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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
04607168
2023-06-01
2024-05-31
04607168
2024-05-31
04607168
2023-05-31
04607168
2022-06-01
2023-05-31
04607168
2023-05-31
04607168
2022-05-31
04607168
core:PlantMachinery
2023-06-01
2024-05-31
04607168
core:FurnitureFittings
2023-06-01
2024-05-31
04607168
core:MotorVehicles
2023-06-01
2024-05-31
04607168
bus:Director1
2023-06-01
2024-05-31
04607168
core:PlantMachinery
2023-05-31
04607168
core:FurnitureFittings
2023-05-31
04607168
core:MotorVehicles
2023-05-31
04607168
core:PlantMachinery
2024-05-31
04607168
core:FurnitureFittings
2024-05-31
04607168
core:MotorVehicles
2024-05-31
04607168
core:WithinOneYear
2024-05-31
04607168
core:WithinOneYear
2023-05-31
04607168
core:ShareCapital
2024-05-31
04607168
core:ShareCapital
2023-05-31
04607168
core:RetainedEarningsAccumulatedLosses
2024-05-31
04607168
core:RetainedEarningsAccumulatedLosses
2023-05-31
04607168
core:BetweenOneFiveYears
2024-05-31
04607168
core:BetweenOneFiveYears
2023-05-31
04607168
core:MoreThanFiveYears
2024-05-31
04607168
core:MoreThanFiveYears
2023-05-31
04607168
core:PlantMachinery
2023-05-31
04607168
core:FurnitureFittings
2023-05-31
04607168
core:MotorVehicles
2023-05-31
04607168
bus:SmallEntities
2023-06-01
2024-05-31
04607168
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
04607168
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
04607168
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
04607168
bus:FullAccounts
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
04607168
GRC Retail Solutions Limited |
|
Filleted Unaudited Financial Statements |
|
GRC Retail Solutions Limited |
|
Year ended 31 May 2024
Notes to the financial statements |
3 to 6 |
|
|
GRC Retail Solutions Limited |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
101,302 |
69,181 |
|
|
|
|
Current assets
Stocks |
110,879 |
135,850 |
Debtors |
6 |
1,473,038 |
824,316 |
Cash at bank and in hand |
2,016,421 |
1,648,904 |
|
------------ |
------------ |
|
3,600,338 |
2,609,070 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
2,497,290 |
2,006,910 |
|
------------ |
------------ |
Net current assets |
1,103,048 |
602,160 |
|
------------ |
--------- |
Total assets less current liabilities |
1,204,350 |
671,341 |
|
|
|
|
Provisions
Taxation including deferred tax |
25,000 |
16,500 |
|
------------ |
--------- |
Net assets |
1,179,350 |
654,841 |
|
------------ |
--------- |
|
|
|
Capital and reserves
Called up share capital |
10,000 |
10,000 |
Profit and loss account |
1,169,350 |
644,841 |
|
------------ |
--------- |
Shareholders funds |
1,179,350 |
654,841 |
|
------------ |
--------- |
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
GRC Retail Solutions Limited |
|
Balance Sheet (continued) |
|
31 May 2024
These financial statements were approved by the
board of directors
and authorised for issue on
3 September 2024
, and are signed on behalf of the board by:
Company registration number:
04607168
GRC Retail Solutions Limited |
|
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales, registration number
04607168
. The address of the registered office is Unit 502, Centre 500, Lowfield Drive, Wolstanton, Newcastle ST5 0UU.
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. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. The directors reviewed the value of the stock at the year end and have made adjustments for any obsolete stocks as stated in the accounting policy, based on their knowledge of the jobs in progress. The directors reviewed the value of work in progress at the year end and have made adjustments for foreseeable losses as stated in the accounting policy, based on the directors knowledge of the work completed.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of value added tax. Revenue is recognised upon the supply of goods and services to the customer.
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. 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 material 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.
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.
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 |
- |
33% straight line |
|
Fixtures and Fittings |
- |
25% straight line |
|
Motor Vehicles |
- |
25% straight line |
|
|
|
|
Depreciation is provided from the month of addition to the month of disposal.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises invoice cost for raw materials. Net realisable value is the estimated proceeds from the sale of stock items. Work in progress is valued at the cost of materials and labour time on jobs outstanding at the year end. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
20
(2023:
18
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 June 2023 |
56,356 |
33,282 |
95,100 |
184,738 |
Additions |
3,661 |
2,240 |
61,751 |
67,652 |
Disposals |
– |
(
6,005) |
– |
(
6,005) |
|
-------- |
-------- |
--------- |
--------- |
At 31 May 2024 |
60,017 |
29,517 |
156,851 |
246,385 |
|
-------- |
-------- |
--------- |
--------- |
Depreciation |
|
|
|
|
At 1 June 2023 |
54,752 |
20,758 |
40,047 |
115,557 |
Charge for the year |
2,038 |
5,344 |
27,442 |
34,824 |
Disposals |
– |
(
5,298) |
– |
(
5,298) |
|
-------- |
-------- |
--------- |
--------- |
At 31 May 2024 |
56,790 |
20,804 |
67,489 |
145,083 |
|
-------- |
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
|
At 31 May 2024 |
3,227 |
8,713 |
89,362 |
101,302 |
|
-------- |
-------- |
--------- |
--------- |
At 31 May 2023 |
1,604 |
12,524 |
55,053 |
69,181 |
|
-------- |
-------- |
--------- |
--------- |
|
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
1,399,772 |
755,113 |
Other debtors |
73,266 |
69,203 |
|
------------ |
--------- |
|
1,473,038 |
824,316 |
|
------------ |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
1,286,250 |
1,011,234 |
Corporation tax |
211,409 |
112,000 |
Social security and other taxes |
466,985 |
285,186 |
Other creditors |
532,646 |
598,490 |
|
------------ |
------------ |
|
2,497,290 |
2,006,910 |
|
------------ |
------------ |
|
|
|
The hire purchase creditor of £nil (2023: £12,137) is secured against the asset being financed.
Barclays Bank PLC holds a fixed and floating charge over the undertaking and all property and assets present and future of the company, including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
79,263 |
82,805 |
Later than 1 year and not later than 5 years |
246,311 |
228,284 |
Later than 5 years |
64,167 |
119,167 |
|
--------- |
--------- |
|
389,741 |
430,256 |
|
--------- |
--------- |
|
|
|