Grant, Barnett & Company Limited - Accounts to registrar (filleted) - small 18.2
Grant, Barnett & Company Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2017 |
for |
Grant, Barnett & Company Limited |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Grant, Barnett & Company Limited |
Company Information |
for the Year Ended 31 December 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
44 The Pantiles |
Tunbridge Wells |
Kent |
TN2 5TN |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Balance Sheet |
31 December 2017 |
31.12.17 | 31.12.16 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Balance Sheet - continued |
31 December 2017 |
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 by: |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
1. | STATUTORY INFORMATION |
Grant, Barnett & Company Limited is a |
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 |
The financial statements are presented in pounds sterling and rounded to the nearest £. The company's functional |
currency is Pounds Sterling, Euro and US Dollar. |
Going concern |
After reviewing the entities forecasts and projections, the directors have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. The company |
therefore continues to adopt the going concern basis in preparing its financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Impairment of assets |
Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the |
carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of |
its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss |
been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit |
or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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. |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
2. | ACCOUNTING POLICIES - continued |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange |
ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction, |
subject to forward contracts policy below. |
Exchange gains and losses are recognised in the profit and loss account. |
Operating leases |
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease |
term. |
Benefits received and receivable as an incentive to sign an operating lease are recognized on a straight line basis |
over the period until the date the rent is expected to be adjusted to the prevailing market rate. |
Pensions |
The company contributes to personal pension schemes and the pension charge represents the amounts payable by |
the company to the funds in respect of the year. |
Forward contracts |
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction or, |
where forward foreign currency contracts have been taken out, at contractual rates. Monetary assets and |
liabilities are retranslated at the rates of exchange ruling at the balance sheet date, or at a forward contractual rate |
if applicable. Exchange gains and losses are taken to the profit and loss account. |
Forward currency contracts are not recognised until they mature. |
Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
including expectations of future events that are believed to be reasonable under the circumstances. |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised |
at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured |
at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost, using the effective interest rate method. |
Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless |
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of |
the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past |
event, it is probable that the company will be required to settle the obligation , and a reliable estimate can be |
made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present |
obligation at the end of the reporting period, taking in to account the risks and uncertainties surrounding the |
obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the |
obligation is recognised at fair value, net of transactions costs, and are measured subsequently at amortised cost |
using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2017 |
Additions |
Disposals | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included within trade debtors are invoice discounted debts amounting to £1,844,541 (2016 - £1,833,954). |
Advances have been made against this amount and are included within creditors. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Included in other creditors are advances under discounting which were made under the invoice discounting |
facility and are secured on the trade debtors of the company. |
Grant, Barnett & Company Limited (Registered number: 00064757) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.17 | 31.12.16 |
£ | £ |
Bank overdrafts |
Other loans |
Security has been given by way of a debenture from Barclays Bank Plc comprising fixed and floating charges |
over all the assets and undertaking of the company including all present and future freehold and leasehold |
property, book and other debtors, chattels and goodwill, both present and future. |
9. | RELATED PARTY TRANSACTIONS |
The company is connected to Grant Barnett Assets LLP through common directors and members. During the |
period Grant Barnett Assets LLP charged the company a licence fee of £6,000 (2016: £6,000). |
The company is connected to Grant Barnett Designs LLP through common directors and members. During the |
period Grant Barnett Designs LLP charged the company £107,481 (2016: £112,112) for design services. |
The company is connected to GB Creations LLP through common directors and members. During the period the |
company charged GB Creations LLP £178,992 (2016: £135,675) for goods and services provided. |
During the period the company paid dividends of £500,000 (2016: £27,635) to its parent company Grant, Barnett |
Holdings Limited. As at the balance sheet date £1,835,561 (2016: £nil) was due from Grant, Barnett Holdings |
Limited and included in debtors. |
10. | ULTIMATE CONTROLLING PARTY |
The immediate controlling party is Grant, Barnett Holdings Limited. Mr W Thomas is the ultimate controlling |
party. |
11. | CURRENCY |
The company's presentational currency is Pounds Sterling and functional currency is Pounds Stirling, Euro and |
US Dollar. |