Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-01false1212truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03763207 2022-06-01 2023-05-31 03763207 2023-05-31 03763207 2021-06-01 2022-05-31 03763207 2022-05-31 03763207 c:Director1 2022-06-01 2023-05-31 03763207 c:Director2 2022-06-01 2023-05-31 03763207 d:Buildings 2022-06-01 2023-05-31 03763207 d:PlantMachinery 2022-06-01 2023-05-31 03763207 d:MotorVehicles 2022-06-01 2023-05-31 03763207 d:FurnitureFittings 2022-06-01 2023-05-31 03763207 d:OfficeEquipment 2022-06-01 2023-05-31 03763207 d:CurrentFinancialInstruments 2023-05-31 03763207 d:CurrentFinancialInstruments 2022-05-31 03763207 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 03763207 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 03763207 d:ShareCapital 2023-05-31 03763207 d:ShareCapital 2022-05-31 03763207 d:RetainedEarningsAccumulatedLosses 2023-05-31 03763207 d:RetainedEarningsAccumulatedLosses 2022-05-31 03763207 c:FRS102 2022-06-01 2023-05-31 03763207 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 03763207 c:FullAccounts 2022-06-01 2023-05-31 03763207 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03763207 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure
Registered number: 03763207


GROSVENOR MOTOR COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

 
GROSVENOR MOTOR COMPANY LIMITED
REGISTERED NUMBER: 03763207

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,166,777
1,067,482

  
1,166,777
1,067,482

Current assets
  

Stocks
  
71,786
50,607

Debtors: amounts falling due within one year
 5 
21,894
33,804

Cash at bank and in hand
 6 
637,448
736,830

  
731,128
821,241

Creditors: amounts falling due within one year
 7 
(246,467)
(311,253)

Net current assets
  
 
 
484,661
 
 
509,988

Total assets less current liabilities
  
1,651,438
1,577,470

  

Net assets
  
1,651,438
1,577,470


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,651,338
1,577,370

  
1,651,438
1,577,470


Page 1

 
GROSVENOR MOTOR COMPANY LIMITED
REGISTERED NUMBER: 03763207
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2024.




................................................
Mr P M Holgate
................................................
Mrs M E Holgate
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Grosvenor Motor Company Limited is a limited liability company registered in England and Wales. The registered office is 8 King Edward Street, Oxford, OX1 4HL.
The trading address is 10 Richfield Avenue, Reading, Berkshire, RG1 8EQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company contributes into a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 5

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 7

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures, fittings & equipment
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2022
891,179
384,502
226,757
105,641
21,207
1,629,286


Additions
-
79,332
145,272
1,220
1,636
227,460


Disposals
-
-
(39,975)
-
-
(39,975)



At 31 May 2023

891,179
463,834
332,054
106,861
22,843
1,816,771



Depreciation


At 1 June 2022
81,326
292,618
90,275
84,336
13,249
561,804


Charge for the year on owned assets
11,254
29,079
52,486
5,403
2,188
100,410


Disposals
-
-
(12,220)
-
-
(12,220)



At 31 May 2023

92,580
321,697
130,541
89,739
15,437
649,994



Net book value



At 31 May 2023
798,599
142,137
201,513
17,122
7,406
1,166,777



At 31 May 2022
809,853
91,884
136,482
21,305
7,958
1,067,482


5.


Debtors

2023
2022
£
£


Trade debtors
14,340
12,512

Other debtors
2,531
10,000

Prepayments and accrued income
5,023
11,292

21,894
33,804


Page 8

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
637,448
736,830

637,448
736,830



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
103,165
53,477

Corporation tax
66,704
126,027

Other taxation and social security
68,835
76,407

Other creditors
156
41,777

Accruals and deferred income
7,607
13,565

246,467
311,253



8.


Pension commitments

The Company contributes into a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. 
The total pension cost represents contributions payable by the Company to the fund and amounted to £260,723 (2022 - £1,485). Contributions totalling £156 (2022 - £459) were payable to the fund at the balance sheet date and are included in creditors.
 

 
Page 9