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Andrew C Grant Financial Services Limited

Registration number : 04254576



















Annual Report and Unaudited Financial Statements

for the year ended 31 October 2023

 

Andrew C Grant Financial Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Andrew C Grant Financial Services Limited

Company Information

Director

Mr Andrew Cameron Grant

Registered office

45 Gotham Road
Spital
Bebington
Wirral
CH63 9NG

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Andrew C Grant Financial Services Limited

(Registration number: 04254576)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

17,417

23,649

Current assets

 

Debtors

7

200,450

175,041

Cash at bank and in hand

 

69,954

-

 

270,404

175,041

Creditors: Amounts falling due within one year

8

(246,420)

(141,047)

Net current assets

 

23,984

33,994

Total assets less current liabilities

 

41,401

57,643

Creditors: Amounts falling due after more than one year

8

(29,804)

(57,340)

Net assets

 

11,597

303

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

11,497

203

Total equity

 

11,597

303

For the financial year ending 31 October 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 31 October 2024
 

 

Andrew C Grant Financial Services Limited

(Registration number: 04254576)
Balance Sheet as at 31 October 2023

.........................................
Mr Andrew Cameron Grant
Director

   
     
 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 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:
45 Gotham Road
Spital
Bebington
Wirral
CH63 9NG

These financial statements were authorised for issue by the director on 31 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 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.

 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 2023

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.

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

Office equipment

33% straight line

Fixture and fittings

15% reducing balance

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

5 years and 20 years

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.

 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 2023

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

39,951

27,971

 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

382,443

382,443

At 31 October 2023

382,443

382,443

Amortisation

At 1 November 2022

382,443

382,443

At 31 October 2023

382,443

382,443

Carrying amount

At 31 October 2023

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2022 - £-).
 

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

9,464

53,490

62,954

At 31 October 2023

9,464

53,490

62,954

Depreciation

At 1 November 2022

8,381

30,924

39,305

Charge for the year

590

5,642

6,232

At 31 October 2023

8,971

36,566

45,537

Carrying amount

At 31 October 2023

493

16,924

17,417

At 31 October 2022

1,083

22,566

23,649

 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 2023

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

7,762

11,329

Other debtors

 

155,190

126,214

Income tax asset

37,498

37,498

 

200,450

175,041

 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

154,512

78,216

Taxation and social security

 

89,737

62,831

Other creditors

 

2,171

-

 

246,420

141,047

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

29,804

57,340

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

At 31 October 2023
£

Mr Andrew Cameron Grant

Interest bearing loan, partially repaid within 9 months of the year end

126,214

126,214

     
   

 

Andrew C Grant Financial Services Limited

Notes to the Unaudited Financial Statements for the year ended 31 October 2023

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr Andrew Cameron Grant

Interest bearing loan, partially repaid within 9 months of the year end

104,769

174,812

(153,367)

126,214

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,100

8,989

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,804

57,340

2023
£

2022
£

Current loans and borrowings

Bank borrowings

127,141

26,746

Bank overdrafts

-

10,739

Hire purchase contracts

27,371

34,312

Other borrowings

-

6,419

154,512

78,216