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REGISTERED NUMBER: 04161004 (England and Wales)












Financial Statements

For The Year Ended 31st March 2023

for

Grainger Timber Frames Limited

Grainger Timber Frames Limited (Registered number: 04161004)






Contents of the Financial Statements
For The Year Ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Grainger Timber Frames Limited

Company Information
For The Year Ended 31st March 2023







DIRECTORS: Mr B Grainger
Mrs C M Grainger





SECRETARY: Mrs C M Grainger





REGISTERED OFFICE: Hutton Grange
Ripon
North Yorkshire
HG4 5LY





REGISTERED NUMBER: 04161004 (England and Wales)





ACCOUNTANTS: F E Metcalfe & Co Limited
Chartered Accountants
4 Old Market Place
Ripon
North Yorkshire
HG4 1EQ

Grainger Timber Frames Limited (Registered number: 04161004)

Balance Sheet
31st March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,120 32,441

CURRENT ASSETS
Stocks 5,000 30,396
Debtors 5 156,487 81,470
Cash at bank 143,203 136,661
304,690 248,527
CREDITORS
Amounts falling due within one year 6 91,845 76,414
NET CURRENT ASSETS 212,845 172,113
TOTAL ASSETS LESS CURRENT
LIABILITIES

237,965

204,554

CREDITORS
Amounts falling due after more than one
year

7

(834

)

(3,333

)

PROVISIONS FOR LIABILITIES (4,800 ) (8,100 )
NET ASSETS 232,331 193,121

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 232,329 193,119
SHAREHOLDERS' FUNDS 232,331 193,121

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

Grainger Timber Frames Limited (Registered number: 04161004)

Balance Sheet - continued
31st 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st October 2023 and were signed on its behalf by:





Mr B Grainger - Director


Grainger Timber Frames Limited (Registered number: 04161004)

Notes to the Financial Statements
For The Year Ended 31st March 2023

1. STATUTORY INFORMATION

Grainger Timber Frames Limited is a private company, limited by shares, registered in England. The company's registered number and registered office are as follows;

Registered number 04161004

Registered Office Hutton Grange
Ripon
HG4 5LY

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial reporting Standard applicable in the UK" and the Companies Act 2006. The financial Statement 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 any discounts. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when an invoice is sent to a customer.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery 20% on reducing balance

Office equipment 25% on cost

Motor Vehicles 25% on reducing balance

Work-in-progress
Work-in-progress represents the cost of materials and labour incurred on a contract that have not been invoiced at the balance sheet date. A provision is made against the cost if the anticipated future sales value is expected to be lower than the cost of the materials and labour.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Grainger Timber Frames Limited (Registered number: 04161004)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
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 measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

A basic financial liability that is a loan from a person who is a director and a shareholder is recorded at the initial transaction price and is not measured at fair value.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

Grainger Timber Frames Limited (Registered number: 04161004)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2023

4. TANGIBLE FIXED ASSETS
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1st April 2022
and 31st March 2023 92,913 7,123 58,021 158,057
DEPRECIATION
At 1st April 2022 77,116 7,123 41,377 125,616
Charge for year 3,159 - 4,162 7,321
At 31st March 2023 80,275 7,123 45,539 132,937
NET BOOK VALUE
At 31st March 2023 12,638 - 12,482 25,120
At 31st March 2022 15,797 - 16,644 32,441

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 143,070 70,113
Directors' current accounts 9,845 4,906
VAT - 5,308
Prepayments and accrued income 3,572 1,143
156,487 81,470

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 16,536 42,082
Hire purchase contracts 2,500 3,562
Trade creditors 16,236 11,209
Corporation Tax 17,045 12,624
Social security and other taxes 31,552 3,292
Other creditors 1,387 695
Accruals and deferred income 6,589 2,950
91,845 76,414

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 834 3,333

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2 Ordinary £1 2 2

Grainger Timber Frames Limited (Registered number: 04161004)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2023 and 31st March 2022:

31.3.23 31.3.22
£    £   
Mr B Grainger and Mrs C M Grainger
Balance outstanding at start of year 4,906 6,292
Amounts advanced 39,628 36,987
Amounts repaid (34,690 ) (38,373 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,844 4,906

Interest is charged at 2% on the loan due from the Directors and is repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr B Grainger and Mrs C Grainger.