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Registration number: 03670457

GRS Electrical Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

GRS Electrical Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

GRS Electrical Services Limited

Company Information

Directors

C Allen

B Allen

R Pestell

K Pestell

Registered office

Warwick Road
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0YB

 

GRS Electrical Services Limited

(Registration number: 03670457)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

854

1,275

Tangible assets

5

340,233

146,433

 

341,087

147,708

Current assets

 

Debtors

6

940,937

1,078,086

Cash at bank and in hand

 

660,839

681,670

 

1,601,776

1,759,756

Creditors: Amounts falling due within one year

7

(927,159)

(1,244,623)

Net current assets

 

674,617

515,133

Total assets less current liabilities

 

1,015,704

662,841

Provisions for liabilities

(83,671)

(35,485)

Net assets

 

932,033

627,356

Capital and reserves

 

Called up share capital

9

53,340

53,340

Share premium reserve

21,666

21,666

Capital redemption reserve

1

1

Retained earnings

857,026

552,349

Shareholders' funds

 

932,033

627,356

For the financial year ending 31 May 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 18 February 2025 and signed on its behalf by:
 

B Allen
Director

R Pestell
Director

 
     
 

GRS Electrical Services Limited

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

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03670457.

The address of its registered office is:
Warwick Road
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0YB

These financial statements cover the individual entity, GRS Electrical Services Limited.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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 and deferred 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.

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

GRS Electrical Services Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

25% reducing balance basis

Fixtures and fittings

25% straight line basis

Motor vehicles

25% straight line basis

Computer equipment

25% straight line basis

Short leasehold property

Straight line over 7 years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

33.3% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price 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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

GRS Electrical Services Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 49 (2023 - 49).

 

GRS Electrical Services Limited

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

4

Intangible assets

Website costs
 £

Total
£

Cost or valuation

At 1 June 2023

1,275

1,275

At 31 May 2024

1,275

1,275

Amortisation charge

421

421

At 31 May 2024

421

421

Carrying amount

At 31 May 2024

854

854

At 31 May 2023

1,275

1,275

5

Tangible assets

Short leasehold
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

98,612

112,845

526,216

737,673

Additions

-

35,949

268,665

304,614

Disposals

-

(13,814)

(105,880)

(119,694)

At 31 May 2024

98,612

134,980

689,001

922,593

Depreciation

At 1 June 2023

98,612

93,671

398,958

591,241

Charge for the year

-

15,501

95,098

110,599

Eliminated on disposal

-

(13,600)

(105,880)

(119,480)

At 31 May 2024

98,612

95,572

388,176

582,360

Carrying amount

At 31 May 2024

-

39,408

300,825

340,233

At 31 May 2023

-

19,174

127,259

146,433

6

Debtors

Current

2024
£

2023
£

Trade debtors

868,044

976,328

Prepayments and accrued income

72,893

101,758

 

940,937

1,078,086

 

GRS Electrical Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

456,810

774,242

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

14,079

37,421

Taxation and social security

 

308,202

128,819

Accruals and deferred income

 

125,644

243,534

Other creditors

 

22,424

60,607

 

927,159

1,244,623


Creditors due within one year include net obligations under finance lease and hire purchase contracts of £nil (2023 - £8,027) which are secured on the assets to which they relate.

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

-

8,027

 

GRS Electrical Services Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

40,002

40,002

40,002

40,002

Ordinary A of £1 each

13,334

13,334

13,334

13,334

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

Ordinary E of £1 each

1

1

1

1

53,340

53,340

53,340

53,340

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £28,080 (2023 - £32,760).

11

Parent and ultimate parent undertaking

The Company's immediate parent is Benrick Holdings Limited, incorporated in England and Wales.