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Company registration number: 07850213
Grosvenor Mobility Limited
Unaudited filleted financial statements
28 February 2023
Grosvenor Mobility Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Grosvenor Mobility Limited
Directors and other information
Directors Mr Richard Leighton Roberts
Mr Andrew Mark Walkinshaw
Company number 07850213
Registered office 2 Woodfield Business Units
Kidderminister Road
Ombersley
Droitwich
WR9 0JH
Business address 2 Woodfield Business Units
Kidderminister Road
Ombersley
Droitwich
WR9 0JH
Grosvenor Mobility Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 170,381 95,433
_______ _______
170,381 95,433
Current assets
Stocks 218,400 102,000
Debtors 6 752,199 164,704
Cash at bank and in hand 298,640 1,037,918
_______ _______
1,269,239 1,304,622
Creditors: amounts falling due
within one year 7 ( 1,076,743) ( 901,223)
_______ _______
Net current assets 192,496 403,399
_______ _______
Total assets less current liabilities 362,877 498,832
Creditors: amounts falling due
after more than one year 8 ( 78,971) ( 38,585)
Provisions for liabilities ( 26,771) ( 18,132)
_______ _______
Net assets 257,135 442,115
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 257,035 442,015
_______ _______
Shareholders funds 257,135 442,115
_______ _______
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Mr Richard Leighton Roberts
Director
Company registration number: 07850213
Grosvenor Mobility Limited
Notes to the financial statements
Year ended 28 February 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 Woodfield Business Units, Kidderminister Road, Ombersley, Droitwich, WR9 0JH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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 in finance costs 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 23 (2022: 25 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2022 36,948 161,067 198,015
Additions 17,140 102,935 120,075
Disposals - ( 31,045) ( 31,045)
_______ _______ _______
At 28 February 2023 54,088 232,957 287,045
_______ _______ _______
Depreciation
At 1 March 2022 25,727 76,855 102,582
Charge for the year 9,938 26,605 36,543
Disposals - ( 22,461) ( 22,461)
_______ _______ _______
At 28 February 2023 35,665 80,999 116,664
_______ _______ _______
Carrying amount
At 28 February 2023 18,423 151,958 170,381
_______ _______ _______
At 28 February 2022 11,221 84,212 95,433
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 135,883 -
Other debtors 616,316 164,704
_______ _______
752,199 164,704
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 542,827 483,171
Corporation tax 273,197 202,470
Social security and other taxes 92,272 -
Other creditors 168,447 215,582
_______ _______
1,076,743 901,223
_______ _______
The net obligations under finance leases and hire purchase contracts, included in other creditors, in the sum of £51,758 (2022: £32,470) are secured against the asset to which they relate. The directors have provided a personal guarantee on several of the hire purchase contracts.HSBC Bank plc hold a fixed and floating charge over all assets over the company.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 78,971 38,585
_______ _______
The net obligations under finance leases and hire purchase contracts, included in other creditors, in the sum of £78,971 (2022: £38,585) are secured against the asset to which they relate. The directors have provided a personal guarantee on several of the hire purchase contracts.
9. Related party transactions
Mr Richard Leighton Roberts is a related party by virtue of his directorship of in the company. Mr Andrew Mark Walkinshaw is a related party by virtue of his directorship in the company.Mr Chad Jackson is a related party by virtue of his shareholding in the company. Mr Richard Leighton Roberts has provided the company with an interest free loan such that at the year end the company owed him the sum of £630 (2022: £34,824 owed to the company).Mr Andrew Mark Walkinshaw has provided the company with an interest free loan such that at the year end the company owed him the sum of £525 (2022: £68).Mr Chad Jackson has provided the company with an interest free loan such that at the year end the company owed him the sum of £70 (2022: £69).