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REGISTERED NUMBER: 07912046 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

GROVEWOOD MACHINES LTD

GROVEWOOD MACHINES LTD (REGISTERED NUMBER: 07912046)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GROVEWOOD MACHINES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr N J Groves





REGISTERED OFFICE: 4 Spur Road
Cosham
Portsmouth
Hampshire
PO6 3EB





REGISTERED NUMBER: 07912046 (England and Wales)





ACCOUNTANTS: AMR Bookkeeping & Accounts Limited
4 Spur Road
Cosham
PORTSMOUTH
Hampshire
PO6 3EB

GROVEWOOD MACHINES LTD (REGISTERED NUMBER: 07912046)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 116,208 90,599

CURRENT ASSETS
Stocks 5 19,559 45,000
Debtors 6 92,498 101,622
Cash at bank and in hand 58,483 50,311
170,540 196,933
CREDITORS
Amounts falling due within one year 7 60,079 96,231
NET CURRENT ASSETS 110,461 100,702
TOTAL ASSETS LESS CURRENT
LIABILITIES

226,669

191,301

CREDITORS
Amounts falling due after more than one year 8 51,446 40,250
NET ASSETS 175,223 151,051

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 175,222 151,050
SHAREHOLDERS' FUNDS 175,223 151,051

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GROVEWOOD MACHINES LTD (REGISTERED NUMBER: 07912046)

BALANCE SHEET - continued
31 MARCH 2023


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 director and authorised for issue on 18 October 2023 and were signed by:





Mr N J Groves - Director


GROVEWOOD MACHINES LTD (REGISTERED NUMBER: 07912046)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Grovewood Machines Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.
Plant and machinery - 20% on reducing balance
Tooling and development - 20% on reducing balance
Office Equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

GROVEWOOD MACHINES LTD (REGISTERED NUMBER: 07912046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Tooling
Plant and and Motor Office
machinery development vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 123,138 833 60,496 2,345 186,812
Additions 20,798 - 28,260 - 49,058
At 31 March 2023 143,936 833 88,756 2,345 235,870
DEPRECIATION
At 1 April 2022 60,245 406 34,105 1,457 96,213
Charge for year 12,256 86 10,930 177 23,449
At 31 March 2023 72,501 492 45,035 1,634 119,662
NET BOOK VALUE
At 31 March 2023 71,435 341 43,721 711 116,208
At 31 March 2022 62,893 427 26,391 888 90,599

5. STOCKS
31.3.23 31.3.22
£    £   
Stocks 19,559 45,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 92,498 101,622

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 9,484 9,484
Tax 26,930 29,214
Social security and other taxes 214 100
VAT 40,746 67,043
Other creditors 1,345 1,345
Capital on Tap (20,640 ) (11,574 )
Directors' current accounts 2,000 619
60,079 96,231

GROVEWOOD MACHINES LTD (REGISTERED NUMBER: 07912046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
COVID-19 bounce back loan 31,446 40,250
Hire purchase contracts 20,000 -
51,446 40,250