REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2021 |
for |
Groves-Raines Architects Studios Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2020 |
Additions |
At 31 August 2021 |
DEPRECIATION |
At 1 September 2020 |
Charge for year |
At 31 August 2021 |
NET BOOK VALUE |
At 31 August 2021 |
At 31 August 2020 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to participating interests | 70,802 | 60,450 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Hire purchase contracts (see note 8) |
Other creditors |
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 |
Between one and five years |
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. |
60 Constitution Street |
Edinburgh |
EH6 6RR |