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REGISTERED NUMBER: SC224604 (Scotland)















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: W Grossart
J MacDonald
H J Munro





SECRETARY: W Grossart





REGISTERED OFFICE: Nasmyth Building
S.E.T.P
Nasmith Avenue
East Kilbride
G75 0QR





REGISTERED NUMBER: SC224604 (Scotland)





ACCOUNTANTS: McAllisters
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 52,000 65,000
Tangible assets 5 1,031 4,271
53,031 69,271

CURRENT ASSETS
Debtors 6 878,317 815,068
Cash at bank and in hand 478,356 204,309
1,356,673 1,019,377
CREDITORS
Amounts falling due within one year 7 367,383 307,329
NET CURRENT ASSETS 989,290 712,048
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,042,321

781,319

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,042,221 781,219
SHAREHOLDERS' FUNDS 1,042,321 781,319

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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.

GROSSART ASSOCIATES LIMITED (REGISTERED NUMBER: SC224604)

Balance Sheet - continued
28 February 2018


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 11 October 2018 and were signed on its behalf by:





W Grossart - Director


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 private company, limited by shares , registered in Scotland. The company's registered
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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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 13 (2017 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2017
and 28 February 2018 260,000
AMORTISATION
At 1 March 2017 195,000
Charge for year 13,000
At 28 February 2018 208,000
NET BOOK VALUE
At 28 February 2018 52,000
At 28 February 2017 65,000

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2017
and 28 February 2018 7,027 60,937 67,964
DEPRECIATION
At 1 March 2017 6,381 57,312 63,693
Charge for year 97 3,143 3,240
At 28 February 2018 6,478 60,455 66,933
NET BOOK VALUE
At 28 February 2018 549 482 1,031
At 28 February 2017 646 3,625 4,271

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.18 28.2.17
£    £   
Trade debtors 859,010 799,026
Prepayments and accrued income 19,307 16,042
878,317 815,068

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 34,728 40,272
Trade creditors 26,940 12,225
Tax 82,325 73,969
Social security and other taxes 14,276 -
VAT 202,328 171,613
Other creditors 3,536 6,095
Accrued expenses 3,250 3,155
367,383 307,329

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 28.2.18 28.2.17
value: £    £   
100 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
£    £   
W Grossart
Balance outstanding at start of year - -
Amounts advanced 844 844
Amounts repaid (844 ) (844 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

J MacDonald
Balance outstanding at start of year - -
Amounts advanced 844 844
Amounts repaid (844 ) (844 )
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.






McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL


11 October 2018