2023-04-01 2024-03-31 04590250 Groves & Brown Limited false 04590250 2023-04-01 2024-03-31 04590250 uk-bus:Director1 2023-04-01 2024-03-31 04590250 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04590250 uk-bus:SmallEntities 2023-04-01 2024-03-31 04590250 uk-bus:FullAccounts 2023-04-01 2024-03-31 04590250 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04590250 2023-04-01 04590250 2024-03-31 04590250 2023-03-31 xbrli:pure iso4217:GBP 04590250 2022-04-01 2023-03-31
Company Registration Number : 04590250 (England and Wales)
04590250
This company is a private limited company
This company sells stuff to other companies
The company was trading for the entire period
Full Accounts
2024-03-31
false
Groves & Brown Limited
The accounts were prepared in accordance with FRS102A
The accounts have been audited
2023-04-01
Groves & Brown Limited
Unaudited filleted financial statements
For the year ended 31 March 2024
Groves & Brown Limited
Contents
For the year ended 31 March 2024

CONTENTS PAGE
Company Information 3
Statement of Financial Position 4
Notes to the Financial Statements 5 - 8


Groves & Brown Limited
Company Information
For the year ended 31 March 2024

Company registration number 04590250 (England and Wales)
Directors Aaron Brown
Jeanette Brown
Registered office address Old Carpenters Workshop
Laity, Wendron
Helston
Cornwall
TR13 0NP
Trading office address Old Carpenters Workshop
Laity, Wendron
Helston
Cornwall
TR13 0NP
Accountant Kitchen and Brown Accountants Ltd
40 Coinagehall Street
Helston
Cornwall
TR13 8EQ
Groves & Brown Limited
Statement of Financial Position
For the year ended 31 March 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 3,500 3,500
Property, plant and equipment 55,208 43,183
58,708 46,683
Current assets
Inventories 7 6,500 10,000
Debtors 8 249,542 56,202
Cash and cash equivalents 280,679 243,141
536,721 309,343
Current liabilities
Creditors: Amounts falling due within one year 9 (151,107) (127,633)
Corporation tax payable (59,522) (22,352)
(210,629) (149,985)
Net current assets/(liabilities) 326,092 159,358
Total assets less current liabilities 384,801 206,042
Non-current liabilities
Creditors: Amounts falling due after more than one year 10 (14,167) (24,167)
Provision for liabilities 11 (9,933) (6,000)
Net assets/(liabilities) 360,701 175,875
Capital and reserves
Called up share capital 12 2 2
Retained earnings 360,699 175,873
Shareholder's funds 360,701 175,875
For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies' regime and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small entities regime. All the members of the company have consented to the drawing up of the abridged balance sheet.
  • For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 December 2024
.............................
Aaron Brown (Director)
Company registration number: 04590250
/* == Copy of Frs105 Balance Sheet for XML COntent ============================================================ */
Balance sheet at 2024-03-31 31 March 2024
2024 2023
£ £
Fixed Assets 58,708 46,683
Current Assets 536,721 309,343
Creditors: amounts falling due within one year (210,629) (149,985)
Net current assets (liabilities) 326,092 159,358
Total assets less current liabilities 384,801 206,042
CREDITORS: Amounts falling due more than one year (14,167) (24,167)
Provisions for liabilities (9,933) (6,000)
Net Assets (liabilities) 360,701 175,875
Capital and Reserves 360,701 175,875
For the year ending 31/03/2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. For the year ending 31-03-2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit for the year 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 accounts. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the small companies provisions and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of directors on 27 December 2024 2024-12-27 and signed on behalf of the board,
.............................
Aaron Brown
Director
Company registration number: 04590250
Groves & Brown Limited
Notes to the Financial Statements
For the year ended 31 March 2024

(1) General Information
The company is a private company limited by shares and is registered in England and Wales, registration number 04590250. The address of the registered office is Old Carpenters Workshop, Laity, Wendron, Helston, Cornwall, TR13 0NP.

(2) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime.

(3) Significant Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
Turnover
Turnover represents net invoiced sales of goods and services, net of value added tax.
Intangible fixed assets
Intangible fixed assets (purchased licence) is included at cost.
Property, plant and equipment
Tangible Fixed Assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Asset class and depreciation rate
Land and Buildings
Plant and Machinery15% straight line
Short Leasehold Properties
Investment Properties
Long Leasehold Properties
Commercial Vehicles
Fixtures and Fittings
Equipment
Motor Cars20% straight line
Inventories
Inventories are measured at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.

The tax payable is based on taxable profit for the year. Taxable profit differs from profit reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or equity respectively.
Grants
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the Income Statement over the useful life of the asset concerned.

(4) Employees
During the year, the average number of employees including director was 2 (2023 : 2).

(5) Intangible fixed assets
Development
Costs
£
Cost
As at 01 April 20233,500
As at 31 March 20243,500
Amortisation
As at 31 March 2024-
Net book value
As at 31 March 20243,500
As at 31 March 20233,500

(6) Tangible fixed assets
Land and BuildingsPlant and MachineryMotor VehiclesTotals
££££
Cost
As at 01 April 20234,99250,31335,63390,938
Additions-14,34212,50026,842
Disposals-(13,403)-(13,403)
As at 31 March 20244,99251,25248,133104,377
Depreciation
As at 01 April 2023-33,23814,51747,755
For the year-4,6828,49713,179
Write off on disposals-(11,764)-(11,764)
As at 31 March 2024-26,15623,01449,170
Net book value
As at 31 March 20244,99225,09725,12055,207
As at 31 March 20234,99217,07521,11643,183

(7) Inventories
2024 2023
£ £
Stock 6,500 10,000
6,500 10,000

(8) Debtors
Amounts falling due within one year
2024 2023
£ £
Trade debtors 247,696 54,462
Other debtors 1,846 1,740
249,542 56,202

(9) Creditors: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Other taxes and social security 81,565 38,984
Other creditors 48,082 68,459
Accruals and deferred income 11,459 10,189
151,106 127,632

(10) Creditors: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 14,167 24,167
14,167 24,167

(11) Provision for liabilities
2024 2023
£ £
Other provisions 933 -
Deferred taxation 9,000 6,000
9,933 6,000

(12) Share capital and reserves
Alloted, called up and fully paid: 2024 2023
£ £
2 (2023 : 2) Ordinary of £ 1 each22
2 2
Retained earnings 2024
£
At 1 April 2023 175,873
Profit of the year 186,826
Dividends paid (2,000)
At 31 March 2024 360,699
Retained earnings
Called up and fully paid:
Retained earnings 2024
£
At 1 April 2023 175,873
Profit of the year 186,826
Dividends paid (2,000)
At 31 March 2024 360,699

(13) Related party transactions
During the year, the directors received from the company, dividends totaling £2,000 (2023 : £4,000) and remuneration of £18,168 (2023 : £18,168).

(14) Transition to FRS 102
This is the first financial year that the company has presented its financial statements in accordance with section 1A Small Entities of FRS 102 The Financial Reporting Framework Applicable in the UK and Republic of Ireland (FRS 102 Section 1A). For financial years up to and including the year ended 31 March 2023, the Company prepared its financial statements in accordance with FRS 105.

The Company's date of transition to FRS 102 Section 1A is therefore 1 April 2022. This note sets out the transitional adjustments that are required to be made for first-time transition to FRS 102 Section 1A. The Company's opening equity position as at the 1 April 2022 and its previously published financial statements for the year ended 31 March 2023 has been restated from FRS 105.

In carrying out the transition to FRS 102 Section 1A, the Company has not applied any of the optional exemptions as permitted by Section 35 Transition to this FRS.

Following the adoption of FRS 102 Section 1A, a provision for deferred tax is now required (note 11). The effects of this change are as follows:-

Reconciliation of equity at 1 April 2022 and 31 March 2023.
Opening equity at 1 April 2022, previously £106,409, has now reduced by £8,000 to £98,409.

Opening equity at 31 March 2023, previously £181,875, has now been reduced by £6,000 to 175,875.

Reconciliation of profit for the year ended 31 March 2023:

Profit for the year ended 31 March 2023, previously £79,465, has been increased by £2,000 to £81,465.