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COMPANY REGISTRATION NUMBER: 09002758
GRS FLEET GRAPHICS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
GRS FLEET GRAPHICS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
GRS FLEET GRAPHICS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
H Salin
Registered office
Mitchell House
Hardley
Southampton Hardley Industrial Estate
Hythe
Southampton
SO45 3YH
Accountants
TC BSG Valentine Limited
Chartered Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
GRS FLEET GRAPHICS LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
128,723
119,756
CURRENT ASSETS
Stocks
39,359
42,717
Debtors
6
522,644
461,755
Cash at bank and in hand
159,735
424,586
---------
---------
721,738
929,058
CREDITORS: amounts falling due within one year
7
( 462,580)
( 418,533)
---------
---------
NET CURRENT ASSETS
259,158
510,525
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
387,881
630,281
CREDITORS: amounts falling due after more than one year
8
( 40,281)
( 31,150)
PROVISIONS
( 37,977)
( 37,977)
---------
---------
NET ASSETS
309,623
561,154
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
309,523
561,054
---------
---------
SHAREHOLDERS FUNDS
309,623
561,154
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GRS FLEET GRAPHICS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
H Salin
Director
Company registration number: 09002758
GRS FLEET GRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mitchell House, Hardley, Southampton Hardley Industrial Estate, Hythe, Southampton, SO45 3YH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The company made a profit during the year and at the year end had net current assets of £259,158 including cash at bank of £159,735. The director has prepared profit and loss forecasts using reasonable assumptions and a best estimate of future sales that show continuing profitability. In assessing going concern the director has taken into account the potential impact of commitments given in respect of related party borrowings. Based on his review the director considers that the company will have sufficient funds to meet any liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and he therefore continues to prepare the financial statements on a going concern basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods. Revenue is recognised on the date the service is provided. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
136,324
45,087
47,254
228,665
Additions
29,001
575
29,576
---------
--------
--------
---------
At 31 July 2023
165,325
45,662
47,254
258,241
---------
--------
--------
---------
Depreciation
At 1 August 2022
55,470
26,391
27,048
108,909
Charge for the year
12,715
2,843
5,051
20,609
---------
--------
--------
---------
At 31 July 2023
68,185
29,234
32,099
129,518
---------
--------
--------
---------
Carrying amount
At 31 July 2023
97,140
16,428
15,155
128,723
---------
--------
--------
---------
At 31 July 2022
80,854
18,696
20,206
119,756
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
463,173
450,866
Amounts owed by group undertakings
50,000
Other debtors
9,471
10,889
---------
---------
522,644
461,755
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
490
Trade creditors
197,541
219,264
Amounts owed to group undertakings
50,000
Accruals and deferred income
21,035
30,467
Corporation tax
64,629
63,952
Social security and other taxes
53,890
63,818
Obligations under finance leases and hire purchase contracts
17,923
16,749
Director loan accounts
27,656
Other creditors
29,416
24,283
---------
---------
462,580
418,533
---------
---------
Obligations under finance leases and hire purchase contracts, including those falling due in more than one year, are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
40,281
31,150
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
28,000
20,167
Later than 1 year and not later than 5 years
39,667
--------
--------
67,667
20,167
--------
--------
10. Contingencies
The company has provided guarantees in respect of the borrowings of parent companies, which at the year end totalled £4.5m. The company has also provided security for these borrowings in the form of fixed and floating charges over the assets of the company.
11. Events after the end of the reporting period
In September 2023, the company acquired a 100% shareholding in Epic Media Group Limited at a cost of approximately £1m.
12. Related party transactions
At the year end the company owed the director £26,515 in respect of expenses paid on the company's behalf.