Registered number:
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
COMPANY INFORMATION
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GRANT PALMER (HOLDINGS) LIMITED
CONTENTS
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GRANT PALMER (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
Grant Palmer (Holdings) Limited is a privately owned company and is the parent company of Grant Palmer Limited, which operating commercial and subsidised bus routes across Bedfordshire for local authorities, businesses and the general public. Grant Palmer Limited was formed in 2010 and has progressively grown through partnership working and the winning of tendered contracts with local authorities, seeking new business to business agreements, and providing replacement services in areas disposed of by other bus operators.
The Group aims to develop profitable and sustainable revenue streams through the expansion of its commercial bus network and contracted activities, and by being an active group participating in national transport business trends as they appear in Bedfordshire. The directors believe the policy of national government since 2010 has significantly disrupted the markets of the bus industry as laid out by the Transport Act 1985, making the operational and commercial environment for small bus operators increasingly bureaucratic and complex, whilst also undermining the financial performance of the larger national operators in the provinces.
Our strategy is therefore to seize the opportunities created by the Bus Services Act 2017 and the National Bus Strategy, to seek new commercial opportunities where they become available regionally, and to continue to benefit from the industrial and commercial development of the south Midlands / Home Counties. Our strategic goals are to continue to achieve sustainable growth in shareholder value, to improve our operational capability, performance and resilience, and to deliver a consistently high quality of service to our customers. We will measure our performance with a focus on revenue and margin, to deliver strong organic growth and a high margin business, our continuing investment in infrastructure, technology and high quality operational assets, and through the monitoring of our operational performance and service standards. Board and Shareholder Structure The Group is jointly owned by two shareholding directors who work full-time and closely together to ensure the business is well managed and controlled. A shareholders agreement is in place to maintain governance and the directors together bring a variety of skills and experience for the effective management of the business. Core Values As a locally based and operating company, we aim to conduct business in the best interests of our shareholders, employees and customers together, through our organisational beliefs:
∙Safe and risk aware – continually learning and assessing future risks
∙Collaborative – working with all our stakeholders and local partners
∙Service led – delivering a high standard of delivery, value and performance
∙Commercially minded – putting business profitability and sustainability at the heart of what we do
∙Traditionally innovative – Holding traditional values of care, understanding and service, whilst innovating through technology and best practices where appropriate
∙Agile – fast moving and quick to adapt
∙Professional – highly trained, experienced and proficient in what we do throughout the organisation
∙Results focusses – always keeping an eye on how we are doing, financially and operationally
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GRANT PALMER (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
Relationships with Stakeholders
There are many different stakeholders and interest groups in the bus industry. Some have statutory powers entrusted in them, or have a more informal influence on our business and success, equally important. The team at Grant Palmer work hard to maintain good contact and relations which all these stakeholders and groups, listening to what they say, taking advice and learning where appropriate, and consulting when best practice of the law require it.
Of particular importance are our formal stakeholders, and customer representatives:
∙The Department of Transport and its regulatory bodies such as Traffic Commissioners, Driver and Vehicle Standards Agency and Driver and Vehicle Licensing Agency.
∙Local Transport Authorities, Local Councils, local MPs and councillors.
∙Bus user representative groups
∙Industry bodies
∙Individual bus users and corporate customers
We are in constant contact with all these stakeholders, meeting regularly with them, either individually or through our representatives, giving us insight and guidance, and an up to date awareness of new legal and regulatory requirements, and giving us the strength of knowledge to adapt our business to meet needs. With our customers, and their representatives, the key matters are service delivery and performance targets, including consideration of individual contract compliance.
We also work closely with our suppliers, holding them to account to ensure good performance and best value.
The COVID-19 pandemic saw a period of many unforeseen material risks and uncertainties, but the business reacted quickly to ensure financial stability, and to be continue to react to new opportunities to strengthen the business going forward. Consequently, a challenging time was turned into one of expansion and investment. The pandemic has however clearly changed the nature and extent of risk that should be considered, and the directors have identified the following risks as of concern and needing mitigation.
∙Fleet insurance, cover and rates - There is a concern that the Group may not be able to maintain adequate levels of comprehensive cover if our specific Group or wider industry risk increases beyond a level that is viable for underwriters. Accident risk, actual accidents, staff training and review, incident mitigation and a constructive relationship with both our broker and underwriter are actively managed by the directors.
∙Legislation - The Bus Services Act 2017 has created the risk of unforeseen costs and additional restrictions being imposed on our business. A change in government would create further uncertainty, with the prospect of franchising, nationalisation and restrictions on employers. The directors continually monitor developments, working closely with local authorities and the DfT when appropriate and possible, lobbying local councillors and MPs when it can. We seek to maintain an excellent relationship with elected mayors.
∙Staffing and recruitment - 2022 into 2023 was a period of considerable difficulty in recruiting and retaining bus drivers and this impacted on service delivery. During the period, an action plan was drawn up and roll out commenced to address the situation. The market for labour is volatile and can turn, so there is a constant focus on employee performance, welfare, recruitment and morale.
∙Fuel costs - There has been considerable volatility in fuel prices, including periods of significant fuel price increase, in the last few years, which can affect profitability if pricing on contracts and fares cannot be adjusted. Fuel prices are monitored daily, and a policy of annual fuel price hedging is in place. Additionally, there is a focus on fleet investment to deliver improvements in fuel efficiency.
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GRANT PALMER (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
∙Management resources - There is a skills deficit within the industry affecting management of engineering, operational and commercial functions. This impacts service delivery and may cause the business to miss opportunities for growth. The directors work closely with managers to maximise morale and motivation, provide career development and training opportunities, and to recruit new talent where they can.
Revenue measures our success in the expansion of our market share in the Bedfordshire bus market, and our ability to grow rates in the face of inflation. Gross profit margin is fundamental to the longer term sustainability of our business, its monitoring ensuring that we can continue to invest in the business and react to opportunities for growth, and gives an indication of our position amongst our competitors and the wider market. Profit before Taxation is a key determiner of shareholder return, and the overall success and sustainability of the business.
This report was approved by the board and signed on its behalf.
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GRANT PALMER (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The directors present their report and the financial statements for the year ended 31 August 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
The profit for the year, after taxation, amounted to £847,261 (2022 - £1,291,181).
The Directors have declared and paid dividends from Grant Palmer Limited for the year ending 31 August 2023 of £137,000 (2022 - £126,000). The dividends were paid before Grant Palmer (Holdings) Limited acquired Grant Palmer Limited. Grant Palmer (Holdings) Limited declared no dividends.
The directors who served during the year were:
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GRANT PALMER (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
There is a trend regionally of other bus service operators, both large and small, scaling back operations or withdrawing from the market. We see this as an opportunity for both organic growth of existing service business, and introduction of new services. The recent opening of an operating site in Biggleswade provides a spring board for us.
There has been considerable commercial and residential development in the area, this continues apace, and we see opportunity for the introduction of new services to serve new housing estates, funded by developers, and for working with employers on the provision of staff transport. A headline development project is a proposal for a large Universal Studios site to open within 10 miles of our base. To ensure we can meet growth opportunities, we intend to increase our licenced operating capability from 40 to 45 buses.
There have been no significant events affecting the Group since the year end.
The auditors, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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GRANT PALMER (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED
We have audited the financial statements of Grant Palmer (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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GRANT PALMER (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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GRANT PALMER (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙we consider the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management, about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Group’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; and
∙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 common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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GRANT PALMER (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANT PALMER (HOLDINGS) LIMITED (CONTINUED)
We also obtained an understanding of the legal and regulatory frameworks that the Group 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. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
As detailed in note 2.2, the merger accounting method has been used to prepare the first set of consolidated financial statements. In the previous accounting period the Directors took advantage of the audit exemption under Companies Act 2006, section 477. Therefore, the prior period financial statements of the subsidiaries were not subject to audit.
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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
Registered Auditor
249 Silbury Boulevard
MK9 1NA
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GRANT PALMER (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
REGISTERED NUMBER: 14768230
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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GRANT PALMER (HOLDINGS) LIMITED
REGISTERED NUMBER: 14768230
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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GRANT PALMER (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Grant Palmer (Holdings) Limited is a private limited company, incorporated in England & Wales and limited by shares. Its registered office is Unit 2c, Commerce Way, Flitwick, Bedfordshire, MK45 5BP.
The principal activity of the parent company is that of an investment holding entity. The financial statements are presented in sterling which is the functional currency of the Company and the Group and rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
On 6 April 2023 the Company acquired Grant Palmer Limited ("the Subsidiary"). Both the Company and the Subsidiary had common shareholders and as a result the Directors consider the transaction to be a combination of businesses under common control. Accordingly the Directors have applied the guidance within section 19 'Business Combinations and Goodwill' of FRS 102 which allows the use of merger accounting for group reconstructions. Under the merger accounting method the carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value. The results and cash flows of all the combining entities are brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred, adjusted so as to achieve uniformity of accounting policies. The comparative information shall be restated by including the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformly of accounting policies. The difference, if any, between the nominal value of the shares issued plus the fair value of any other consideration given, and the nominal value of the shares received in exchange shall be shown as a movement on other reserves in the consolidated financial statements.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for a period of at least 12 months following the approval of these financial statements. The Directors are of the opinion that the Group can meeting its liabilities as they fall due.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
the amounts reported for revenues and expenses during the year. Debtors: The recoverability of debtors has been assessed at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgement of all the available information, and their experience of the specific nature of the debtor in question. Depreciation: The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have concluded that asset lives and residual values are appropriate.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
The 2023 valuations were made by the Directors, on an open market value for existing use basis.
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
On 30 March 2023 1,000 Ordinary shares were issued at par value.
Profit and loss account
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GRANT PALMER (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
A prior year adjustment was identified in Grant Palmer Limited, the subsidiary, and has been entered to account for grant income in the period in which it was received, and remove the related deferred income. It was deemed the funding met the recognition criteria when it was received and therefore should not have been deferred.
Grant income has been increased by £384,234, in other operating income, and corporation tax increased by £73,004, for the year ending 31 August 2022. Resulting in a net increase in profits of £311,230. Grant income has been increase by £576,587 for year ending 31 August 2020 and £416,744 for year ending 31 August 2021, and the corporation tax has been increased by £97,677 and £91,056, The total of £804,598 has been corrected through a profit and loss reserves adjustment. A prior year adjustment was identified in Grant Palmer Limited, the subsidiary, and has been entered to adjust the split between costs of sales and admin costs, for employees' salaries, national insurance and pension. This has resulted in cost of sales reducing by £180,740 and admin costs increasing by this amount , and had no impact on the corporation tax. A prior year adjustment was identified in J.K Developments (Biggleswade) Limited, the subsidiary, and stock of £473,681 has been reclassified in the prior year as investment property. The fair value of this has been set at £473,681 and there is no corporation tax effect thereon.
The Company operates a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions paid during the year amounted to £163,062 (2022 - £72,202). At the year end the sum of £7,523 was owed by the Company (2022 - £6,627) and is included within creditors.
The shareholders of Grant Palmer (Holdings) Limited have unanimously agreed to provide a parental guarantee for the year ended 31 August 2023 to its subsidiary entity J.K Developments (Biggleswade) Ltd, a company register in England and Wales (registration number 08500997). J.K Developments (Biggleswade) Ltd are therefore exemption from the requirement for its individual accounts to be audited by virtue of section 479A of the Companies Act 2006.
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