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REGISTERED NUMBER: 11724571 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Grafton LSR Ltd

Grafton LSR Ltd (Registered number: 11724571)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Grafton LSR Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr M J Chapman
Mr M Roper
Mr S Edmondson





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY





REGISTERED NUMBER: 11724571 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
United Kingdom
BS32 4JY

Grafton LSR Ltd (Registered number: 11724571)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,861 61,205
Tangible assets 5 115,042 120,350
Investments 6 1 1
165,904 181,556

CURRENT ASSETS
Debtors 7 2,900 12,356
Cash at bank 5,166 10,733
8,066 23,089
CREDITORS
Amounts falling due within one year 8 3,402,462 3,397,565
NET CURRENT LIABILITIES (3,394,396 ) (3,374,476 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,228,492 ) (3,192,920 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 (3,228,592 ) (3,193,020 )
SHAREHOLDERS' FUNDS (3,228,492 ) (3,192,920 )

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





Mr S Edmondson - Director


Grafton LSR Ltd (Registered number: 11724571)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Grafton LSR Ltd 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.

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 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Show cars - 10% on cost
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Grafton LSR Ltd (Registered number: 11724571)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Research and development costs
The cost of fixed assets constructed in order to complete research and development activities have been capitalised.

Otherwise, expenditure on research and development has been written off in the year of expenditure, through the profit and loss account.

Barter transactions
Revenue has been measured at the fair value of the goods or services received, adjusted for any cash payments made by either the buyer or the seller.

Barter transactions relate to sponsorship and educational services provided by the company, in exchange for a reduction in rents owed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 51,722 51,724 103,446
AMORTISATION
At 1 January 2023 21,120 21,121 42,241
Charge for year 5,172 5,172 10,344
At 31 December 2023 26,292 26,293 52,585
NET BOOK VALUE
At 31 December 2023 25,430 25,431 50,861
At 31 December 2022 30,602 30,603 61,205

5. TANGIBLE FIXED ASSETS
Bloodhound
car under
Plant and construct Computer
machinery Show cars ion equipment Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 30,000 28,690 93,619 9,348 161,657
DEPRECIATION
At 1 January 2023 20,244 11,715 - 9,348 41,307
Charge for year 2,439 2,869 - - 5,308
At 31 December 2023 22,683 14,584 - 9,348 46,615
NET BOOK VALUE
At 31 December 2023 7,317 14,106 93,619 - 115,042
At 31 December 2022 9,756 16,975 93,619 - 120,350

Grafton LSR Ltd (Registered number: 11724571)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 975 9,488
VAT 702 1,967
Prepayments 1,223 901
2,900 12,356

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors - 248
Other creditors 3,384,017 3,384,017
Accrued expenses 18,445 13,300
3,402,462 3,397,565

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Other Creditors 3,384,018 3,384,018

The loan provided by Mr Warhurst is secured by a fixed and floating charge over the company's assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 January 2023 (3,193,020 )
Deficit for the year (35,572 )
At 31 December 2023 (3,228,592 )

Grafton LSR Ltd (Registered number: 11724571)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr I Warhurst.

13. GOING CONCERN

These accounts have been prepared on a going concern basis, which contemplates continuity of normal business
activities, the realisation of assets and the settlement of liabilities in the ordinary course of business.

The company incurred a loss during the year and holds net liabilities on the balance sheet. However, the directors believe it is appropriate to prepare the financial statements on a going concern basis owing to the support of the directors, and future negotiations to obtain further sponsorship.