Registered number
NI058411
H&S Grant Contracts Limited
Filleted Accounts
For The Year Ended
31 March 2024
H&S Grant Contracts Limited
Registered number: NI058411
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 164,298 183,158
Current assets
Debtors 5 83,342 32,430
Cash at bank and in hand 1,570,341 1,691,057
1,653,683 1,723,487
Creditors: amounts falling due within one year 6 (19,421) (64,306)
Net current assets 1,634,262 1,659,181
Total assets less current liabilities 1,798,560 1,842,339
Provisions for liabilities (41,075) (45,790)
Net assets 1,757,485 1,796,549
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,757,483 1,796,547
Shareholders' funds 1,757,485 1,796,549
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Hugh Grant
Director
Approved by the board on 15 August 2024
H&S Grant Contracts Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Goodwill has accordingly been amortised evenly over 10 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Goodwill 10% straight line
Work in progress
Work in progress is valued at net saleable value in accordance with Accounting Standard UITF40 and FRS 102.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments where material. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 40,000
At 31 March 2024 40,000
Amortisation
At 1 April 2023 40,000
At 31 March 2024 40,000
Net book value
At 31 March 2024 -
Goodwill was written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 279,538
Additions 41,105
At 31 March 2024 320,643
Depreciation
At 1 April 2023 96,380
Charge for the year 59,965
At 31 March 2024 156,345
Net book value
At 31 March 2024 164,298
At 31 March 2023 183,158
5 Debtors 2024 2023
£ £
Sundry debtors 83,342 32,430
6 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 7,607 44,297
Other taxes and social security costs 8,875 14,491
Other creditors 2,939 5,518
19,421 64,306
7 Events after the reporting date
There has been no events occurring since the balance sheet date which necessitate a revision of the above figures.
8 Capital commitments
The company did not have any capital commitments at 31 March 2024 not already provided for in the financial statements.
9 Contingent liabilities
There were no contingent liabilities at the year end.
10 Related party transactions
Related party transactions occurred between the company and its director.
All such transactions were in the normal course of business.
11 Directors advances, credits and guarantees
The company is owed £1,812 from directors as at 31 March 2024
12 Controlling parties
The controlling parties have been identified as Hugh and Sharon Grant the company's directors and also the shareholders.
13 Other information
H&S Grant Contracts Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
56 Aughrim Road
Kilkeel
Co. Down
BT34 4HR
H&S Grant Contracts Limited NI058411 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mr Hugh Grant No description of principal activity NI058411 2022-04-01 2023-03-31 NI058411 core:WithinOneYear 2023-03-31 NI058411 core:ShareCapital 2023-03-31 NI058411 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI058411 2023-04-01 2024-03-31 NI058411 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI058411 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI058411 bus:Director40 2023-04-01 2024-03-31 NI058411 1 2023-04-01 2024-03-31 NI058411 2 2023-04-01 2024-03-31 NI058411 core:PlantMachinery 2023-04-01 2024-03-31 NI058411 1 2023-04-01 2024-03-31 NI058411 countries:England 2023-04-01 2024-03-31 NI058411 bus:FRS102 2023-04-01 2024-03-31 NI058411 bus:FilletedAccounts 2023-04-01 2024-03-31 NI058411 2024-03-31 NI058411 core:WithinOneYear 2024-03-31 NI058411 core:ShareCapital 2024-03-31 NI058411 core:RetainedEarningsAccumulatedLosses 2024-03-31 NI058411 core:Goodwill 2024-03-31 NI058411 core:PlantMachinery 2024-03-31 NI058411 2023-03-31 NI058411 core:Goodwill 2023-03-31 NI058411 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure