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REGISTERED NUMBER: 03046034 (England and Wales)















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: Adrian Richard Goldsmith





REGISTERED OFFICE: 30 Macaulay Road
London
SW4 0QX





REGISTERED NUMBER: 03046034 (England and Wales)






GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

STATEMENT OF FINANCIAL POSITION
31 May 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 298,229 430,324

CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

5

145,241

134,672
NET CURRENT ASSETS 152,988 295,652
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,988

295,652

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

6

-

(132,550

)

PROVISIONS FOR LIABILITIES 9 (12,687 ) (29,654 )
NET ASSETS 140,301 133,448

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 140,299 133,446
SHAREHOLDERS' FUNDS 140,301 133,448

GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

STATEMENT OF FINANCIAL POSITION - continued
31 May 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 9 February 2024 and were signed by:





Adrian Richard Goldsmith - Director


GROVESPEAR LIMITED (REGISTERED NUMBER: 03046034)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023


1. Statutory information

Grovespear 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 presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1 (2022 - 1 ) .

4. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 165,009 173,553
Amounts receivable in respect of finance
leases

131,328

121,799
Prepayments and accrued income 1,892 3,643
298,229 298,995

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 298,229 430,324

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) 132,549 124,091
Corporation tax 10,075 6,343
Accruals and deferred income 2,617 4,238
145,241 134,672

6. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 7) - 132,550

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 132,549 124,091

Amounts falling due between two and five years:
Bank loans - 132,550

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 132,549 256,641

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 29,654
Transfer (to)/from income (16,967 )
statement
Balance at 31 May 2023 12,687

10. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 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.