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REGISTERED NUMBER: 06386644 (England and Wales)















Financial Statements

for the Year Ended 30 October 2022

for

GROVE MOTOR COMPANY LIMITED

GROVE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 06386644)

Contents of the Financial Statements
for the year ended 30 October 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GROVE MOTOR COMPANY LIMITED

Company Information
for the year ended 30 October 2022







Directors: Mr D Neophytou
Mr N Neophytou





Secretary: Mr N Neophytou





Registered office: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





Registered number: 06386644 (England and Wales)






GROVE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 06386644)

Balance Sheet
30 October 2022

2022 2021
Notes £ £
Current assets
Stocks 139,377 155,551
Debtors 4 53,673 5,695
Cash at bank and in hand 486 24,110
193,536 185,356
Creditors
Amounts falling due within one year 5 140,256 83,150
Net current assets 53,280 102,206
Total assets less current liabilities 53,280 102,206

Creditors
Amounts falling due after more than
one year

6

39,167

49,113
Net assets 14,113 53,093

Capital and reserves
Called up share capital 7 120 120
Retained earnings 13,993 52,973
Shareholders' funds 14,113 53,093

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 October 2022 in accordance with Section 476 of the Companies Act 2006.

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.

GROVE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 06386644)

Balance Sheet - continued
30 October 2022


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





Mr N Neophytou - Director


GROVE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 06386644)

Notes to the Financial Statements
for the year ended 30 October 2022


1. Statutory information

Grove Motor Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. A full line by line review of stock is carried out at the end of each month. Whilst every attempt is made to ensure that the stock provisions are as accurate as possible, there remains a risk that the provisions do not match the level of stock which ultimately prove to be obsolete.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

GROVE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 06386644)

Notes to the Financial Statements - continued
for the year ended 30 October 2022


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3. Employees and directors

The average number of employees during the year was 2 (2021 - 2 ) .

4. Debtors: amounts falling due within one year
2022 2021
£ £
Trade debtors 53,673 5,695

GROVE MOTOR COMPANY LIMITED (REGISTERED NUMBER: 06386644)

Notes to the Financial Statements - continued
for the year ended 30 October 2022


5. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 67,952 15,015
Taxation and social security 11,711 16,542
Other creditors 60,593 51,593
140,256 83,150

6. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 39,167 49,113

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
120 Ordinary £1 120 120