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COMPANY REGISTRATION NUMBER: 10589608
GROSVENOR PAINTING CONTRACTORS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
GROSVENOR PAINTING CONTRACTORS LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
24,184
29,688
CURRENT ASSETS
Debtors
7
148,947
115,793
Cash at bank and in hand
100,147
94,039
---------
---------
249,094
209,832
CREDITORS: amounts falling due within one year
8
131,468
93,953
---------
---------
NET CURRENT ASSETS
117,626
115,879
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
141,810
145,567
CREDITORS: amounts falling due after more than one year
9
10,273
15,160
PROVISIONS
6,046
5,641
---------
---------
NET ASSETS
125,491
124,766
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
125,391
124,666
---------
---------
SHAREHOLDERS FUNDS
125,491
124,766
---------
---------
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 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 financial statements for the year in question 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 financial statements .
GROSVENOR PAINTING CONTRACTORS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 23 January 2025 , and are signed on behalf of the board by:
Mr L M Ball
Director
Company registration number: 10589608
GROSVENOR PAINTING CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 76 Roberts Street, Wellingborough, NN8 3HZ. The company was incorporated on 30 January 2017. Trading commenced on 8 April 2017.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and 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); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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. In this case, tax is 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
20,000
--------
Amortisation
At 1 May 2023 and 30 April 2024
20,000
--------
Carrying amount
At 30 April 2024
--------
At 30 April 2023
--------
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
4,723
57,656
562
62,941
Additions
1,000
906
1,906
-------
--------
-------
--------
At 30 April 2024
5,723
57,656
1,468
64,847
-------
--------
-------
--------
Depreciation
At 1 May 2023
2,009
30,935
309
33,253
Charge for the year
557
6,680
173
7,410
-------
--------
-------
--------
At 30 April 2024
2,566
37,615
482
40,663
-------
--------
-------
--------
Carrying amount
At 30 April 2024
3,157
20,041
986
24,184
-------
--------
-------
--------
At 30 April 2023
2,714
26,721
253
29,688
-------
--------
-------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
66,112
45,108
Other debtors
82,835
70,685
---------
---------
148,947
115,793
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,942
3,306
Corporation tax
28,423
22,611
Social security and other taxes
62,277
40,361
Loan account
50
50
Other creditors
34,776
27,625
---------
--------
131,468
93,953
---------
--------
Included within other creditors are amounts totalling £4,159 (2023 - £3,790) relating to hire purchase agreements which are secured by the company.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
10,273
15,160
--------
--------
Included within other creditors are amounts totalling £10,273 (2023 - £15,160) relating to hire purchase agreements which are secured by the company.
10. RELATED PARTY TRANSACTIONS
The directors have advanced monies to the company. At 30 April 2024 the amount due from the company was £ 20,643 (2023 - £13,679).