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REGISTERED NUMBER: 02912127 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Grosvenor House Papers Limited

Grosvenor House Papers Limited (Registered number: 02912127)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Grosvenor House Papers Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mr K Young
Mrs J Young
Mr C N Tague



SECRETARY: Mr C N Tague



REGISTERED OFFICE: Westmorland Business Park
Kendal
Cumbria
LA9 6NP



REGISTERED NUMBER: 02912127 (England and Wales)



ACCOUNTANTS: Bennett Kirkhope Smith
Chartered Certified Accountants
Suites 5 & 6 The Printworks
Hey Road
Barrow
Clitheroe
Lancashire
BB7 9WB



BANKERS: Yorkshire Bank plc
7 Stricklandgate
Kendal
Lancashire
LA9 4NB

Grosvenor House Papers Limited (Registered number: 02912127)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 47,917 72,917
Tangible assets 5 766,132 779,937
Investments 6 45,100 45,100
859,149 897,954

CURRENT ASSETS
Stocks 2,130,629 2,174,753
Debtors 7 883,532 1,132,369
Cash at bank and in hand 17,277 37,410
3,031,438 3,344,532
CREDITORS
Amounts falling due within one year 8 1,771,144 2,040,549
NET CURRENT ASSETS 1,260,294 1,303,983
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,119,443

2,201,937

CREDITORS
Amounts falling due after more than one
year

9

(158,207

)

(187,565

)

PROVISIONS FOR LIABILITIES 12 (163,762 ) (154,141 )

ACCRUALS AND DEFERRED INCOME (135,173 ) (101,516 )
NET ASSETS 1,662,301 1,758,715

CAPITAL AND RESERVES
Called up share capital 13 100,000 100,000
Retained earnings 1,562,301 1,658,715
SHAREHOLDERS' FUNDS 1,662,301 1,758,715

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Grosvenor House Papers Limited (Registered number: 02912127)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:




Mr K Young - Director Mrs J Young - Director




Mr C N Tague - Director


Grosvenor House Papers Limited (Registered number: 02912127)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. STATUTORY INFORMATION

Grosvenor House Papers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 5% on cost and Straight line over 3 years
Plant and machinery - 15% on reducing balance and Over the term of the lease
Fixtures and fittings - 33% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Grosvenor House Papers Limited (Registered number: 02912127)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Certain specified debts are assigned to an invoice financing company which offers a credit facility whereby the company may draw a percentage of the book value of the debts. The invoice financing company does not underwrite the debts and therefore the gross amount due to the invoice financing company is shown as a creditor and the full amount due from the trade debtors is separately disclosed.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 53 ) .

Grosvenor House Papers Limited (Registered number: 02912127)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 250,000
AMORTISATION
At 1 May 2023 177,083
Charge for year 25,000
At 30 April 2024 202,083
NET BOOK VALUE
At 30 April 2024 47,917
At 30 April 2023 72,917

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 197,352 863,067 483,927 614,142 2,158,488
Additions - 178,536 3,262 - 181,798
Disposals - - - (181,084 ) (181,084 )
At 30 April 2024 197,352 1,041,603 487,189 433,058 2,159,202
DEPRECIATION
At 1 May 2023 61,536 516,311 420,210 380,494 1,378,551
Charge for year 9,125 69,917 16,997 49,640 145,679
Eliminated on disposal - - - (131,160 ) (131,160 )
At 30 April 2024 70,661 586,228 437,207 298,974 1,393,070
NET BOOK VALUE
At 30 April 2024 126,691 455,375 49,982 134,084 766,132
At 30 April 2023 135,816 346,756 63,717 233,648 779,937

Grosvenor House Papers Limited (Registered number: 02912127)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 May 2023 107,732 139,000 246,732
Transfer to ownership - (96,000 ) (96,000 )
At 30 April 2024 107,732 43,000 150,732
DEPRECIATION
At 1 May 2023 6,733 78,392 85,125
Charge for year 15,151 15,152 30,303
Transfer to ownership - (73,219 ) (73,219 )
At 30 April 2024 21,884 20,325 42,209
NET BOOK VALUE
At 30 April 2024 85,848 22,675 108,523
At 30 April 2023 100,999 60,608 161,607

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 45,000 100 45,100
NET BOOK VALUE
At 30 April 2024 45,000 100 45,100
At 30 April 2023 45,000 100 45,100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 613,378 854,663
Bad debt provision (26,533 ) (19,207 )
Other debtors 1,609 1,609
Directors' current accounts 7,417 -
Prepayments 287,661 295,304
883,532 1,132,369

Grosvenor House Papers Limited (Registered number: 02912127)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 541,537 539,317
Hire purchase contracts (see note 10) 32,865 44,065
Trade creditors 706,876 464,287
YBIF account 268,694 526,733
Corporation tax (23,312 ) 102,634
Social security and other taxes 23,626 28,916
VAT 40,954 159,727
Loan: Papercraft Connections Ltd 45,000 45,000
Other creditors 17,419 16,234
Directors' current accounts - 84,257
Accruals 117,485 29,379
1,771,144 2,040,549

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1-5 years 110,599 107,093
Hire purchase contracts (see note 10) 47,608 80,472
158,207 187,565

The bank loan, the aggregate total of which amounts to £217,563 (2023: £228,035), is repayable in monthly instalments. The gross liability due after five years by instalments is Nil (2023: Nil).

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 32,865 44,065
Between one and five years 47,608 80,472
80,473 124,537

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 160,000 160,000
Between one and five years 253,333 413,333
413,333 573,333

Grosvenor House Papers Limited (Registered number: 02912127)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank overdrafts 434,574 418,375
Bank loans 217,562 228,035
Hire purchase contracts 80,473 124,537
YBIF finance 268,964 526,733
1,001,573 1,297,680

The bank loan, overdraft and invoice finance facility are secured by a debenture incorporating a fixed and floating charge over the assets of the company, together with a legal mortgage over 2.9 acres of land at Gilthwaiterigg Lane, Kendal owned personally by the directors.

The hire purchase liabilities are secured on the assets to which they relate.

12. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax 163,762 154,141

Deferred
tax
£   
Balance at 1 May 2023 154,141
Charge to Statement of Income and Retained Earnings during year 9,621
Balance at 30 April 2024 163,762

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
100,000 Ordinary £1 100,000 100,000

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
Mr K Young
Balance outstanding at start of year (84,257 ) (109,898 )
Amounts advanced 91,674 25,641
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,417 (84,257 )