Company registration number 12546623 (England and Wales)
GRANTLIFE CLADDING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
GRANTLIFE CLADDING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GRANTLIFE CLADDING LTD
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,506
1,528
Current assets
Stocks
49,000
7,000
Debtors
4
166,290
112,286
Cash at bank and in hand
23,841
27,300
239,131
146,586
Creditors: amounts falling due within one year
5
(114,054)
(39,385)
Net current assets
125,077
107,201
Total assets less current liabilities
130,583
108,729
Provisions for liabilities
(1,377)
(382)
Net assets
129,206
108,347
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
129,106
108,247
Total equity
129,206
108,347

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mr C Grant
Director
Company registration number 12546623 (England and Wales)
GRANTLIFE CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information

Grantlife Cladding Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GRANTLIFE CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
GRANTLIFE CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
441
539
1,394
-
0
2,374
Additions
-
0
-
0
138
5,094
5,232
At 30 April 2023
441
539
1,532
5,094
7,606
Depreciation and impairment
At 1 May 2022
170
160
516
-
0
846
Depreciation charged in the year
68
95
242
849
1,254
At 30 April 2023
238
255
758
849
2,100
Carrying amount
At 30 April 2023
203
284
774
4,245
5,506
At 30 April 2022
271
379
878
-
0
1,528
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,837
34,859
Other debtors
158,453
77,427
166,290
112,286
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,312
2,280
Corporation tax
19,900
17,165
Other taxation and social security
5,516
8,908
Other creditors
69,326
11,032
114,054
39,385
GRANTLIFE CLADDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
80
90
80
90
Ordinary B of £1 each
10
10
10
10
Ordinary C of £1 each
5
-
5
-
Ordinary D of £1 each
5
-
5
-
100
100
100
100
7
Related party transactions

The company has an existing loan with Grantlife Properties Limited. At the year end the amount owed by Grantlife Properties Limited was £158,453 (2022 - £77,427), this amount is included in debtors: amounts falling due within one year. Mr C Grant is a director of both Grantlife Cladding Limited and Grantlife Properties Limited.

8
Directors' transactions

Dividends totalling £64,000 (2022 - £10,000) were paid in the year in respect of shares held by the company's director.

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. The amount outstanding to the director at the year end was £67,652 (2022: £7,782). This amount being included in creditors; amounts falling due within one year.

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