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REGISTERED NUMBER: 12984977 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

29 OCTOBER 2020 TO 30 NOVEMBER 2021

FOR

GROVE MAGNETOS LIMITED

GROVE MAGNETOS LIMITED (REGISTERED NUMBER: 12984977)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 OCTOBER 2020 TO 30 NOVEMBER 2021










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


GROVE MAGNETOS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 29 OCTOBER 2020 TO 30 NOVEMBER 2021







DIRECTOR: M I D Fotherby





REGISTERED OFFICE: 91b High Street
Cranfield
Bedfordshire
MK43 0DP





REGISTERED NUMBER: 12984977 (England and Wales)





ACCOUNTANTS: Newman Morris Limited
Chartered Accountants
Wellington House
273-275 High Street
London Colney
Hertfordshire
AL2 1HA

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GROVE MAGNETOS LIMITED


The following reproduces the text of the report prepared for the director 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director 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 Grove Magnetos Limited for the period ended 30 November 2021 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Grove Magnetos Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grove Magnetos Limited and state those matters that we have agreed to state to the director of Grove Magnetos Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grove Magnetos Limited and its director for our work or for this report.

It is your duty to ensure that Grove Magnetos 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 loss of Grove Magnetos Limited. You consider that Grove Magnetos Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Grove Magnetos 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.






Newman Morris Limited
Chartered Accountants
Wellington House
273-275 High Street
London Colney
Hertfordshire
AL2 1HA


19 August 2022

GROVE MAGNETOS LIMITED (REGISTERED NUMBER: 12984977)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2021

Notes £   
FIXED ASSETS
Intangible assets 4 8,167
Tangible assets 5 15,425
23,592

CURRENT ASSETS
Stocks 31,675
Debtors 6 8,898
Cash in hand 411
40,984
CREDITORS
Amounts falling due within one year 7 (71,033 )
NET CURRENT LIABILITIES (30,049 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,457

)

PROVISIONS FOR LIABILITIES 8 (2,931 )
NET LIABILITIES (9,388 )

CAPITAL AND RESERVES
Called up share capital 200
Retained earnings (9,588 )
(9,388 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GROVE MAGNETOS LIMITED (REGISTERED NUMBER: 12984977)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2022 and were signed by:





M I D Fotherby - Director


GROVE MAGNETOS LIMITED (REGISTERED NUMBER: 12984977)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 29 OCTOBER 2020 TO 30 NOVEMBER 2021


1. STATUTORY INFORMATION

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

At the balance sheet date the companies liabilities exceeded it's assets and it's ability to trade is dependent on the financial support of the current directors and shareholders. Such financial support will continue to be made and these accounts have been prepared on the basis that the company will continue to trade normally.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 period 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

GROVE MAGNETOS LIMITED (REGISTERED NUMBER: 12984977)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 OCTOBER 2020 TO 30 NOVEMBER 2021


3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 10,000
At 30 November 2021 10,000
AMORTISATION
Charge for period 1,833
At 30 November 2021 1,833
NET BOOK VALUE
At 30 November 2021 8,167

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 20,000
At 30 November 2021 20,000
DEPRECIATION
Charge for period 4,575
At 30 November 2021 4,575
NET BOOK VALUE
At 30 November 2021 15,425

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 4,864
Amounts owed by group undertakings 4,034
8,898

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 331
Taxation and social security 590
Other creditors 70,112
71,033

GROVE MAGNETOS LIMITED (REGISTERED NUMBER: 12984977)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 29 OCTOBER 2020 TO 30 NOVEMBER 2021


8. PROVISIONS FOR LIABILITIES
£   
Deferred tax 2,931

Deferred
tax
£   
Provided during period 2,931
Balance at 30 November 2021 2,931