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COMPANY REGISTRATION NUMBER: 05551615
Grove Electronics Ltd
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Grove Electronics Ltd
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
19,797
28,460
Current assets
Stocks
43,190
45,942
Debtors
6
33,454
61,617
Cash at bank and in hand
487,305
398,512
---------
---------
563,949
506,071
Creditors: amounts falling due within one year
7
35,772
37,498
---------
---------
Net current assets
528,177
468,573
---------
---------
Total assets less current liabilities
547,974
497,033
Provisions
Deferred taxation
3,459
4,971
---------
---------
Net assets
544,515
492,062
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
544,415
491,962
---------
---------
Shareholder funds
544,515
492,062
---------
---------
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.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Grove Electronics Ltd
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
A J Bennett
Director
Company registration number: 05551615
Grove Electronics Ltd
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 121 Great North Road, Eaton Socon, St Neots, Cambridgeshire, PE19 8EQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of 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. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion at the year end.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity 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 that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance, 25% straight line or 10% straight line
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% straight line
Office equipment
-
25% reducing balance or 33.33% straight line
Stocks
Raw materials are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is invoice price less any VAT and discounts taken.
Defined contribution pension plans
The company makes pension contributions for the benefit of the director. The pension cost represents contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
22,364
1,243
31,379
3,002
57,988
Additions
161
1,833
1,994
Disposals
( 619)
( 66)
( 1,473)
( 2,158)
--------
-------
--------
-------
--------
At 30 September 2024
21,906
1,177
31,379
3,362
57,824
--------
-------
--------
-------
--------
Depreciation
At 1 October 2023
16,408
1,084
9,152
2,884
29,528
Charge for the year
2,469
39
7,845
299
10,652
Disposals
( 616)
( 64)
( 1,473)
( 2,153)
--------
-------
--------
-------
--------
At 30 September 2024
18,261
1,059
16,997
1,710
38,027
--------
-------
--------
-------
--------
Carrying amount
At 30 September 2024
3,645
118
14,382
1,652
19,797
--------
-------
--------
-------
--------
At 30 September 2023
5,956
159
22,227
118
28,460
--------
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
29,587
61,617
Other debtors
3,867
--------
--------
33,454
61,617
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
130
7,279
Social security and other taxes
33,332
28,016
Other creditors
2,310
2,203
--------
--------
35,772
37,498
--------
--------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
3,459
4,971
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
3,459
4,971
-------
-------