IRIS Accounts Production v22.1.4.3 SC618686 Board of Directors 1.9.20 31.8.21 31.8.21 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC6186862020-08-31SC6186862021-08-31SC6186862020-09-012021-08-31SC6186862019-08-31SC6186862019-09-012020-08-31SC6186862020-08-31SC618686ns16:Scotland2020-09-012021-08-31SC618686ns15:PoundSterling2020-09-012021-08-31SC618686ns11:Director12020-09-012021-08-31SC618686ns11:PrivateLimitedCompanyLtd2020-09-012021-08-31SC618686ns11:SmallEntities2020-09-012021-08-31SC618686ns11:AuditExemptWithAccountantsReport2020-09-012021-08-31SC618686ns11:SmallCompaniesRegimeForDirectorsReport2020-09-012021-08-31SC618686ns11:SmallCompaniesRegimeForAccounts2020-09-012021-08-31SC618686ns11:FullAccounts2020-09-012021-08-31SC618686ns11:Director22020-09-012021-08-31SC618686ns11:Director32020-09-012021-08-31SC618686ns11:RegisteredOffice2020-09-012021-08-31SC618686ns6:CurrentFinancialInstruments2021-08-31SC618686ns6:CurrentFinancialInstruments2020-08-31SC618686ns6:Non-currentFinancialInstruments2021-08-31SC618686ns6:Non-currentFinancialInstruments2020-08-31SC618686ns6:ShareCapital2021-08-31SC618686ns6:ShareCapital2020-08-31SC618686ns6:RetainedEarningsAccumulatedLosses2021-08-31SC618686ns6:RetainedEarningsAccumulatedLosses2020-08-31SC618686ns6:FurnitureFittings2020-09-012021-08-31SC618686ns6:MotorVehicles2020-09-012021-08-31SC618686ns6:ComputerEquipment2020-09-012021-08-31SC618686ns6:PlantMachinery2020-08-31SC618686ns6:PlantMachinery2020-09-012021-08-31SC618686ns6:PlantMachinery2021-08-31SC618686ns6:PlantMachinery2020-08-31SC618686ns6:CurrentFinancialInstrumentsns6:WithinOneYear2021-08-31SC618686ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-08-31SC618686ns6:CurrentFinancialInstrumentsns6:HirePurchaseContractsns6:WithinOneYear2021-08-31SC618686ns6:CurrentFinancialInstrumentsns6:HirePurchaseContractsns6:WithinOneYear2020-08-31SC618686ns6:HirePurchaseContractsns6:BetweenOneFiveYears2021-08-31SC618686ns6:HirePurchaseContractsns6:BetweenOneFiveYears2020-08-31SC618686ns6:HirePurchaseContracts2021-08-31SC618686ns6:HirePurchaseContracts2020-08-31
REGISTERED NUMBER: SC618686 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2021

for

Groves-Raines Architects Studios Ltd

Groves-Raines Architects Studios Ltd (Registered number: SC618686)






Contents of the Financial Statements
for the Year Ended 31 August 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Groves-Raines Architects Studios Ltd

Company Information
for the Year Ended 31 August 2021







DIRECTORS: N R P Groves-Raines
G R Groves-Raines
Mrs K H Hannesdottir





REGISTERED OFFICE: 1 Customs Wharf
Edinburgh
MIDLOTHIAN
EH6 6AL





REGISTERED NUMBER: SC618686 (Scotland)





ACCOUNTANTS: Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR

Groves-Raines Architects Studios Ltd (Registered number: SC618686)

Balance Sheet
31 August 2021

31.8.21 31.8.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 102,079 55,335

CURRENT ASSETS
Stocks 15,633 8,969
Debtors 5 405,427 463,375
Cash at bank and in hand 285,304 79,838
706,364 552,182
CREDITORS
Amounts falling due within one year 6 362,835 303,935
NET CURRENT ASSETS 343,529 248,247
TOTAL ASSETS LESS CURRENT
LIABILITIES

445,608

303,582

CREDITORS
Amounts falling due after more than one
year

7

(46,130

)

(100,969

)

PROVISIONS FOR LIABILITIES (19,317 ) (9,408 )
NET ASSETS 380,161 193,205

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 380,160 193,204
380,161 193,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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.

Groves-Raines Architects Studios Ltd (Registered number: SC618686)

Balance Sheet - continued
31 August 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 Board of Directors and authorised for issue on 25 August 2022 and were signed on its behalf by:





G R Groves-Raines - Director


Groves-Raines Architects Studios Ltd (Registered number: SC618686)

Notes to the Financial Statements
for the Year Ended 31 August 2021

1. STATUTORY INFORMATION

Groves-Raines Architects Studios Ltd 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 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.

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

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure or tangible fixed assets are credited to profit or loss at the same rate as the depreciation or the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method.

Taxation
Taxation for the year 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 balance sheet date.


Groves-Raines Architects Studios Ltd (Registered number: SC618686)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2021

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rental paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of Financial Position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of Financial Position date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2020 - 35 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2020 65,419
Additions 67,356
At 31 August 2021 132,775
DEPRECIATION
At 1 September 2020 10,084
Charge for year 20,612
At 31 August 2021 30,696
NET BOOK VALUE
At 31 August 2021 102,079
At 31 August 2020 55,335

Groves-Raines Architects Studios Ltd (Registered number: SC618686)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2021

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.21 31.8.20
£    £   
Trade debtors 331,702 378,357
Other debtors 73,725 85,018
405,427 463,375

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.21 31.8.20
£    £   
Hire purchase contracts (see note 8) 5,197 5,197
Trade creditors 45,863 20,903
Amounts owed to participating interests 70,802 60,450
Taxation and social security 182,483 161,839
Other creditors 58,490 55,546
362,835 303,935

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.21 31.8.20
£    £   
Hire purchase contracts (see note 8) 7,797 12,995
Other creditors 38,333 87,974
46,130 100,969

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.8.21 31.8.20
£    £   
Net obligations repayable:
Within one year 5,197 5,197
Between one and five years 7,797 12,995
12,994 18,192

Groves-Raines Architects Studios Ltd (Registered number: SC618686)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2021

9. BOUNCE BACK LOAN SCHEME

The company has borrowed £50,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5% and the loan is repayable by installments as detailed below.




31.8.21 31.8.20
£    £   
< 1 year 10,000 1,667
2-5 years 38,333 40,000
> 5 years - 8,333
--------- ----------
48,333 50,000
====== ======

Groves-Raines Architects Studios Ltd

Report of the Accountants to the Directors of
Groves-Raines Architects Studios Ltd

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 Groves-Raines Architects Studios Ltd for the year ended 31 August 2021 which comprise the Income Statement, 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 of the Certified Public Accountants Association, we are subject to its ethical and other professional requirements which are detailed at: https://www.cpaa.co.uk/about-cpaa/how-we-regulate/

This report is made solely to the director of Groves-Raines Architects Studios Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Groves-Raines Architects Studios Ltd and state those matters that we have agreed to state to the director of Groves-Raines Architects Studios Ltd in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Groves-Raines Architects Studios Ltd 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 Groves-Raines Architects Studios Ltd. You consider that Groves-Raines Architects Studios Ltd 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 Groves-Raines Architects Studios Ltd. 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.






Cowan & Partners Limited
60 Constitution Street
Edinburgh
EH6 6RR


25 August 2022