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COMPANY REGISTRATION NUMBER: 07096341
GROSVENOR KEYS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
GROSVENOR KEYS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
CURRENT ASSETS
Stocks
2,000
2,700
Debtors
6
9,870
10,151
Cash at bank and in hand
499
1,442
--------
--------
12,369
14,293
CREDITORS: amounts falling due within one year
7
5,534
5,660
--------
--------
NET CURRENT ASSETS
6,835
8,633
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
6,835
8,633
-------
-------
NET ASSETS
6,835
8,633
-------
-------
CAPITAL AND RESERVES
Called up share capital
8
100
100
Share premium account
5,433
5,433
Profit and loss account
1,302
3,100
-------
-------
SHAREHOLDER FUNDS
6,835
8,633
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr A Smith
Director
Company registration number: 07096341
GROSVENOR KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Muras Baker Jones, Regent House, Bath Avenue, Wolverhampton, WV1 4EG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
As indicated above the company has produced these financial statements under FRS 102. In this instance this means that, as a small company, the company has complied with the requirements of FRS 102 1A
Revenue recognition
The turnover shown in the profit and loss account represents the amounts sold in the year.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
£
Cost
At 1 January 2023 and 31 December 2023
7,795
-------
Depreciation
At 1 January 2023 and 31 December 2023
7,795
-------
Carrying amount
At 31 December 2023
-------
At 31 December 2022
-------
6. DEBTORS
2023
2022
£
£
Other debtors
9,870
10,151
-------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,134
3,108
Other creditors
2,400
2,552
-------
-------
5,534
5,660
-------
-------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Smith
10,151
14,719
( 15,000)
9,870
--------
--------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Smith
8,840
16,311
( 15,000)
10,151
-------
--------
--------
--------
The advance to the director is repayable on demand. Interest is charged to the director at HM Revenue and Customs' official beneficial loan rates.