COMPANY REGISTRATION NUMBER:
11652042
GRANAHAN McCOURT LONDON LIMITED |
|
FILLETED FINANCIAL STATEMENTS |
|
GRANAHAN McCOURT LONDON LIMITED |
|
31 December 2023
Current assets
Debtors |
5 |
81,950 |
|
387,500 |
|
Cash at bank and in hand |
307,011 |
|
18,343 |
|
|
-------- |
|
-------- |
|
|
388,961 |
|
405,843 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
359,340) |
|
(
404,116) |
|
|
-------- |
|
-------- |
|
Net current assets |
|
29,621 |
|
1,727 |
|
|
------- |
|
------ |
Total assets less current liabilities |
|
29,621 |
|
1,727 |
|
|
------- |
|
------ |
Net assets |
|
29,621 |
|
1,727 |
|
|
------- |
|
------ |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
7 |
|
100 |
|
100 |
Profit and loss account |
|
29,521 |
|
1,627 |
|
|
------- |
|
------ |
Shareholders funds |
|
29,621 |
|
1,727 |
|
|
------- |
|
------ |
|
|
|
|
|
|
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.
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 were approved by the
board of directors
and authorised for issue on
2 October 2024
, and are signed on behalf of the board by:
Company registration number:
11652042
GRANAHAN McCOURT LONDON LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, HP18 0RA.
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 pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
The turnover shown in the profit and loss account represents amounts derived from the provision of services to clients during the year.
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 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.
Financial instruments
Basic financial assets, which include other receivables, cash and bank balances and amounts due from fellow group companies, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2022:
4
).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
77,010 |
– |
Amounts owed by group undertakings |
100 |
100 |
Other debtors |
4,840 |
387,400 |
|
------- |
-------- |
|
81,950 |
387,500 |
|
------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
196,899 |
196 |
Amounts owed to group undertakings |
54,360 |
290,000 |
Corporation tax |
7,021 |
382 |
Social security and other taxes |
11,638 |
52,118 |
Other creditors |
89,422 |
61,420 |
|
-------- |
-------- |
|
359,340 |
404,116 |
|
-------- |
-------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
Summary audit opinion
The auditor's report dated
2 October 2024
was
unqualified
.
The senior statutory auditor was
W J E Kerr
, for and on behalf of
Xeinadin Audit Limited
.
9.
Related party transactions
Information about related party transactions and outstanding balances are outlined below:
Amounts due from entities with control over the company |
100 |
100 |
Amounts due from other related parties |
– |
387,400 |
Amounts due to other related parties |
219,739 |
347,420 |
Rent charged by other related parties |
165,379 |
57,420 |
|
|
|
10.
Controlling party
The company's immediate and ultimate parent company is Granahan McCourt Capital, LLC, a company registered in the United States of America. The ultimate controlling party is
D C McCourt
.