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Registration number: 00532311

Grassby and Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Grassby and Sons Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 16

 

Grassby and Sons Limited

Company Information

Directors

Mr Peter Bradley Grassby

Mr David Clinton Grassby

Mr Nicholas David Grassby

Company secretary

Mr Nicholas David Grassby

Registered office

16 Princes Street
Dorchester
Dorset
DT1 1TW

Accountants

Kennedy Legg
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grassby and Sons Limited
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grassby and Sons Limited for the year ended 30 April 2023 as set out on pages 3 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at:
https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Grassby and Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Grassby and Sons Limited and state those matters that we have agreed to state to the Board of Directors of Grassby and Sons Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at:
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-
audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grassby and Sons Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Grassby and Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Grassby and Sons Limited. You consider that Grassby and Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Grassby and Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kennedy Legg
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

2 November 2023

 

Grassby and Sons Limited

(Registration number: 00532311)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

360,000

-

Tangible assets

6

1,836,211

1,765,095

Investment property

7

489,083

474,729

 

2,685,294

2,239,824

Current assets

 

Stocks

8

55,909

42,319

Debtors

9

351,605

285,592

Cash at bank and in hand

 

1,179,022

811,400

 

1,586,536

1,139,311

Creditors: Amounts falling due within one year

10

(870,962)

(587,837)

Net current assets

 

715,574

551,474

Total assets less current liabilities

 

3,400,868

2,791,298

Creditors: Amounts falling due after more than one year

10

(242,187)

-

Provisions for liabilities

(129,672)

(91,458)

Net assets

 

3,029,009

2,699,840

Capital and reserves

 

Called up share capital

11

434

434

Capital redemption reserve

216

216

Revaluation reserve

447,040

432,686

Other reserves

55,585

55,585

Retained earnings

2,525,734

2,210,919

Shareholders' funds

 

3,029,009

2,699,840

For the financial year ending 30 April 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.

 

Grassby and Sons Limited

(Registration number: 00532311)
Balance Sheet as at 30 April 2023

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 2 November 2023 and signed on its behalf by:
 

.........................................
Mr Peter Bradley Grassby
Director

 

Grassby and Sons Limited

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

1

General information

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

The address of its registered office is:
16 Princes Street
Dorchester
Dorset
DT1 1TW
England

The principal place of business is:
8 Princes Street
Dorchester
Dorset
DT1 1TW

These financial statements were authorised for issue by the Board on 2 November 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

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.

 

Grassby and Sons Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Assets individually costing £5,000 or less are not capitalised and are charged as an expense in the porfit 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

Freehold property

1% straight line basis

Leasehold property & improvements

Over length of lease

Plant & machinery

15% reducing balance basis

Fixtures & fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Following a review of the company accounting policies the directors have decided to revise the policy on depreciation of freehold property. As detailed above and with effect from 1st May 2018 freehold property will be depreciated at 1% of cost on a straight line basis.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Grassby and Sons Limited

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

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

over ten years straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Grassby and Sons Limited

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 62 (2022 - 62).

 

Grassby and Sons Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

157,061

113,752

Amortisation expense

40,000

-

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

339,859

339,859

Additions acquired separately

400,000

400,000

At 30 April 2023

739,859

739,859

Amortisation

At 1 May 2022

339,859

339,859

Amortisation charge

40,000

40,000

At 30 April 2023

379,859

379,859

Carrying amount

At 30 April 2023

360,000

360,000

 

Grassby and Sons Limited

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

6

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

1,438,000

198,028

197,807

443,321

847,562

3,124,718

Additions

-

-

-

70,637

161,257

231,894

Disposals

-

-

-

-

(17,995)

(17,995)

At 30 April 2023

1,438,000

198,028

197,807

513,958

990,824

3,338,617

Depreciation

At 1 May 2022

57,520

185,137

170,330

420,719

525,917

1,359,623

Charge for the year

14,380

6,444

4,121

13,986

120,351

159,282

Eliminated on disposal

-

-

-

-

(16,499)

(16,499)

At 30 April 2023

71,900

191,581

174,451

434,705

629,769

1,502,406

Carrying amount

At 30 April 2023

1,366,100

6,447

23,356

79,253

361,055

1,836,211

At 30 April 2022

1,380,480

12,891

27,477

22,602

321,645

1,765,095

 

Grassby and Sons Limited

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

Included within the net book value of land and buildings above is £1,366,100 (2022 - £1,380,480) in respect of freehold land and buildings and £6,447 (2022 - £12,891) in respect of long leasehold land and buildings.
 

 

Grassby and Sons Limited

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

7

Investment properties

2023
£

At 1 May

474,729

Fair value adjustments

14,354

At 30 April

489,083

8

Stocks

2023
£

2022
£

Raw materials and consumables

48,909

33,669

Work in progress

7,000

8,650

55,909

42,319

9

debtors

Current

2023
£

2022
£

Trade debtors

272,615

226,593

Prepayments

78,990

58,999

 

351,605

285,592

 

Grassby and Sons Limited

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

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13

74,912

7,348

Trade creditors

 

346,721

221,020

Taxation and social security

 

175,570

134,076

Accruals and deferred income

 

80,070

22,723

Other creditors

 

193,689

202,670

 

870,962

587,837

 

Grassby and Sons Limited

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

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

432

432

432

432

Ordinary B shares of £1 each

2

2

2

2

 

434

434

434

434

12

Reserves

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

14,354

14,354

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

33,439

33,439

 

Grassby and Sons Limited

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

13

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

240,813

-

Hire purchase contracts

1,374

-

242,187

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

66,667

7,348

Hire purchase contracts

8,245

-

74,912

7,348

 

Grassby and Sons Limited

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

14

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £79 per each Ordinary shares

 

30,556

 

34,157

         

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £185 per each Ordinary shares

 

140,648

 

80,370

         

15

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

158,780

151,687

Contributions paid to money purchase schemes

58,877

-

217,657

151,687