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REGISTERED NUMBER: 04252895 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

FRIEND & GRANT LTD

FRIEND & GRANT LTD (REGISTERED NUMBER: 04252895)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRIEND & GRANT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: M A Friend
A I Grant





SECRETARY: Mrs J L Friend





REGISTERED OFFICE: Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW





REGISTERED NUMBER: 04252895 (England and Wales)






FRIEND & GRANT LTD (REGISTERED NUMBER: 04252895)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 21,492 32,244
Tangible assets 6 48,165 36,447
Investments 7 50 -
69,707 68,691

CURRENT ASSETS
Debtors 8 509,517 464,005
Cash at bank 581,171 499,114
1,090,688 963,119
CREDITORS
Amounts falling due within one year 9 613,345 580,625
NET CURRENT ASSETS 477,343 382,494
TOTAL ASSETS LESS CURRENT
LIABILITIES

547,050

451,185

PROVISIONS FOR LIABILITIES 12,041 6,925
NET ASSETS 535,009 444,260

CAPITAL AND RESERVES
Called up share capital 7,502 7,502
Share premium 7,499 7,499
Retained earnings 520,008 429,259
SHAREHOLDERS' FUNDS 535,009 444,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

FRIEND & GRANT LTD (REGISTERED NUMBER: 04252895)

BALANCE SHEET - continued
30 APRIL 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 Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:




M A Friend - Director



A I Grant - Director


FRIEND & GRANT LTD (REGISTERED NUMBER: 04252895)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

Friend & Grant 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.

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


2. STATEMENT OF COMPLIANCE

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 presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 net of VAT and trade discounts.The policies adopted for the recognition of turnover are as following:

Revenue is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc - 25% on reducing balance


FRIEND & GRANT LTD (REGISTERED NUMBER: 04252895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Employee annual leave
The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 26 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 226,668
AMORTISATION
At 1 May 2022 194,424
Charge for year 10,752
At 30 April 2023 205,176
NET BOOK VALUE
At 30 April 2023 21,492
At 30 April 2022 32,244

FRIEND & GRANT LTD (REGISTERED NUMBER: 04252895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 107,574
Additions 23,562
Disposals (4,020 )
At 30 April 2023 127,116
DEPRECIATION
At 1 May 2022 71,127
Charge for year 11,623
Eliminated on disposal (3,799 )
At 30 April 2023 78,951
NET BOOK VALUE
At 30 April 2023 48,165
At 30 April 2022 36,447

7. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
Additions 50
At 30 April 2023 50
NET BOOK VALUE
At 30 April 2023 50

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 212,309 211,937
Other debtors 297,208 252,068
509,517 464,005

FRIEND & GRANT LTD (REGISTERED NUMBER: 04252895)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,611 2,951
Trade creditors 53,187 83,714
Taxation and social security 94,784 145,070
Other creditors 461,763 348,890
613,345 580,625

10. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £15,298 (2022: £37,928). This relates to the leasing of phone and printing equipment and the lease of the business trading premises.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
M A Friend
Balance outstanding at start of year 740 (892 )
Amounts advanced 3,380 2,155
Amounts repaid (5,002 ) (523 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (882 ) 740

A I Grant
Balance outstanding at start of year (7,417 ) (6,377 )
Amounts advanced 944 352
Amounts repaid (1,415 ) (1,392 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,888 ) (7,417 )

The loans to and from the company to the directors are unsecured, interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

During the year, the company made a loan to Friend & Grant Wealth Management Ltd, a joint venture the company owns a 50% holding in. The loan was made free of interest and is repayable on demand and totalled £32,450.