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Registration number: 02657824

Grasstex Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Grasstex Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Grasstex Ltd

Company Information

Directors

Ms Margaret Moore

Mr Richard Conway

Company secretary

Ms Margaret Moore

Registered office

Pollingfold Works, Horsham Road
Ellens Green
Rudgwick
Horsham
West Sussex
RH12 3AS

Accountants

Maxcast Accountancy Ltd
33 Rook Way
Horsham
West Sussex
RH12 5FR

 

Grasstex Ltd

(Registration number: 02657824)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

850,507

800,267

Current assets

 

Debtors

5

432,383

264,892

Cash at bank and in hand

 

1,925,294

1,351,278

 

2,357,677

1,616,170

Creditors: Amounts falling due within one year

6

(587,415)

(286,122)

Net current assets

 

1,770,262

1,330,048

Total assets less current liabilities

 

2,620,769

2,130,315

Provisions for liabilities

(197,296)

(194,159)

Net assets

 

2,423,473

1,936,156

Capital and reserves

 

Called up share capital

7

1,015

1,015

Capital redemption reserve

85

85

Retained earnings

2,422,373

1,935,056

Shareholders' funds

 

2,423,473

1,936,156

For the financial year ending 31 December 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.

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 10 February 2025 and signed on its behalf by:
 

 

Grasstex Ltd

(Registration number: 02657824)
Balance Sheet as at 31 December 2024

.........................................
Mr Richard Conway
Director

 

Grasstex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in the UK.

The address of its registered office is:
Pollingfold Works, Horsham Road
Ellens Green
Rudgwick
Horsham
West Sussex
RH12 3AS

These financial statements were authorised for issue by the Board on 10 February 2025.

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.

Tax

The tax expense for the period comprises current 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.

 

Grasstex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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

Vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Leasehold improvements

4 years straight line

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.

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.

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.

 

Grasstex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 36).

 

Grasstex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

129,751

1,252,159

415,088

1,796,998

Additions

88,798

87,719

137,166

313,683

Disposals

-

(104,566)

(55,735)

(160,301)

At 31 December 2024

218,549

1,235,312

496,519

1,950,380

Depreciation

At 1 January 2024

120,225

614,041

262,465

996,731

Charge for the year

4,774

161,884

49,136

215,794

Eliminated on disposal

-

(69,967)

(42,685)

(112,652)

At 31 December 2024

124,999

705,958

268,916

1,099,873

Carrying amount

At 31 December 2024

93,550

529,354

227,603

850,507

At 31 December 2023

9,526

638,118

152,623

800,267

5

Debtors

Current

2024
£

2023
£

Trade debtors

427,133

244,794

Prepayments

5,250

20,098

 

432,383

264,892

6

Creditors

Creditors: amounts falling due within one year

 

Grasstex Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2024
£

2023
£

Due within one year

Trade creditors

176,076

105,087

Taxation and social security

316,442

142,591

Accruals and deferred income

40,422

6,177

Other creditors

54,475

32,267

587,415

286,122

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

551

551

551

551

Ordinary B shares of £1 each

464

464

464

464

1,015

1,015

1,015

1,015