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Registration number: 04232647

Groom Property Maintenance Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Groom Property Maintenance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Groom Property Maintenance Limited

Company Information

Directors

Mrs Sharon Groom

Mr Paul Groom

Company secretary

Mrs Sharon Groom

Registered office

25 Llandeilo Road
Cross Hands
Carmarthenshire
SA14 6NA
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Groom Property Maintenance Limited

(Registration number: 04232647)
Balance Sheet as at 29 February 2024

Note

29 February
2024
£

28 February
2023
£

Fixed assets

 

Tangible assets

4

49,592

75,319

Current assets

 

Stocks

5

69,052

111,005

Debtors

6

127,095

264,780

Cash at bank and in hand

 

16

15

 

196,163

375,800

Creditors: Amounts falling due within one year

7

(230,539)

(372,954)

Net current (liabilities)/assets

 

(34,376)

2,846

Total assets less current liabilities

 

15,216

78,165

Creditors: Amounts falling due after more than one year

7

(13,091)

(27,726)

Provisions for liabilities

(9,422)

(14,311)

Net (liabilities)/assets

 

(7,297)

36,128

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

(7,300)

36,125

Shareholders' (deficit)/funds

 

(7,297)

36,128

For the financial year ending 29 February 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.

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.

 

Groom Property Maintenance Limited

(Registration number: 04232647)
Balance Sheet as at 29 February 2024

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 1 October 2024 and signed on its behalf by:
 

.........................................
Mr Paul Groom
Director

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 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:
25 Llandeilo Road
Cross Hands
Carmarthenshire
SA14 6NA
Wales

These financial statements were authorised for issue by the Board on 1 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.

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 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

Plant and machinery

12.5% on cost

Fixtures and fittings

15% on reducing balance

Motor vehicles

12.5% on cost

Computer equipment

33% on cost

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.

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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

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.

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

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.

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 19).

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

89,649

200,890

47,507

338,046

Additions

295

-

-

295

At 29 February 2024

89,944

200,890

47,507

338,341

Depreciation

At 1 March 2023

88,825

129,102

44,800

262,727

Charge for the year

571

25,112

339

26,022

At 29 February 2024

89,396

154,214

45,139

288,749

Carrying amount

At 29 February 2024

548

46,676

2,368

49,592

At 28 February 2023

824

71,788

2,707

75,319

5

Stocks

29 February
2024
£

28 February
2023
£

Work in progress

65,183

106,179

Other inventories

3,869

4,826

69,052

111,005

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

6

Debtors

Current

Note

29 February
2024
£

28 February
2023
£

Trade debtors

 

113,341

167,689

Amounts owed by related parties

11

-

17,702

Prepayments

 

10,041

9,416

Other debtors

 

3,713

8,629

Directors account

 

-

61,344

   

127,095

264,780

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

29 February
2024
£

28 February
2023
£

Due within one year

 

Bank loans and overdrafts

9

54,734

85,214

Trade creditors

 

70,946

184,004

Amounts owed to related parties

11

4,520

-

Taxation and social security

 

61,880

63,760

Accruals and deferred income

 

1,350

4,712

Other creditors

 

37,109

35,264

 

230,539

372,954

Creditors: amounts falling due after more than one year

Note

29 February
2024
£

28 February
2023
£

Due after one year

 

Loans and borrowings

9

13,091

27,726

8

Share capital

Allotted, called up and fully paid shares

29 February
2024

28 February
2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Ordinary A of £1 each

1

1

1

1

3

3

3

3

9

Loans and borrowings

Non-current loans and borrowings

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

29 February
2024
£

28 February
2023
£

Bank borrowings

13,091

23,274

Hire purchase contracts

-

4,452

13,091

27,726

Current loans and borrowings

29 February
2024
£

28 February
2023
£

Bank borrowings

10,183

9,936

Bank overdrafts

40,099

66,745

Hire purchase contracts

4,452

8,533

54,734

85,214

10

Dividends

Interim dividends paid

29 February
2024
£

28 February
2023
£

Interim dividend of £25,000.00 (2023 - £Nil) per each Ordinary

50,000

-

Interim dividend of £Nil per each Ordinary A

-

-

50,000

-

 

Groom Property Maintenance Limited

Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024

11

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr Paul Groom

Directors Loan Account

61,344

86,714

(152,304)

(4,246)

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr Paul Groom

Directors Loan Account

-

64,712

(3,368)

61,344

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,200

18,157