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COMPANY REGISTRATION NUMBER: SC499205
GRS Trade Centre Ltd.
Filleted Unaudited Financial Statements
31 March 2023
GRS Trade Centre Ltd.
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
221,781
81,361
Current assets
Stocks
56,464
31,186
Debtors
6
98,753
85,688
Cash at bank and in hand
4,152
9,766
---------
---------
159,369
126,640
Creditors: amounts falling due within one year
7
159,440
106,921
---------
---------
Net current (liabilities)/assets
( 71)
19,719
---------
---------
Total assets less current liabilities
221,710
101,080
Creditors: amounts falling due after more than one year
8
145,142
30,547
---------
---------
Net assets
76,568
70,533
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
76,564
70,529
--------
--------
Shareholders funds
76,568
70,533
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GRS Trade Centre Ltd.
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:
Mr R Gordon
Director
Company registration number: SC499205
GRS Trade Centre Ltd.
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 13 Old Tweedmill, Soroba Road, Oban, Argyll, PA34 4HQ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents current tax
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:
Land and buildings
-
2% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 1 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
54,930
47,055
7,569
109,554
Additions
203,747
203,747
Disposals
( 56,257)
( 56,257)
---------
--------
-------
---------
At 31 March 2023
202,420
47,055
7,569
257,044
---------
--------
-------
---------
Depreciation
At 1 April 2022
1,144
23,816
3,233
28,193
Charge for the year
2,699
4,648
867
8,214
Disposals
( 1,144)
( 1,144)
---------
--------
-------
---------
At 31 March 2023
2,699
28,464
4,100
35,263
---------
--------
-------
---------
Carrying amount
At 31 March 2023
199,721
18,591
3,469
221,781
---------
--------
-------
---------
At 31 March 2022
53,786
23,239
4,336
81,361
---------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
95,033
72,831
Other debtors
3,720
12,857
--------
--------
98,753
85,688
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,273
7,000
Trade creditors
63,032
71,580
Corporation tax
3,486
14,723
Social security and other taxes
3,096
7,761
Obligations under finance leases and hire purchase contracts
5,157
5,157
Director loan accounts
67,000
Accruals
1,396
700
---------
---------
159,440
106,921
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
142,502
22,750
Obligations under finance leases and hire purchase contracts
2,640
7,797
---------
--------
145,142
30,547
---------
--------