Company registration number 02837836
Grid Defence Systems Limited
Financial Statements
For the year ended
31 December 2021
Pages for filing with registrar
Grid Defence Systems Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Grid Defence Systems Limited
Statement Of Financial Position
As at 31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
314,828
315,786
Current assets
Stocks
148,575
96,839
Debtors
5
1,466,878
1,212,735
Cash at bank and in hand
1,294,745
1,178,195
2,910,198
2,487,769
Creditors: amounts falling due within one year
6
(564,889)
(426,131)
Net current assets
2,345,309
2,061,638
Total assets less current liabilities
2,660,137
2,377,424
Provisions for liabilities
(38,342)
(30,291)
Net assets
2,621,795
2,347,133
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,620,795
2,346,133
Total equity
2,621,795
2,347,133
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 September 2022
P. Rushton
Director
Company Registration No. 02837836
Grid Defence Systems Limited
Notes To The Financial Statements
For the year ended 31 December 2021
- 2 -
1
General information
Grid Defence Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 85-87 Holtspur Lane, Wooburn Green, High Wycombe, Bucks, United Kingdom, HP10 0AU.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property improvements
Over life of lease
Helicopter
Over life of asset
Fixtures and fittings
25% straight line
Computers
33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Grid Defence Systems Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2021
2
Accounting policies
(Continued)
- 3 -
2.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
2.6
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Grid Defence Systems Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2021
2
Accounting policies
(Continued)
- 4 -
2.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
16
14
4
Tangible fixed assets
Leasehold property improvements
Helicopter
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
65,922
490,000
150,861
45,612
85,314
837,709
Additions
3,171
6,069
72,470
81,710
At 31 December 2021
65,922
490,000
154,032
51,681
157,784
919,419
Depreciation and impairment
At 1 January 2021
65,922
276,200
96,323
40,820
42,658
521,923
Depreciation charged in the year
14,700
23,634
4,889
39,445
82,668
At 31 December 2021
65,922
290,900
119,957
45,709
82,103
604,591
Carrying amount
At 31 December 2021
199,100
34,075
5,972
75,681
314,828
At 31 December 2020
213,800
54,538
4,792
42,656
315,786
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,274,539
1,082,902
Other debtors
192,339
129,833
1,466,878
1,212,735
Grid Defence Systems Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2021
- 5 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
221,858
192,973
Taxation and social security
91,558
104,697
Other creditors
251,473
128,461
564,889
426,131
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
144,414
201,814