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Company Registration No. 2842512 (England and Wales)
Grommets Limited Unaudited accounts for the year ended 31 August 2024
Grommets Limited Unaudited accounts Contents
Page
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Grommets Limited Company Information for the year ended 31 August 2024
Directors
Joanne Boorsma Mark Boorsma
Company Number
2842512 (England and Wales)
Registered Office
Unit 2 Hollands Lane Henfield West Sussex BN5 9QY
Accountants
Keymer Haslam & Co 4/6 Church Road Burgess Hill West Sussex RH15 9AE
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Grommets Limited Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,024,974 
911,410 
Current assets
Inventories
178,732 
153,730 
Debtors
96,801 
131,347 
Cash at bank and in hand
351,131 
501,776 
626,664 
786,853 
Creditors: amounts falling due within one year
(174,360)
(222,202)
Net current assets
452,304 
564,651 
Total assets less current liabilities
1,477,278 
1,476,061 
Creditors: amounts falling due after more than one year
(638,525)
(578,998)
Provisions for liabilities
Deferred tax
(16,019)
(19,119)
Net assets
822,734 
877,944 
Capital and reserves
Called up share capital
37,221 
37,221 
Share premium
12,779 
12,779 
Profit and loss account
772,734 
827,944 
Shareholders' funds
822,734 
877,944 
For the year ending 31 August 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by
Joanne Boorsma Director Company Registration No. 2842512
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Grommets Limited Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Grommets Limited is a private company, limited by shares, registered in England and Wales, registration number 2842512. The registered office is Unit 2, Hollands Lane, Henfield, West Sussex, BN5 9QY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
5% Straight Line
Plant & machinery
20%/33.33% Straight Line
Motor vehicles
20% Straight Line
Fixtures & fittings
20% Straight Line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Grommets Limited Notes to the Accounts for the year ended 31 August 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 September 2023
874,020 
176,219 
81,824 
11,330 
1,143,393 
Additions
178,563 
16,843 
- 
- 
195,406 
At 31 August 2024
1,052,583 
193,062 
81,824 
11,330 
1,338,799 
Depreciation
At 1 September 2023
39,086 
129,847 
51,720 
11,330 
231,983 
Charge for the year
52,629 
12,837 
16,376 
- 
81,842 
At 31 August 2024
91,715 
142,684 
68,096 
11,330 
313,825 
Net book value
At 31 August 2024
960,868 
50,378 
13,728 
- 
1,024,974 
At 31 August 2023
834,934 
46,372 
30,104 
- 
911,410 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due after more than one year
Trade debtors
92,875 
123,601 
Accrued income and prepayments
3,626 
7,446 
Other debtors
300 
300 
96,801 
131,347 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
70,458 
60,674 
VAT
18,100 
63,426 
Obligations under finance leases and hire purchase contracts
7,889 
9,468 
Trade creditors
34,962 
22,633 
Taxes and social security
32,306 
50,154 
Other creditors
8,045 
4,428 
Accruals
2,600 
11,419 
174,360 
222,202 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
638,525 
571,109 
Obligations under finance leases and hire purchase contracts
- 
7,889 
638,525 
578,998 
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Grommets Limited Notes to the Accounts for the year ended 31 August 2024
8
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
16,019 
19,119 
2024 
2023 
£ 
£ 
Provision at start of year
19,119 
14,268 
(Credited)/charged to the profit and loss account
(3,100)
4,851 
Provision at end of year
16,019 
19,119 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
37,221 Ordinary shares of £1 each
37,221 
37,221 
10
Average number of employees
During the year the average number of employees was 14 (2023: 14).
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