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Registration number: 07096331

Grosvenor Shows Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Grosvenor Shows Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Grosvenor Shows Limited

(Registration number: 07096331)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

6

45,761

32,840

Investment property

7

384,555

384,555

 

430,316

417,395

Current assets

 

Debtors

8

329,764

376,454

Cash at bank and in hand

 

12,141

5,546

 

341,905

382,000

Creditors: Amounts falling due within one year

9

(409,767)

(530,645)

Net current liabilities

 

(67,862)

(148,645)

Total assets less current liabilities

 

362,454

268,750

Creditors: Amounts falling due after more than one year

9

(185,630)

(86,475)

Provisions for liabilities

(5,714)

(3,259)

Net assets

 

171,110

179,016

Capital and Reserves

 

Called up share capital

10

1

1

Retained Earnings

171,109

179,015

Shareholders' funds

 

171,110

179,016

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 October 2024
 

 

Grosvenor Shows Limited

(Registration number: 07096331)
Balance Sheet as at 30 November 2023 (continued)

.........................................
Mr R Cooling
Director

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the director on 3 October 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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

Fixtures and fittings

10% and 20% straight line

Motor vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% straight line

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.

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold 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.

Trade Creditors

Trade Creditors 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 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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

7,611

7,558

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

2,000

2,000

At 30 November 2023

2,000

2,000

Amortisation

At 1 December 2022

2,000

2,000

At 30 November 2023

2,000

2,000

Carrying amount

At 30 November 2023

-

-

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Tangible Assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

57,048

100,060

157,108

Additions

737

19,794

20,531

Disposals

-

(46,615)

(46,615)

At 30 November 2023

57,785

73,239

131,024

Depreciation

At 1 December 2022

41,504

82,764

124,268

Charge for the year

2,311

5,299

7,610

Eliminated on disposal

-

(46,615)

(46,615)

At 30 November 2023

43,815

41,448

85,263

Carrying amount

At 30 November 2023

13,970

31,791

45,761

At 30 November 2022

15,544

17,296

32,840

7

Investment properties

2023
£

At 1 December

384,555

At 30 November

384,555

There has been no valuation of investment property by an independent valuer.

8

Debtors

Current

Note

2023
£

2022
£

Trade Debtors

 

184,740

239,089

Amounts owed by related parties

11

122,337

109,065

Prepayments

 

22,687

28,300

   

329,764

376,454

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

147,830

201,457

Trade Creditors

 

2,062

41,007

Taxation and social security

 

47,590

40,561

Accruals and deferred income

 

176,471

229,362

Other creditors

 

35,814

18,258

 

409,767

530,645

Creditors include bank loans which are secured of £12,353 (2022 - £12,539); and
net obligations under hire purchase contracts which are secured of £7,962 (2022 - £4,835).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

185,630

86,475

Creditors include bank loans which are secured of £39,557 (2022 - £51,157); and
net obligations under hire purchase contracts which are secured of £13,567 (2022 - £6,221).

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

11

Related party transactions

 

Grosvenor Shows Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

11

Related party transactions (continued)

Transactions with the director

2023

At 1 December 2022
£

Repayments by director
£

At 30 November 2023
£

Mr R Cooling

Mr R Cooling

(14,030)

(95,688)

(109,718)

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 November 2022
£

Mr R Cooling

Mr R Cooling

(13,987)

321,107

(361,150)

40,000

(14,030)