REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2018 |
for |
GROSSART ASSOCIATES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2018 |
for |
GROSSART ASSOCIATES LIMITED |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Contents of the Financial Statements |
for the Year Ended 28 February 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 9 |
GROSSART ASSOCIATES LIMITED |
Company Information |
for the Year Ended 28 February 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Paxton House |
11 Woodside Crescent |
Charing Cross |
Glasgow |
G3 7UL |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Balance Sheet |
28 February 2018 |
28.2.18 | 28.2.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
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. |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Balance Sheet - continued |
28 February 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Notes to the Financial Statements |
for the Year Ended 28 February 2018 |
1. | STATUTORY INFORMATION |
Grossart Associates Limited is a |
number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements in compliance with FRS 102 1a requires the use of certain critical accounting |
estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors |
are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the |
preparation of these 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. |
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of |
completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated |
contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be |
estimated reliably. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its |
estimated useful economic life of twenty years. |
At the balance sheet date the net book value of goodwill was £52,000 (2017 - £65,000). |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Residual values for computer equipment and fixtures and fittings are estimated to be £nil. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, |
or if there is an indication of a significant change since the last reporting date. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the |
recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. |
Any impairment loss is recognised immediately as an expense within profit or loss |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Trade and other debtors/creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other |
creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition |
they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade |
debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business |
terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt |
instrument. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or |
loss. |
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the |
asset's carrying amount and the present value of estimated future cash flows discounted at the assets original effective |
interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current |
effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the assets |
carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the |
balance sheet date." |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
General provisions |
A provision is recognised when company has a legal or constructive obligation as a result of a past event and it is probable |
that an outflow of economic benefits will be required to settle the obligation. |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2017 |
and 28 February 2018 |
AMORTISATION |
At 1 March 2017 |
Charge for year |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2017 |
and 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.18 | 28.2.17 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 202,328 | 171,613 |
Other creditors |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.18 | 28.2.17 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 28 February 2018 and 28 February 2017: |
28.2.18 | 28.2.17 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2018 |
10. | RELATED PARTY DISCLOSURES |
Dividends were paid during the year to related parties as follows: |
John MacDonald (Director) £23,040 (2017 - £79,040) |
William Grossart (Director) £23,040 (2017 - £79,040) |
Jean MacDonald (Participator) £5,760 (2017 - £19,760) |
Elaine Grossart (Participator) £5,760 (2017 - £19,760) |
Additionally, remuneration of £118,701 (2017 - £117,337) was paid to the directors in the period. |
11. | ULTIMATE CONTROLLING PARTY |
Mr William Grossart and Mr John MacDonald are both directors and 40% shareholders and are therefore considered to be |
the ultimate controlling parties. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Grossart Associates Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited |
financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. |
Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are |
not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Grossart Associates Limited for the year ended 28 February 2018 which comprise the Statement of Income and |
Retained Earnings, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the Board of Directors of Grossart Associates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grossart Associates Limited and state those matters that we have agreed to state to the Board of Directors of Grossart Associates Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Grossart Associates 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 Grossart Associates Limited. You consider that Grossart Associates 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 Grossart Associates 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. |
Paxton House |
11 Woodside Crescent |
Charing Cross |
Glasgow |
G3 7UL |