REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
GROVESPEAR LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
GROVESPEAR LIMITED |
GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
GROVESPEAR LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034) |
STATEMENT OF FINANCIAL POSITION |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
6 |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034) |
STATEMENT OF FINANCIAL POSITION - continued |
31 May 2023 |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
1. | Statutory information |
Grovespear Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The director has not been required to make any material critical judgements in the process of applying the company's accounting policies. |
Turnover |
Turnover represents finance charges on leases. Income is recognised using the effective interest method. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise cash and cash equivalents and loans. |
Cash and cash equivalents - these include deposits held with banks. |
Loans - these are initially measured at the transaction price and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement. |
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 that have been enacted or substantively enacted by the statement of financial position date. |
GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Finance leases |
Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease. Amounts receivable under finance leases are apportioned between repayments of capital and interest so as to give a constant rate of return on the net cash investment in the lease. |
Amounts payable under finance leases are apportioned between repayments of capital and interest so that the interest charge for each accounting period is a constant percentage of the remaining balance of the capital sum outstanding. |
Going concern |
The company has a secure future income stream which matches its obligations under its loan arrangements. |
As a consequence the director believes that the company is well placed to manage its business risks successfully. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Amounts receivable in respect of finance leases |
Prepayments and accrued income |
GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
4. | Debtors - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Amounts receivable in respect of finance leases |
- |
131,329 |
Aggregate amounts |
The original cost of the finance leases was £1,064,110 (2022 - £12,888,991). |
The amounts owed by group undertakings are unsecured and have no fixed repayment terms. |
5. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Corporation tax |
Accruals and deferred income |
6. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 7) |
7. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
8. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The loans are secured by way of fixed and floating charges over all the assets of the company. |
9. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 12,687 | 29,654 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Transfer (to)/from income | (16,967 | ) |
statement |
Balance at 31 May 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
11. | Contingent liabilities |
The company is included in a group registration for VAT purposes and is therefore jointly and severally liable for all other group companies' unpaid debts in this connection, amounting to £43,852 (2022 - £36,743) at 31 May 2023. |