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REGISTERED NUMBER: 10840205 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

GRAND FIR LIMITED

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 July 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Profit and Loss Account 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


GRAND FIR LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTORS: Mr G D Atherton
Mrs N J Hancock
Ms E J Seal
Ms K S Shilcock
Ms L Cunniff
Mr M Hodgkinson





REGISTERED OFFICE: 401 Faraday Street
Birchwood
Warrington
WA3 6GA





REGISTERED NUMBER: 10840205 (England and Wales)





AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

GROUP STRATEGIC REPORT
for the Year Ended 31 July 2023


The directors present their strategic report of the company and the group for the year ended 31 July 2023.

REVIEW OF BUSINESS
The business had a good financial performance showing EBITDA of £897,540 (2022 - £853,046) from sales of £10,959,370 (2022 - £9,190,732). This demonstrates the continuing strength of the business, which has net current assets of £2,345,241 (2022 - £1,871,266) and total equity of £3,655,991 (2022 - £3,413,928).

The Homes England Framework for Estate Management Services incorporating Vacant Property Management is an important part of our work portfolio. The framework was due to end in March 2023 but was extended to March 2024 and a further extension is expected to last a minimum of 6 months while they re-tender the contract. The IT for a new framework is yet to be issued. The Environment Partnership (TEP) Limited has retained the framework since 1998 and is in a strong position across knowledge, skills, experience, performance and financial proposition to be successful again.

We continue to market and promote services so that as long-running projects close we are well-placed to secure other opportunities to deploy staff. Over 900 projects were opened in the 2022-2023 financial year, during that period we worked for over 400 clients with c150 being new clients or ones we had not worked with for three years or more. We have also been successful on several new or retendered frameworks that will run for multiple years. The directors are confident that the performance and growth potential of the business will be fulfilled and consider that the business has a strong, stable financial footing.

PRINCIPAL RISKS AND UNCERTAINTIES
Staff retention and recruitment, competition for the provision of environmental services and external economic factors are the key business risks for the company. The reducing but still high inflation and limited growth predicted in 2024 have the potential to affect our running costs and impact our client base.

Staff retention is promoted through the provision of stimulating work, attention to personal development and competitive rewards. Senior management staff took up the opportunity to become shareholders. Recruitment, while challenging, continues to be successful with new appointments made across a variety of TEP offices, teams and grades. Salaries have been increased again this year in recognition of the effect of price increase on the individual household and to aid staff retention. Increased running costs including salaries have been factored into our budgets and targets.

Our client base is varied including government, utilities, infrastructure, commercial and housebuilding clients and is therefore resilient to factors that might affect only specific sectors. We continue to focus on frameworks and have been successful in this arena. These are an important source of work not least because competition is greatly reduced, and this is borne out by the framework-related commissions on our books. Notwithstanding our high quality work, market conditions may yet adversely affect financial performance and this has been considered in the targets set for the 2023-2024 financial year. Overall, the market currently is buoyant, client retention is high, the pipeline of long running projects runs beyond this financial year and the company continues to foster new relationships and attract new clients.

DEVELOPMENT AND PERFORMANCE
The directors' future plans are to retain the core business focus on environmental consultancy and landscape architecture and related services, supporting a wide range of clients in chosen markets. We will continue to look for opportunities to grow the business and consolidate markets showing continued high demand. Most recently this has included expansion of services in the arena of water security, soils, environmental net gain and nature recovery.


GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

GROUP STRATEGIC REPORT
for the Year Ended 31 July 2023

KEY PERFORMANCE INDICATORS
Internal KPIs relate to percentage of submissions converted to commissions, achievement of financial targets (monitored monthly), employee involvement and incident-free targets in respect of health, quality, safety, environmental performance. The directors and senior managers monitor client satisfaction with our performance on other projects. We continue to sustain external accreditations in respect of Quality, Health and Safety, Environmental Management, Carbon Neutrality, Investors in People (Gold) and Cyber Essentials. This year we achieved full recertification for ISO 9001, 45001 and 14001. The climate and ecological emergencies that have been declared by the UK parliament and many of our public sector clients remind us of the need to plan for, and respond to, environmental decline. We have a carbon management plan which has benefitted our business through reducing our waste generation, and use of energy and fossil fuels. Our bank (Handelsbanken) is a signatory of the Principles of Responsible Banking promoted by the UN Environment Programme's Finance Initiative. The company pension scheme includes ethically based investment options. We will continue to work with all parties in our supply-chain "ecosystem" to promote sustainability in our business activity.

ON BEHALF OF THE BOARD:





Ms E J Seal - Director


11 April 2024

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

REPORT OF THE DIRECTORS
for the Year Ended 31 July 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 July 2023.

DIVIDENDS
During the period ordinary dividends were paid amounting to £134,493, relating to the dividends voted for 2022. This year, the directors are recommending a dividend of £159,711.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report.

Mr G D Atherton
Mrs N J Hancock
Ms E J Seal
Ms K S Shilcock

Other changes in directors holding office are as follows:

Ms L Cunniff and Mr M Hodgkinson were appointed as directors after 31 July 2023 but prior to the date of this report.

Mrs J E Boothroyd , Mr I J Grimshaw and Mr F B Hesketh ceased to be directors after 31 July 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

REPORT OF THE DIRECTORS
for the Year Ended 31 July 2023


AUDITORS
In accordance with section 485 of the Companies Act 2006, Xeinadin Audit Limited will be proposed for reappointment.

ON BEHALF OF THE BOARD:





Ms E J Seal - Director


11 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GRAND FIR LIMITED


Opinion
We have audited the financial statements of Grand Fir Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GRAND FIR LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GRAND FIR LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance including the company's
remuneration policies, key drivers for directors remuneration, bonus levels and performance targets;
- Results of the enquiries of management about their own identification and assessment of the risks of
irregularities;
- Any matters we have identified having obtained and reviewed the company's documentation of their policies
and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, onerous contract valuation, going concern and value of amounts recoverable on contracts. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GRAND FIR LIMITED

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Richard Lloyd (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

11 April 2024

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the Year Ended 31 July 2023

2023 2022
Notes £    £   

TURNOVER 4 10,959,370 9,190,732

Cost of sales 8,017,926 6,610,757
GROSS PROFIT 2,941,444 2,579,975

Administrative expenses 2,378,704 2,040,563
562,740 539,412

Other operating income 25,767 2,770
OPERATING PROFIT 6 588,507 542,182

Interest receivable and similar income 3,418 -
591,925 542,182

Interest payable and similar expenses 7 2,182 13,168
PROFIT BEFORE TAXATION 589,743 529,014

Tax on profit 8 187,970 152,561
PROFIT FOR THE FINANCIAL YEAR 401,773 376,453

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

401,773

376,453

Profit attributable to:
Owners of the parent 401,773 376,453

Total comprehensive income attributable to:
Owners of the parent 401,773 376,453

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

CONSOLIDATED BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 1,184,817 1,458,237
Tangible assets 12 151,812 111,463
Investments 13 - -
1,336,629 1,569,700

CURRENT ASSETS
Debtors 14 3,490,035 3,142,845
Cash at bank 559,294 297,822
4,049,329 3,440,667
CREDITORS
Amounts falling due within one year 15 1,704,088 1,569,401
NET CURRENT ASSETS 2,345,241 1,871,266
TOTAL ASSETS LESS CURRENT LIABILITIES 3,681,870 3,440,966

PROVISIONS FOR LIABILITIES 18 25,879 27,038
NET ASSETS 3,655,991 3,413,928

CAPITAL AND RESERVES
Called up share capital 19 420,290 420,290
Share premium 20 1,741,028 1,741,028
Capital redemption reserve 20 34,154 34,154
Retained earnings 20 1,460,519 1,218,456
SHAREHOLDERS' FUNDS 3,655,991 3,413,928

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





Ms E J Seal - Director


GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

COMPANY BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 4,954,216 4,954,216
4,954,216 4,954,216

CURRENT ASSETS
Cash at bank 4,374 4,734

CREDITORS
Amounts falling due within one year 15 1,575,018 1,534,472
NET CURRENT LIABILITIES (1,570,644 ) (1,529,738 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,383,572 3,424,478

CAPITAL AND RESERVES
Called up share capital 19 420,290 420,290
Share premium 1,741,028 1,741,028
Capital redemption reserve 34,154 34,154
Retained earnings 1,188,100 1,229,006
SHAREHOLDERS' FUNDS 3,383,572 3,424,478

Company's profit for the financial year 118,804 677,225

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





Ms E J Seal - Director


GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 July 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 August 2021 436,444 1,060,434 1,741,028 18,000 3,255,906
Profit for the year - 376,453 - - 376,453
Total comprehensive income - 376,453 - - 376,453
Dividends - (134,493 ) - - (134,493 )
Share buyback (16,154 ) (83,938 ) - 16,154 (83,938 )
Balance at 31 July 2022 420,290 1,218,456 1,741,028 34,154 3,413,928
Profit for the year - 401,773 - - 401,773
Total comprehensive income - 401,773 - - 401,773
Dividends - (159,710 ) - - (159,710 )
Balance at 31 July 2023 420,290 1,460,519 1,741,028 34,154 3,655,991

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 July 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 August 2021 436,444 770,212 1,741,028 18,000 2,965,684
Profit for the year - 677,225 - - 677,225
Total comprehensive income - 677,225 - - 677,225
Dividends - (134,493 ) - - (134,493 )
Share buyback (16,154 ) (83,938 ) - 16,154 (83,938 )
Balance at 31 July 2022 420,290 1,229,006 1,741,028 34,154 3,424,478
Profit for the year - 118,804 - - 118,804
Total comprehensive income - 118,804 - - 118,804
Dividends - (159,710 ) - - (159,710 )
Balance at 31 July 2023 420,290 1,188,100 1,741,028 34,154 3,383,572

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 July 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 23 801,081 618,962
Interest paid (2,182 ) (13,168 )
Tax paid (143,615 ) (231,717 )
Net cash from operating activities 655,284 374,077

Cash flows from investing activities
Purchase of tangible fixed assets (85,598 ) (63,930 )
Sale of tangible fixed assets - 18,923
Interest received 3,418 -
Net cash from investing activities (82,180 ) (45,007 )

Cash flows from financing activities
Share buyback - (83,938 )
Shareholder loan repayments in the year (177,139 ) (354,288 )
Equity dividends paid (134,493 ) (243,377 )
Net cash from financing activities (311,632 ) (681,603 )

Increase/(decrease) in cash and cash equivalents 261,472 (352,533 )
Cash and cash equivalents at beginning of
year

24

297,822

650,355

Cash and cash equivalents at end of year 24 559,294 297,822

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 July 2023


1. STATUTORY INFORMATION

Grand Fir Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10840205. The addresses of its registered office and the principal place of business is 401 Faraday Street, Birchwood, Warrington, England, WA3 6GA.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31st July 2023. A subsidiary entity that is controlled by the parent. The results of the subsidiary undertakings are included in the profit or loss and other comprehensive income from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that currently exercisable.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts recognised by the company in respect of services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of income relating to the provision of environmental consultancy services which are recognised at the point of which the services are provided.

Revenue from contracts for the provision of consultancy services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Goodwill
Goodwill is the difference between amounts paid on acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life which is currently 10 years.

At each reporting date, the company reviews the carrying amounts to determine whether there is any indication of an impairment loss. If any such exists, the recoverable amount is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount is estimated to be less than its carrying amount, an impairment loss is recognised as an expense immediately.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Leasehold property improvementsover the term of the lease
Fixtures, fittings and equipment25% reducing balance
Computer equipment33% reducing balance

Tangible fixed assets are depreciated from the date they are utilised in generating income.

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, gross amounts owed buy contract customers, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occured after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, which include trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transition, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the trade debtors and other debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Interest bearing loans and borrowings
All interest bearing loans and borrowings are initially recognised at net proceeds. After initial recognition, debt is increased by the finance cost in respect of the reporting period and reduced by repayments made in the year. Finance costs of debt are allocated over the term of the debt at a constant rate on the carrying amount.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies,. the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Categorisation of leases
In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the Company as lessee.

Revenue recognition - stage of completion
In determining the revenue and costs to be recognised in relation to work completed on long term contracts management must make judgements regarding the stage of completion of the work being undertaken. This judgement is based around the level of costs incurred on a particular job, in comparison to the total expected costs to complete the work. A significant deviation in the estimated costs to complete could have a significant impact on the level of revenue recognised.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of fixed assets
In making decisions regarding the depreciation of fixed assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to the statement of total comprehensive income in each year.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Environmental consultancy 10,959,370 9,190,732
10,959,370 9,190,732

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


4. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 10,959,370 9,190,732
10,959,370 9,190,732

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 5,193,916 4,628,122
Social security costs 513,571 453,726
Other pension costs 295,888 268,800
6,003,375 5,350,648

The average number of employees during the year was as follows:
2023 2022

Management 31 31
Administration 16 16
Consultancy 111 102
158 149

The average number of employees by undertakings that were proportionately consolidated during the year was 158 (2022 - 149 ) .

Details of amounts paid to the highest paid director are shown below:
2022£ 2022£
Remuneration for qualifying services 67,518 63,263
Company pension contributions to defined contribution schemes 5,728 4,428
73,246 67,691

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 35,613 37,444
Loss/(profit) on disposal of fixed assets 9,637 (3,581 )
Goodwill amortisation 273,420 273,420
Auditors' remuneration 17,500 15,000

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 74 -
Loan note interest 2,108 13,168
2,182 13,168

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 189,129 143,615

Deferred tax (1,159 ) 8,946
Tax on profit 187,970 152,561

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 589,743 529,014
Profit multiplied by the standard rate of corporation tax in the UK of
20.920 % (2022 - 19 %)

123,374

100,513

Effects of:
Expenses not deductible for tax purposes 6,856 453
Changes in tax rates (1,475 ) 325
(Profit)/ loss on disposal of fixed assets 2,016 (680 )
Amortisation on assets not qualifying for tax allowances 57,199 51,950

Total tax charge 187,970 152,561

In the Spring Budget 2021 the government announced that from 1 April 2023 the rate of corporation tax will be 25% for companies with annual profits over £250,000. For companies with annual profits below £50,000 the rate will remain at 19%. Marginal relief provisions will be introduced so that, where a company's profits fall between the lower (£50,000) and upper (£250,000) limits, it will be able to claim an amount of marginal relief that bridges the gap between the lower and upper limits providing a gradual increase in the corporation tax rate.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


9. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
A Ordinary shares of £1 each
Dividends 159,710 134,493

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 2,734,197
AMORTISATION
At 1 August 2022 1,275,960
Amortisation for year 273,420
At 31 July 2023 1,549,380
NET BOOK VALUE
At 31 July 2023 1,184,817
At 31 July 2022 1,458,237

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


12. TANGIBLE FIXED ASSETS

Group
Fixtures,
Leasehold fittings
property and Computer
improvements equipment equipment Totals
£    £    £    £   
COST
At 1 August 2022 57,583 207,418 316,640 581,641
Additions 45,580 23,490 16,528 85,598
Disposals (26,296 ) (181,942 ) (4,471 ) (212,709 )
Reclassification/transfer (31,287 ) 31,287 - -
At 31 July 2023 45,580 80,253 328,697 454,530
DEPRECIATION
At 1 August 2022 50,290 182,867 237,021 470,178
Charge for year 1,021 7,175 27,417 35,613
Eliminated on disposal (23,392 ) (175,505 ) (4,176 ) (203,073 )
Reclassification/transfer (27,919 ) 27,919 - -
At 31 July 2023 - 42,456 260,262 302,718
NET BOOK VALUE
At 31 July 2023 45,580 37,797 68,435 151,812
At 31 July 2022 7,293 24,551 79,619 111,463

13. FIXED ASSET INVESTMENTS

The following are subsidiary undertakings of the company and are included in these financial statements:


Name
Country of
incorporation

Class of shares

Holding

Principal Activity

The Environment Partnership (TEP)
Limited
England Ordinary 100% Environmental
consultancy

The registered office of the subsidiary is 401 Faraday Street, Birchwood, Warrington, WA3 6GA.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 2,740,769 2,296,521
Amounts recoverable on contracts 440,593 620,298
Other debtors 551 25
Prepayments 308,122 226,001
3,490,035 3,142,845

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Shareholder loans (see note 16) - 177,139 - 177,139
Trade creditors 385,427 341,288 - -
Amounts owed to group undertakings - - 1,411,005 1,213,233
Tax 189,129 143,615 - -
Social security and other taxes 120,700 106,171 - -
VAT 414,344 338,284 - -
Other creditors 4,002 2,757 - -
Dividends payable 159,710 134,493 159,710 134,493
Accrued expenses 430,776 325,654 4,303 9,607
1,704,088 1,569,401 1,575,018 1,534,472

16. LOANS

Included within creditors are loan notes amounting to £Nil (2022: £177,139). Interest on these loan notes is set at 3.5% above base rate. During the year the company was charged loan note interest of £2,182 (2022: £13,168).

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 187,518 171,750
Between one and five years 196,185 66,446
In more than five years 390,677 56,333
774,380 294,529

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 25,879 27,038

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 August 2022 27,038
Utilised during year (1,159 )
Balance at 31 July 2023 25,879

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
162,000 A Ordinary £1 162,000 162,000
258,290 B Ordinary £1 258,290 258,290
420,290 420,290

20. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 August 2022 1,218,456 1,741,028 34,154 2,993,638
Profit for the year 401,773 401,773
Dividends (159,710 ) (159,710 )
At 31 July 2023 1,460,519 1,741,028 34,154 3,235,701

Share premium
Consideration received for shares issued above their nominal value net of transaction costs.

Capital redemption reserve
Non distributable reserves into which amounts are transferred following the redemption of the companies own shares.

Profit and loss reserves
Cumulative profit and loss net of distributions to owners

21. ULTIMATE CONTROLLING PARTY

No individual shareholder holds more than 50% of the issued share capital, therefore, there is no ultimate controlling party.

GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


22. SHARE-BASED PAYMENT TRANSACTIONS

During the year ended 31 July 2018, 51,328 options over additional B shares were granted to certain employees of The Environment Partnership (TEP) Limited. no options lapsed during the current year or prior year. The options vest based on a set of agreed conditions. No share based payment expense has been recognised during the year as the remaining options are not expected to vest.

23. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit for the financial year 401,773 376,453
Depreciation charges 35,613 37,444
Loss/(profit) on disposal of fixed assets 9,637 (3,581 )
Amortisation 273,420 273,420
Finance costs 2,182 13,168
Finance income (3,418 ) -
Taxation 187,970 152,561
907,177 849,465
Increase in trade and other debtors (347,191 ) (225,410 )
Increase/(decrease) in trade and other creditors 241,095 (5,093 )
Cash generated from operations 801,081 618,962

24. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 559,294 297,822
Year ended 31 July 2022
31.7.22 1.8.21
£    £   
Cash and cash equivalents 297,822 650,355


GRAND FIR LIMITED (REGISTERED NUMBER: 10840205)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023


25. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.22 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank 297,822 261,472 559,294
297,822 261,472 559,294
Debt
Debts falling due within 1 year (177,139 ) 177,139 -
(177,139 ) 177,139 -
Total 120,683 438,611 559,294