Company registration number 09095961 (England and Wales)
GRANTA (GROUP) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GRANTA (GROUP) LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GRANTA (GROUP) LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF GRANTA (GROUP) LTD
- 1 -
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the period ended 31 March 2024.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting period. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
Oldfield Advisory LLP
24 September 2024
Accountants
Santis House
Curriers Close
Coventry
CV4 8AW
GRANTA (GROUP) LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Investment property
5
2,700,000
Investments
6
200
200
200
2,700,200
Current assets
Debtors
7
2,965,411
1,658,011
Cash at bank and in hand
661,669
18,108
3,627,080
1,676,119
Creditors: amounts falling due within one year
8
(466,447)
(1,012,644)
Net current assets
3,160,633
663,475
Total assets less current liabilities
3,160,833
3,363,675
Creditors: amounts falling due after more than one year
9
(705,661)
(1,008,753)
Provisions for liabilities
(58,605)
Net assets
2,455,172
2,296,317
Capital and reserves
Called up share capital
1,970,009
1,970,009
Revaluation reserve
249,841
Profit and loss reserves
485,163
76,467
Total equity
2,455,172
2,296,317
GRANTA (GROUP) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
For the financial period ended 31 March 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 of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr J Marsh
Director
Company registration number 09095961 (England and Wales)
GRANTA (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Granta (Group) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mill Lane, Whittlesford, Cambridge, Cambridgeshire, United Kingdom, CB22 4XL.
1.1
Reporting period
[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office Equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
GRANTA (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GRANTA (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
17
17
GRANTA (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Office Equipment
£
Cost
At 1 January 2023 and 31 March 2024
13,602
Depreciation and impairment
At 1 January 2023 and 31 March 2024
13,602
Carrying amount
At 31 March 2024
At 31 December 2022
5
Investment property
2024
£
Fair value
At 1 January 2023
2,700,000
Disposals
(2,700,000)
At 31 March 2024
The fair value of the investment property is determined by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2024
2022
£
£
Shares in group undertakings and participating interests
200
200
7
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
1
29,187
Other debtors
1,734,708
691,233
Prepayments and accrued income
4,222
1,738,931
720,420
GRANTA (GROUP) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
7
Debtors
(Continued)
- 8 -
2024
2022
Amounts falling due after more than one year:
£
£
Other debtors
1,226,480
937,591
Total debtors
2,965,411
1,658,011
8
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
536,390
Trade creditors
17,536
1,562
Taxation and social security
24,475
29,763
Other creditors
424,436
444,929
466,447
1,012,644
9
Creditors: amounts falling due after more than one year
2024
2022
Notes
£
£
Bank loans and overdrafts
371,484
Other borrowings
705,661
637,269
705,661
1,008,753
10
Related party transactions
Included within creditors falling due after more than one year are loans from shareholders of £90,150 (2022: £205,054).
Included within debtors falling due within one year are loans to shareholders of £89,212 (2022: £22,915 ). Also included within debtors falling due within one year is a loan to a subsidiary, Granta Processors Ltd, of £1,629,146 (2022: £654,113).
Included within debtors falling due after more than one year is a loan to a subsidiary, Granta Automation Ltd, of £1,226,480(2022: £937,591).