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Registration number: 01623292

S. & J. Graveson Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

S. & J. Graveson Limited

(Registration number: 01623292)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

42,731

57,831

Investment property

5

410,000

410,000

 

452,731

467,831

Current assets

 

Stocks

6

7,680

47,042

Debtors

191,788

198,112

Cash at bank and in hand

 

142,707

37,091

 

342,175

282,245

Creditors: Amounts falling due within one year

7

(220,009)

(186,431)

Net current assets

 

122,166

95,814

Total assets less current liabilities

 

574,897

563,645

Creditors: Amounts falling due after more than one year

7

(15,833)

(25,833)

Provisions for liabilities

(61,515)

(61,515)

Net assets

 

497,549

476,297

Capital and reserves

 

Called up share capital

50,000

50,000

Fair value reserve

280,235

280,235

Profit and loss account

167,314

146,062

Total equity

 

497,549

476,297

 

S. & J. Graveson Limited

(Registration number: 01623292)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board for issue on 29 July 2024 and signed on its behalf by:
 

.........................................

Mrs P E Graveson

Company secretary and director

 

S. & J. Graveson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1 Lyddington Road
Caldecott
Market Harborough
Leicestershire
LE16 8TE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

S. & J. Graveson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

S. & J. Graveson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

S. & J. Graveson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

24,574

138,850

46,608

210,032

Additions

583

-

781

1,364

Disposals

-

(15,650)

-

(15,650)

At 30 April 2024

25,157

123,200

47,389

195,746

Depreciation

At 1 May 2023

18,899

95,075

38,227

152,201

Charge for the year

1,035

10,199

2,251

13,485

Eliminated on disposal

-

(12,671)

-

(12,671)

At 30 April 2024

19,934

92,603

40,478

153,015

Carrying amount

At 30 April 2024

5,223

30,597

6,911

42,731

At 30 April 2023

5,675

43,775

8,381

57,831

5

Investment properties

2024
£

At 1 May

410,000

At 30 April

410,000

The property is now measured at fair value by the directors and any gain or loss arising is charged to the profit and loss account.

There has been no valuation of investment property by an independent valuer.

 

S. & J. Graveson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Work in progress

2,439

41,738

Other inventories

5,241

5,304

7,680

47,042

Debtors

Current

2024
£

2023
£

Trade debtors

184,546

191,148

Prepayments

7,242

6,964

 

191,788

198,112

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

10,000

10,000

Trade creditors

 

65,755

83,469

Amounts owed to related parties

4,404

275

Taxation and social security

 

59,677

33,618

Other creditors

 

80,173

59,069

 

220,009

186,431

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,833

25,833

Creditors due within more than one year include Bounce Back Loan balance of £15,833 (2023 - £25,833). Loan is guaranteed by the Government and interest at 2.5% per annum is charged.

 

S. & J. Graveson Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

50,000

50,000

50,000

50,000

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

15,833

25,833

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000