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Registration number: 00532311

Grassby and Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Grassby and Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Grassby and Sons Limited

Company Information

Directors

Mr Peter Bradley Grassby

Mr David Clinton Grassby

Mr Nicholas David Grassby

Company secretary

Mr Nicholas David Grassby

Registered office

16 Princes Street
Dorchester
Dorset
DT1 1TW

Accountants

Kennedy Legg
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

 

Grassby and Sons Limited

(Registration number: 00532311)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

376,250

360,000

Tangible assets

6

1,822,244

1,836,211

Investment property

479,411

489,083

 

2,677,905

2,685,294

Current assets

 

Stocks

7

56,972

55,909

Debtors

8

319,633

351,605

Cash at bank and in hand

 

1,286,809

1,179,022

 

1,663,414

1,586,536

Creditors: Amounts falling due within one year

9

(789,425)

(870,962)

Net current assets

 

873,989

715,574

Total assets less current liabilities

 

3,551,894

3,400,868

Creditors: Amounts falling due after more than one year

9

-

(242,187)

Provisions for liabilities

(122,420)

(129,672)

Net assets

 

3,429,474

3,029,009

Capital and reserves

 

Called up share capital

434

434

Capital redemption reserve

216

216

Revaluation reserve

437,368

447,040

Other reserves

55,585

55,585

Retained earnings

2,935,871

2,525,734

Shareholders' funds

 

3,429,474

3,029,009

For the financial year ending 30 April 2024 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.

 

Grassby and Sons Limited

(Registration number: 00532311)
Balance Sheet as at 30 April 2024

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 21 October 2024 and signed on its behalf by:
 

.........................................
Mr Peter Bradley Grassby
Director

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
16 Princes Street
Dorchester
Dorset
DT1 1TW
England

The principal place of business is:
8 Princes Street
Dorchester
Dorset
DT1 1TW

These financial statements were authorised for issue by the Board on 21 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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

Freehold property

1% straight line basis

Leasehold property & improvements

Over length of lease

Plant & machinery

15% reducing balance basis

Fixtures & fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Following a review of the company accounting policies the directors have decided to revise the policy on depreciation of freehold property. As detailed above and with effect from 1st May 2018 freehold property will be depreciated at 1% of cost on a straight line basis.

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.

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

over ten years 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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 directors) during the year, was 72 (2023 - 62).

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

141,928

Amortisation expense

46,250

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

739,859

739,859

Additions acquired separately

62,500

62,500

At 30 April 2024

802,359

802,359

Amortisation

At 1 May 2023

379,859

379,859

Amortisation charge

46,250

46,250

At 30 April 2024

426,109

426,109

Carrying amount

At 30 April 2024

376,250

376,250

At 30 April 2023

360,000

360,000

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,438,000

198,028

197,807

513,958

990,824

3,338,617

Additions

-

29,101

24,820

28,206

58,334

140,461

Disposals

-

-

-

-

(33,331)

(33,331)

At 30 April 2024

1,438,000

227,129

222,627

542,164

1,015,827

3,445,747

Depreciation

At 1 May 2023

71,900

191,581

174,451

434,705

629,769

1,502,406

Charge for the year

14,380

9,354

7,226

16,119

104,012

151,091

Eliminated on disposal

-

-

-

-

(29,994)

(29,994)

At 30 April 2024

86,280

200,935

181,677

450,824

703,787

1,623,503

Carrying amount

At 30 April 2024

1,351,720

26,194

40,950

91,340

312,040

1,822,244

At 30 April 2023

1,366,100

6,447

23,356

79,253

361,055

1,836,211

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Included within the net book value of land and buildings above is £1,351,720 (2023 - £1,366,100) in respect of freehold land and buildings and £26,194 (2023 - £6,447) in respect of long leasehold land and buildings.
 

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Stocks

2024
£

2023
£

Raw materials and consumables

49,747

48,909

Work in progress

7,225

7,000

56,972

55,909

8

Debtors

Current

2024
£

2023
£

Trade debtors

240,971

272,615

Prepayments

78,662

78,990

 

319,633

351,605

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

1,374

74,912

Trade creditors

 

257,284

346,721

Taxation and social security

 

271,501

175,570

Accruals and deferred income

 

81,608

80,070

Other creditors

 

177,658

193,689

 

789,425

870,962

 

Grassby and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

66,667

Hire purchase contracts

1,374

8,245

1,374

74,912