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Company No: 04523958 (England and Wales)

J T GREAVES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

J T GREAVES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

J T GREAVES LIMITED

BALANCE SHEET

As at 30 September 2023
J T GREAVES LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 41,645 21,204
41,645 21,204
Current assets
Stocks 17,474 16,867
Debtors 4 65,591 32,623
Cash at bank and in hand 77,455 56,344
160,520 105,834
Creditors: amounts falling due within one year 5 ( 151,248) ( 83,532)
Net current assets 9,272 22,302
Total assets less current liabilities 50,917 43,506
Creditors: amounts falling due after more than one year 6 0 ( 3,606)
Provision for liabilities ( 2,504) ( 2,716)
Net assets 48,413 37,184
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 48,411 37,182
Total shareholders' funds 48,413 37,184

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J T Greaves Limited (registered number: 04523958) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

B C Greaves
Director
J T GREAVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
J T GREAVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J T Greaves Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 10 Churchill Road Whitchurch, Tavistock, PL19 9BU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of consideration received or receivable for the provision of services . Turnover is
shown net of VAT and trade discounts.
Turnover is recognised on completion of contracts. Where invoices are issued or customers pay in advance for goods,
the amount is recorded as deferred income. The company recognises revenue when it can be reliably measured and it
is probable that the future economic benefits will flow to the entity.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate. The cost of stock and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock and work in progress to their present location and condition.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 6

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 October 2022 884 55,107 5,358 4,528 65,877
Additions 0 37,300 0 0 37,300
Disposals 0 ( 15,000) 0 0 ( 15,000)
At 30 September 2023 884 77,407 5,358 4,528 88,177
Accumulated depreciation
At 01 October 2022 776 36,988 2,381 4,528 44,673
Charge for the financial year 11 5,535 298 0 5,844
Disposals 0 ( 3,985) 0 0 ( 3,985)
At 30 September 2023 787 38,538 2,679 4,528 46,532
Net book value
At 30 September 2023 97 38,869 2,679 0 41,645
At 30 September 2022 108 18,119 2,977 0 21,204

4. Debtors

2023 2022
£ £
Trade debtors 64,913 32,623
Prepayments 678 0
65,591 32,623

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 48,389 13,811
Taxation and social security 43,762 26,405
Obligations under finance leases and hire purchase contracts (secured) 0 5,557
Other creditors 59,097 37,759
151,248 83,532

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 3,606

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2