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Registration number: 00560190

Grundon Waste Food Products Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Grundon Waste Food Products Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Grundon Waste Food Products Limited

Company Information

Directors

Mr CJF McAuley

Mrs A McAuley

Company secretary

Mr CJF McAuley

Registered office

Pylon Farm
New Years Green Lane
Harefield
Middlesex
UB9 6LX

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Grundon Waste Food Products Limited

(Registration number: 00560190)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

4,000

4,000

Current assets

 

Debtors

5

5,109

5,812

Cash at bank and in hand

 

168,816

147,939

 

173,925

153,751

Creditors: Amounts falling due within one year

6

(6,585)

(9,417)

Net current assets

 

167,340

144,334

Net assets

 

171,340

148,334

Capital and reserves

 

Called up share capital

3

3

Retained earnings

171,337

148,331

Shareholders' funds

 

171,340

148,334

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 August 2022 and signed on its behalf by:
 

.........................................
Mr CJF McAuley
Company secretary and director

 

Grundon Waste Food Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pylon Farm
New Years Green Lane
Harefield
Middlesex
UB9 6LX
United Kingdom

These financial statements were authorised for issue by the Board on 20 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Grundon Waste Food Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Grundon Waste Food Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 January 2021

4,000

4,000

At 31 December 2021

4,000

4,000

Depreciation

Carrying amount

At 31 December 2021

4,000

4,000

At 31 December 2020

4,000

4,000

Included within the net book value of land and buildings above is £4,000 (2020 - £4,000) in respect of freehold land and buildings.
 

5

Debtors

Note

2021
£

2020
£

Amounts owed by related parties

7

673

5,812

Accrued income

 

4,436

-

 

5,109

5,812

 

Grundon Waste Food Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

-

990

Accruals and deferred income

1,068

1,182

Other creditors

124

124

Corporation tax

5,393

7,121

6,585

9,417

7

Related party transactions

Transactions with directors

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

Mr CJF McAuley

Interest free

5,812

673

(5,812)

673

 

5,812

673

(5,812)

673

       

 

2020

At 1 January 2020
£

Advances to director
£

At 31 December 2020
£

Mr CJF McAuley

Interest free

-

5,812

5,812

 

-

5,812

5,812