Graham Norwood Limited 04736435 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is that of journalism Digita Accounts Production Advanced 6.30.9574.0 true 04736435 2022-05-01 2023-04-30 04736435 2023-04-30 04736435 bus:Director1 2 2023-04-30 04736435 core:RetainedEarningsAccumulatedLosses 2023-04-30 04736435 core:ShareCapital 2023-04-30 04736435 core:CurrentFinancialInstruments 2023-04-30 04736435 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04736435 core:FurnitureFittingsToolsEquipment 2023-04-30 04736435 core:LandBuildings 2023-04-30 04736435 bus:SmallEntities 2022-05-01 2023-04-30 04736435 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04736435 bus:FullAccounts 2022-05-01 2023-04-30 04736435 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 04736435 bus:RegisteredOffice 2022-05-01 2023-04-30 04736435 bus:Director1 2022-05-01 2023-04-30 04736435 bus:Director1 2 2022-05-01 2023-04-30 04736435 bus:Director2 2022-05-01 2023-04-30 04736435 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04736435 core:FurnitureFittings 2022-05-01 2023-04-30 04736435 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 04736435 core:LandBuildings 2022-05-01 2023-04-30 04736435 core:LeaseholdImprovements 2022-05-01 2023-04-30 04736435 core:MotorVehicles 2022-05-01 2023-04-30 04736435 countries:AllCountries 2022-05-01 2023-04-30 04736435 2022-04-30 04736435 core:FurnitureFittingsToolsEquipment 2022-04-30 04736435 core:LandBuildings 2022-04-30 04736435 2021-05-01 2022-04-30 04736435 2022-04-30 04736435 bus:Director1 2 2022-04-30 04736435 core:RetainedEarningsAccumulatedLosses 2022-04-30 04736435 core:ShareCapital 2022-04-30 04736435 core:CurrentFinancialInstruments 2022-04-30 04736435 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 04736435 core:FurnitureFittingsToolsEquipment 2022-04-30 04736435 core:LandBuildings 2022-04-30 04736435 bus:Director1 2 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 04736435

Graham Norwood Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Graham Norwood Limited
(Registration number: 04736435)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Graham Norwood Limited
(Registration number: 04736435)

Company Information

Directors

G M Norwood

H Crossfield

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Graham Norwood Limited
(Registration number: 04736435)

Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,213

2,268

Current assets

 

Debtors

5

5,348

5,179

Cash at bank and in hand

 

9,349

33,124

 

14,697

38,303

Creditors: Amounts falling due within one year

6

(5,251)

(13,363)

Net current assets

 

9,446

24,940

Total assets less current liabilities

 

12,659

27,208

Provisions for liabilities

(612)

(432)

Net assets

 

12,047

26,776

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

11,947

26,676

Total equity

 

12,047

26,776

For the financial year ending 30 April 2023 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 11 October 2023 and signed on its behalf by:
 

.........................................
G M Norwood
Director

 

Graham Norwood Limited
(Registration number: 04736435)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.

In addition, the directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.

The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
 

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Graham Norwood Limited
(Registration number: 04736435)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Government grants

The job retention scheme grant has been recognised under the accrual model and is credited to income over the periods in which the compensated costs have been recognised.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

Straight line over 5 years

Furniture and equipment

Straight line over 3 years

Motor vehicles

33% reducing balance basis

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.

 

Graham Norwood Limited
(Registration number: 04736435)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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 (2022 - 2).

 

Graham Norwood Limited
(Registration number: 04736435)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Property improvements
£

Furniture and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

7,625

23,818

31,443

Additions

-

2,553

2,553

At 30 April 2023

7,625

26,371

33,996

Depreciation

At 1 May 2022

7,625

21,550

29,175

Charge for the year

-

1,608

1,608

At 30 April 2023

7,625

23,158

30,783

Carrying amount

At 30 April 2023

-

3,213

3,213

At 30 April 2022

-

2,268

2,268

5

Debtors

2023
£

2022
£

Trade debtors

1,030

960

Other debtors

4,318

4,219

Total current trade and other debtors

5,348

5,179

6

Creditors

2023
£

2022
£

Due within one year

Taxation and social security

3,391

11,313

Accrued expenses

1,860

2,050

5,251

13,363

 

Graham Norwood Limited
(Registration number: 04736435)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to directors
£

Repayments by director
£

At 30 April 2023
£

Director's loan account

3,929

12,227

(12,261)

3,895

 

3,929

12,227

(12,261)

3,895

       

 

2022

At 1 May 2021
£

Advances to directors
£

Repayments by director
£

At 30 April 2022
£

Director's loan account

(9,854)

22,990

(9,207)

3,929

 

(9,854)

22,990

(9,207)

3,929