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COMPANY REGISTRATION NUMBER: 04607168
GRC Retail Solutions Limited
Filleted Unaudited Financial Statements
31 May 2023
GRC Retail Solutions Limited
Financial Statements
Year ended 31 May 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
GRC Retail Solutions Limited
Balance Sheet
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
69,181
39,672
Current assets
Stocks
135,850
88,344
Debtors
6
824,316
686,643
Cash at bank and in hand
1,648,904
1,100,007
------------
------------
2,609,070
1,874,994
Creditors: amounts falling due within one year
7
2,006,910
1,550,880
------------
------------
Net current assets
602,160
324,114
---------
---------
Total assets less current liabilities
671,341
363,786
Creditors: amounts falling due after more than one year
8
12,137
Provisions
Taxation including deferred tax
16,500
7,000
---------
---------
Net assets
654,841
344,649
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
644,841
334,649
---------
---------
Shareholders funds
654,841
344,649
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GRC Retail Solutions Limited
Balance Sheet (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
Ms H P Grundy
Director
Company registration number: 04607168
GRC Retail Solutions Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 04607168 . The address of the registered office is Unit 502, Centre 500, Lowfield Drive, Wolstanton, Newcastle ST5 0UU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. The directors reviewed the value of the stock at the year end and have made adjustments for any obsolete stocks as stated in the accounting policy, based on their knowledge of the jobs in progress. The directors reviewed the value of work in progress at the year end and have made adjustments for foreseeable losses as stated in the accounting policy, based on the directors knowledge of the work completed.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of value added tax. Revenue is recognised upon the supply of goods and services to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
33% straight line
Fixtures and Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Depreciation is provided from the month of addition to the month of disposal.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises invoice cost for raw materials. Net realisable value is the estimated proceeds from the sale of stock items. Work in progress is valued at the cost of materials and labour time on jobs outstanding at the year end. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 19 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
55,783
29,559
44,250
129,592
Additions
573
3,723
50,850
55,146
--------
--------
--------
---------
At 31 May 2023
56,356
33,282
95,100
184,738
--------
--------
--------
---------
Depreciation
At 1 June 2022
53,253
15,823
20,844
89,920
Charge for the year
1,499
4,935
19,203
25,637
--------
--------
--------
---------
At 31 May 2023
54,752
20,758
40,047
115,557
--------
--------
--------
---------
Carrying amount
At 31 May 2023
1,604
12,524
55,053
69,181
--------
--------
--------
---------
At 31 May 2022
2,530
13,736
23,406
39,672
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
755,113
620,713
Other debtors
69,203
65,930
---------
---------
824,316
686,643
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,011,234
806,113
Corporation tax
112,000
81,000
Social security and other taxes
285,186
218,494
Other creditors
598,490
445,273
------------
------------
2,006,910
1,550,880
------------
------------
The hire purchase creditor of £12,137 (2022: £8,296) is secured against the asset being financed.
Barclays Bank PLC holds a fixed and floating charge over the undertaking and all property and assets present and future of the company, including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
12,137
----
--------
The hire purchase creditor of £nil (2022: £12,137) is secured against the asset being financed.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
82,805
101,502
Later than 1 year and not later than 5 years
228,284
256,089
Later than 5 years
119,167
174,167
---------
---------
430,256
531,758
---------
---------