Grapevine Corporate Limited Company accounts

GRAPEVINE CORPORATE LIMITED - Company Information

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Company Registration Number: 03034679

	Grapevine Corporate Limited

	Unaudited Financial Statements

	For the year ended

	31 May 2018

Grapevine Corporate Limited

Financial Statements

Year ended 31 May 2018

Contents	Page

Director's report	1

Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

Grapevine Corporate Limited

Director's Report

Year ended 31 May 2018

The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2018 .

Director

The director who served the company during the year was as follows:

Mr J A Norfolk

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 September 2018 and signed on behalf of the board by:

Mr J A Norfolk
Director

Registered office:

Grapevine House

Old Road

Clacton on Sea

Essex

CO15 3LY

Grapevine Corporate Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Grapevine Corporate Limited

Year ended 31 May 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grapevine Corporate Limited for the year ended 31 May 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes 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 on the Institute's website at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Grapevine Corporate Limited in accordance with the terms of our engagement letter dated 29 February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Grapevine Corporate Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grapevine Corporate Limited and its director for our work or for this report.

It is your duty to ensure that Grapevine Corporate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grapevine Corporate Limited. You consider that Grapevine Corporate 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 financial statements of Grapevine Corporate 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 financial statements.

Jamesons Chartered Accountants

92 Station Road Clacton on Sea Essex CO15 1SG

19 September 2018

Grapevine Corporate Limited

Statement of Income and Retained Earnings

Year ended 31 May 2018

	2018	2017
Note	£	£
Turnover	1,089,672	1,080,842

Cost of sales	867,259	933,466
	------------	------------
Gross profit	222,413	147,376

Administrative expenses	131,196	99,435
Other operating income	500	–
	----------	----------
Operating profit	91,717	47,941

Other interest receivable and similar income	296	418
Interest payable and similar expenses	718	975
	----------	----------
Profit before taxation	91,295	47,384

Tax on profit	18,563	5,125
	--------	--------
Profit for the financial year and total comprehensive income	72,732	42,259
	--------	--------

Dividends paid and payable	( 40,000)	( 58,000)

Retained earnings at the start of the year	46,369	62,110
	--------	--------
Retained earnings at the end of the year	79,101	46,369
	--------	--------

All the activities of the company are from continuing operations.

Grapevine Corporate Limited

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		21,331		25,876

Current assets

Debtors	6	249,902	185,481
Cash at bank and in hand		34,021	51,583
		----------	----------
		283,923	237,064

Prepayments and accrued income	43,175		16,742

Creditors: amounts falling due within one year	7	210,043		196,673
		----------		----------
Net current assets			117,055		57,133
			----------		--------
Total assets less current liabilities			138,386		83,009

Creditors: amounts falling due after more than one year	8		–		6,117

Provisions

Taxation including deferred tax		4,053		5,175

Accruals and deferred income	55,229	25,345
	----------	--------
Net assets	79,104	46,372
	----------	--------

Capital and reserves

Called up share capital	3	3
Profit and loss account	79,101	46,369
	--------	--------
Shareholders funds	79,104	46,372
	--------	--------

These financial statements have been prepared 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'.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Grapevine Corporate Limited

Statement of Financial Position (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 17 September 2018 , and are signed on behalf of the board by:

Mr J A Norfolk
Director

Company registration number: 03034679

Grapevine Corporate Limited

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Grapevine House, Old Road, Clacton on Sea, Essex, CO15 3LY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 in accordance with the accounting policies set out below.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the amounts receivable for recruitment consultant services and labour resource providing services rendered, stated net of discounts and of Value Added Tax.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

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:

Tenants Improvements	-	10% straight line
Fixtures and Fittings	-	10% straight line
Motor Vehicles	-	25% reducing balance
Equipment	-	25% straight line

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.

4. Employee numbers

The average number of people employed by the company during the year, including the director, was 67 (2017: 65 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 June 2017	2,552	23,151	26,022	18,380	70,105
Additions	–	130	–	2,120	2,250
	-------	--------	--------	--------	--------
At 31 May 2018	2,552	23,281	26,022	20,500	72,355
	-------	--------	--------	--------	--------
Depreciation
At 1 June 2017	2,552	14,001	11,384	16,292	44,229
Charge for the year	–	1,214	3,660	1,921	6,795
	-------	--------	--------	--------	--------
At 31 May 2018	2,552	15,215	15,044	18,213	51,024
	-------	--------	--------	--------	--------
Carrying amount
At 31 May 2018	–	8,066	10,978	2,287	21,331
	-------	--------	--------	--------	--------
At 31 May 2017	–	9,150	14,638	2,088	25,876
	-------	--------	--------	--------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	222,194	167,020
Other debtors	27,708	18,461
	----------	----------
	249,902	185,481
	----------	----------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	1,724	2,164
Social security and other taxes	76,061	73,638
Other creditors	132,258	120,871
	----------	----------
	210,043	196,673
	----------	----------

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

	2018	2017
	£	£
Other creditors	–	6,117
	----	-------

9. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2018	2017
	£	£
Not later than 1 year	6,117	7,340
Later than 1 year and not later than 5 years	–	6,117
	-------	--------
	6,117	13,457
	-------	--------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J A Norfolk	8,175	43,898	( 26,410)	25,663
	-------	--------	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr J A Norfolk	17,237	61,555	( 70,617)	8,175
	--------	--------	--------	-------