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REGISTRAR OF COMPANIES

Registration number: 11651157

GH Grass Converters Limited

Unaudited Financial Statements

31 December 2023

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GH Grass Converters Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GH Grass Converters Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GH Grass Converters Limited for the year ended 31 December 2023 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of GH Grass Converters Limited, as a body, in accordance with the terms of our engagement letter dated 12 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of GH Grass Converters Limited and state those matters that we have agreed to state to the Board of Directors of GH Grass Converters Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GH Grass Converters Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GH Grass Converters Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GH Grass Converters Limited. You consider that GH Grass Converters Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GH Grass Converters Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

13 June 2024

 

GH Grass Converters Limited

(Registration number: 11651157)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

193,860

200,388

Current assets

 

Stocks

264,782

279,647

Debtors

5

53,512

55,509

Cash at bank and in hand

 

34,502

9,381

 

352,796

344,537

Creditors: Amounts falling due within one year

6

(481,311)

(238,796)

Net current (liabilities)/assets

 

(128,515)

105,741

Total assets less current liabilities

 

65,345

306,129

Creditors: Amounts falling due after more than one year

6

(14,810)

(24,950)

Provisions for liabilities

(33,911)

(42,159)

Net assets

 

16,624

239,020

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

16,524

238,920

Total equity

 

16,624

239,020

 

GH Grass Converters Limited

(Registration number: 11651157)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 June 2024 and signed on its behalf by:
 

.........................................

M Venables

Director

.........................................

N Venables

Director

 

GH Grass Converters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Grove House Farm
Mill Lane
CHESHIRE
CW12 2JS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 December 2023 and meets its day to day working capital requirements through its bank borrowings facility. In addition financial support is provided by way of a short term loan from the parent company. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers and the parent company, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

GH Grass Converters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

GH Grass Converters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

 

GH Grass Converters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

244,598

244,598

Additions

25,987

25,987

At 31 December 2023

270,585

270,585

Depreciation

At 1 January 2023

44,211

44,211

Charge for the year

32,514

32,514

At 31 December 2023

76,725

76,725

Carrying amount

At 31 December 2023

193,860

193,860

At 31 December 2022

200,388

200,388

 

GH Grass Converters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Debtors

2023
£

2022
£

Trade debtors

8,143

4,662

Other debtors

45,369

50,847

53,512

55,509

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

10,141

19,432

Trade creditors

 

33,742

65,265

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

419,907

107,038

Taxation and social security

 

1,574

1,523

Corporation tax liability

 

2,020

22,789

Other creditors

 

13,927

22,749

 

481,311

238,796

Due after one year

 

Loans and borrowings

7

14,810

24,950

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,141

9,891

Other borrowings

-

9,541

10,141

19,432

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,810

24,950