALUE

At 30 June 2017

10

At 30 June 2016

10

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,174,052

1,375,982

Other debtors

3,827

88,384

1,177,879

1,464,366

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

329,311

333,926

Taxation and social security

150,786

503,530

Other creditors

(295,456

)

(267,047

)

184,641

570,409

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

742,500

742,500

10.	RELATED PARTY DISCLOSURES

Included in other creditors is £360,454 (2016 - £398,567), this amount is owed to the directors of the company.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by K Grewcock who, together with his wife and son, owns 100% of the issued share capital and

is a director of the company.