REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2023 |
for |
Greco Brothers Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2023 |
for |
Greco Brothers Limited |
Greco Brothers Limited (Registered number: 00435210) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Greco Brothers Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Greco Brothers Limited (Registered number: 00435210) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Revaluation reserve | 8 |
Capital redemption reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
Greco Brothers Limited (Registered number: 00435210) |
Balance Sheet - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Greco Brothers Limited (Registered number: 00435210) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Greco Brothers Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and estimated selling price, after making allowance for obsolete and slow moving items. |
Tax |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pensions |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account. |
Greco Brothers Limited (Registered number: 00435210) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors payable/receivable |
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
Government grants |
Government grants of a capital nature are credited to a deferred income account in the Balance Sheet on receipt. The deferred income is released to the Profit & Loss Account annually at a rate equal to the depreciation rate of the assets to which they relate. |
The business received government grants in respect of the Coronavirus Job Retention Scheme & the Small Business Grant Fund. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attached to them. The grants were received using the accrual model. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The cost of depreciable assets included in freehold land and buildings at 30 September 2023 is £935.448 (2022 - £935,448). |
Freehold land and buildings were valued at £1,000,000 on 7 June 2022 by Thomas Stevenson, Chartered Surveyors. |
Greco Brothers Limited (Registered number: 00435210) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 September 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2022 | 497,879 | - | - | - | 497,879 |
Cost | 502,121 | 1,054,363 | 76,553 | 250,307 | 1,883,344 |
1,000,000 | 1,054,363 | 76,553 | 250,307 | 2,381,223 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 121,275 | 121,275 |
8. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2022 | 2,800,508 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation in year | - | (25,225 | ) | - | (25,225 | ) |
At 30 September 2023 | 3,123,575 |
Greco Brothers Limited (Registered number: 00435210) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
9. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |