Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 02842183 Mr Christopher Griffiths Mrs Gillian Griffiths Mrs Gillian Griffiths iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02842183 2023-02-28 02842183 2024-02-28 02842183 2023-03-01 2024-02-28 02842183 frs-core:CurrentFinancialInstruments 2024-02-28 02842183 frs-core:ComputerEquipment 2024-02-28 02842183 frs-core:ComputerEquipment 2023-03-01 2024-02-28 02842183 frs-core:ComputerEquipment 2023-02-28 02842183 frs-core:FurnitureFittings 2024-02-28 02842183 frs-core:FurnitureFittings 2023-03-01 2024-02-28 02842183 frs-core:FurnitureFittings 2023-02-28 02842183 frs-core:NetGoodwill 2024-02-28 02842183 frs-core:NetGoodwill 2023-03-01 2024-02-28 02842183 frs-core:NetGoodwill 2023-02-28 02842183 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-02-28 02842183 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 02842183 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-28 02842183 frs-core:MotorVehicles 2024-02-28 02842183 frs-core:MotorVehicles 2023-03-01 2024-02-28 02842183 frs-core:MotorVehicles 2023-02-28 02842183 frs-core:PlantMachinery 2024-02-28 02842183 frs-core:PlantMachinery 2023-03-01 2024-02-28 02842183 frs-core:PlantMachinery 2023-02-28 02842183 frs-core:ShareCapital 2024-02-28 02842183 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 02842183 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 02842183 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 02842183 frs-bus:SmallEntities 2023-03-01 2024-02-28 02842183 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 02842183 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 02842183 frs-bus:Director1 2023-03-01 2024-02-28 02842183 frs-bus:Director2 2023-03-01 2024-02-28 02842183 frs-bus:CompanySecretary1 2023-03-01 2024-02-28 02842183 frs-core:CurrentFinancialInstruments 4 2024-02-28 02842183 frs-countries:EnglandWales 2023-03-01 2024-02-28 02842183 2022-02-28 02842183 2023-02-28 02842183 2022-03-01 2023-02-28 02842183 frs-core:CurrentFinancialInstruments 2023-02-28 02842183 frs-core:ShareCapital 2023-02-28 02842183 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 02842183 frs-core:CurrentFinancialInstruments 4 2023-02-28
Registered number: 02842183
Griffiths Hire Shops Limited
Financial Statements
For The Year Ended 28 February 2024
Aspire Accountancy
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02842183
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 49,040 98,080
Tangible Assets 5 2,500,781 2,591,485
2,549,821 2,689,565
CURRENT ASSETS
Stocks 6 1,690,000 1,759,095
Debtors 7 686,436 753,461
Cash at bank and in hand 2,400,679 2,423,504
4,777,115 4,936,060
Creditors: Amounts Falling Due Within One Year 8 340,267 (488,397 )
NET CURRENT ASSETS (LIABILITIES) 5,117,382 4,447,663
TOTAL ASSETS LESS CURRENT LIABILITIES 7,667,203 7,137,228
PROVISIONS FOR LIABILITIES
Deferred Taxation (599,240 ) (599,240 )
NET ASSETS 7,067,963 6,537,988
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 7,067,863 6,537,888
SHAREHOLDERS' FUNDS 7,067,963 6,537,988
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Christopher Griffiths
Director
06/06/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Griffiths Hire Shops Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02842183 . The registered office is Maes Y Clawdd, Shrewsbury Road, Oswestry, Shropshire, SY10 8NN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Reducing Balance
Plant & Machinery at varying rates on reducing balance
Motor Vehicles 20% Reducing balance
Fixtures & Fittings 20% Reducing balance
Computer Equipment 20% Reducing balance/ 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2023: 33)
38 33
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 980,800
As at 28 February 2024 980,800
Amortisation
As at 1 March 2023 882,720
Provided during the period 49,040
As at 28 February 2024 931,760
Net Book Value
As at 28 February 2024 49,040
As at 1 March 2023 98,080
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 205,512 4,653,189 368,038 139,960
Additions 8,580 766,789 7,000 671
As at 28 February 2024 214,092 5,419,978 375,038 140,631
Depreciation
As at 1 March 2023 7,308 2,403,079 237,087 132,041
Provided during the period 1,562 1,105,858 27,590 1,718
Disposals - (264,403 ) - -
As at 28 February 2024 8,870 3,244,534 264,677 133,759
Net Book Value
As at 28 February 2024 205,222 2,175,444 110,361 6,872
As at 1 March 2023 198,204 2,250,110 130,951 7,919
Page 4
Page 5
Computer Equipment Total
£ £
Cost
As at 1 March 2023 30,581 5,397,280
Additions - 783,040
As at 28 February 2024 30,581 6,180,320
Depreciation
As at 1 March 2023 26,280 2,805,795
Provided during the period 1,419 1,138,147
Disposals - (264,403 )
As at 28 February 2024 27,699 3,679,539
Net Book Value
As at 28 February 2024 2,882 2,500,781
As at 1 March 2023 4,301 2,591,485
6. Stocks
2024 2023
£ £
Stock 1,690,000 1,759,095
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 663,456 729,385
Prepayments and accrued income 2,018 2,022
Pension scheme prepayments (1,909 ) (817 )
Corporation tax recoverable assets 22,871 22,871
686,436 753,461
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 226,314 268,608
Bank loans and overdrafts (871,775 ) (3,011 )
Corporation tax 191,407 127,773
Other taxes and social security 17,345 18,365
VAT 88,409 70,867
Other creditors-contras 3,945 3,945
Accruals and deferred income 2,238 1,850
Directors' loan accounts 1,850 -
(340,267 ) 488,397
Page 5
Page 6
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6