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Registration number: 07807656

Graham & Rosen Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Graham & Rosen Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Graham & Rosen Limited

Company Information

Directors

AJ Green

IR Boyle

AF Waller

HP Drewery

Company secretary

IR Boyle

Registered office

8 Parliament Street
Hull
East Yorkshire
HU1 2BB

 

Graham & Rosen Limited

(Registration number: 07807656)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

292,569

309,206

Current assets

 

Stocks

6

98,988

128,460

Debtors

7

1,006,465

1,035,475

Cash at bank and in hand

 

395

427

 

1,105,848

1,164,362

Creditors: Amounts falling due within one year

8

(891,931)

(980,897)

Net current assets

 

213,917

183,465

Total assets less current liabilities

 

506,486

492,671

Provisions for liabilities

-

(2,454)

Net assets

 

506,486

490,217

Capital and reserves

 

Called up share capital

4,800

4,800

Revaluation reserve

28,930

30,846

Retained earnings

472,756

454,571

Shareholders' funds

 

506,486

490,217

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2023 and signed on its behalf by:
 

.........................................
AJ Green
Director

 

Graham & Rosen Limited

(Registration number: 07807656)
Balance Sheet as at 30 June 2023

.........................................
IR Boyle
Company secretary and director

.........................................
AF Waller
Director

.........................................
HP Drewery
Director

 

Graham & Rosen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company, limited by share capital, incorporated in England and Wales and the company registration number is 07807656.

The address of its registered office is:
8 Parliament Street
Hull
East Yorkshire
HU1 2BB

These financial statements were authorised for issue by the Board on 18 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Fees receivable represent the fair value of consideration due in respect of services provided to clients for the year, except where the firm's entitlement to consideration is contigent upon a future event or the time cost is not expected to be recoverable in a bill. Fees receivable are shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Graham & Rosen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% on cost/revalution

Furniture, fittings and equipment

33% on cost and 25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

8 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Graham & Rosen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Amounts recoverable on contracts represent the recoverable time costs of incomplete matters at the year end, including any profit element, excluding any matters where the right to consideration is contingent and the contingency has not been fulfilled at the balance sheet date.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Graham & Rosen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 45 (2022 - 43).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

600,000

600,000

At 30 June 2023

600,000

600,000

Amortisation

At 1 July 2022

600,000

600,000

At 30 June 2023

600,000

600,000

Carrying amount

At 30 June 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Improvements to Property
 £

Total
£

Cost or valuation

At 1 July 2022

308,000

222,425

17,354

547,779

Additions

-

1,023

-

1,023

At 30 June 2023

308,000

223,448

17,354

548,802

Depreciation

At 1 July 2022

13,974

207,245

17,354

238,573

Charge for the year

3,493

14,167

-

17,660

At 30 June 2023

17,467

221,412

17,354

256,233

Carrying amount

At 30 June 2023

290,533

2,036

-

292,569

At 30 June 2022

294,026

15,180

-

309,206

Land and buildings were valued on a market value basis on 4 June 2018 by Topham Larard Commercial.

The directors are not aware of any material change in the value of freehold land and buildings for the year ended 30 June 2023.

Included within the net book value of land and buildings above is £290,533 (2022 - £294,026) in respect of freehold land and buildings.
 

 

Graham & Rosen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Work in progress

2023
£

2022
£

Work in progress

98,988

128,460

7

Debtors

Current

2023
£

2022
£

Trade debtors

261,276

234,062

Prepayments

114,233

110,492

Other debtors

630,956

690,921

 

1,006,465

1,035,475

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

217,208

258,937

Taxation and social security

 

187,013

210,507

Other creditors

 

419,083

461,773

Accruals and deferred income

 

68,627

49,680

 

891,931

980,897

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on revaluation of other assets

(1,916)

1,916

 

Graham & Rosen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

 

-

13,615

Bank overdrafts

 

217,208

245,322

Other borrowings

 

372,709

417,595

 

589,917

676,532

The bank loans and overdraft are secured by fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, building fixtures and fixed plant and machinery.

The other loans comprimise a loan to a third party finance company and loans to the directors. All of which are unsecured.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £102,127 (2022 - £144,129).

12

Related party transactions

At the year end, the company owed the directors £249,510 (2022: £310,095) in respect of current accounts balances.

Loans made to the company by the directors are unsecured and repayable on demand. Interest is charged at 5% at the year end.