Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312023-06-01false1412truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03763207 2023-06-01 2024-05-31 03763207 2024-05-31 03763207 2022-06-01 2023-05-31 03763207 2023-05-31 03763207 c:Director1 2023-06-01 2024-05-31 03763207 c:Director2 2023-06-01 2024-05-31 03763207 d:Buildings 2023-06-01 2024-05-31 03763207 d:Buildings 2024-05-31 03763207 d:Buildings 2023-05-31 03763207 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03763207 d:PlantMachinery 2023-06-01 2024-05-31 03763207 d:PlantMachinery 2024-05-31 03763207 d:PlantMachinery 2023-05-31 03763207 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03763207 d:MotorVehicles 2023-06-01 2024-05-31 03763207 d:MotorVehicles 2024-05-31 03763207 d:MotorVehicles 2023-05-31 03763207 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03763207 d:FurnitureFittings 2023-06-01 2024-05-31 03763207 d:FurnitureFittings 2024-05-31 03763207 d:FurnitureFittings 2023-05-31 03763207 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03763207 d:OfficeEquipment 2023-06-01 2024-05-31 03763207 d:OfficeEquipment 2024-05-31 03763207 d:OfficeEquipment 2023-05-31 03763207 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03763207 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03763207 d:CurrentFinancialInstruments 2024-05-31 03763207 d:CurrentFinancialInstruments 2023-05-31 03763207 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 03763207 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 03763207 d:ShareCapital 2024-05-31 03763207 d:ShareCapital 2023-05-31 03763207 d:RetainedEarningsAccumulatedLosses 2024-05-31 03763207 d:RetainedEarningsAccumulatedLosses 2023-05-31 03763207 c:FRS102 2023-06-01 2024-05-31 03763207 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03763207 c:FullAccounts 2023-06-01 2024-05-31 03763207 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03763207 2 2023-06-01 2024-05-31 03763207 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 03763207


GROSVENOR MOTOR COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GROSVENOR MOTOR COMPANY LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grosvenor Motor Company Limited for the year ended 31 May 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of Grosvenor Motor Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Grosvenor Motor Company Limited and state those matters that we have agreed to state to the Board of directors of Grosvenor Motor Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grosvenor Motor Company Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Grosvenor Motor Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grosvenor Motor Company Limited. You consider that Grosvenor Motor Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Grosvenor Motor Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Wellers
Accountants
8 King Edward Street
Oxford
OX1 4HL
31 January 2025
Page 1

 
GROSVENOR MOTOR COMPANY LIMITED
REGISTERED NUMBER: 03763207

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
1,251,757
1,166,777

  
1,251,757
1,166,777

Current assets
  

Stocks
  
50,607
71,786

Debtors: amounts falling due within one year
 5 
17,624
21,894

Cash at bank and in hand
 6 
554,440
637,448

  
622,671
731,128

Creditors: amounts falling due within one year
 7 
(357,970)
(246,467)

Net current assets
  
 
 
264,701
 
 
484,661

Total assets less current liabilities
  
1,516,458
1,651,438

  

Net assets
  
1,516,458
1,651,438


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,516,358
1,651,338

  
1,516,458
1,651,438

Page 2

 
GROSVENOR MOTOR COMPANY LIMITED
REGISTERED NUMBER: 03763207
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




................................................
Mr P M Holgate
................................................
Mrs M E Holgate
Director
Director

The notes on pages 4 to 9 form part of these financial statements.
Page 3

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Grosvenor Motor Company Limited is a limited liability company registered in England and Wales. The registered office is 8 King Edward Street, Oxford, OX1 4HL.
The trading address is 10 Richfield Avenue, Reading, Berkshire, RG1 8EQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 5

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 12).

Page 7

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures, fittings & equipment
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
891,179
463,834
332,054
106,861
22,843
1,816,771


Additions
-
27,300
217,105
20,790
1,132
266,327


Disposals
-
-
(57,650)
-
-
(57,650)



At 31 May 2024

891,179
491,134
491,509
127,651
23,975
2,025,448



Depreciation


At 1 June 2023
92,579
321,697
130,541
89,739
15,437
649,993


Charge for the year on owned assets
11,252
37,715
78,050
7,093
2,100
136,210


Disposals
-
-
(12,511)
-
-
(12,511)



At 31 May 2024

103,831
359,412
196,080
96,832
17,537
773,692



Net book value



At 31 May 2024
787,348
131,722
295,429
30,819
6,438
1,251,756



At 31 May 2023
798,600
142,137
201,513
17,122
7,406
1,166,778


5.


Debtors

2024
2023
£
£


Trade debtors
13,456
14,340

Other debtors
-
2,531

Prepayments and accrued income
4,168
5,023

17,624
21,894


Page 8

 
GROSVENOR MOTOR COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
554,440
637,448

554,440
637,448



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
177,962
103,165

Corporation tax
88,748
66,704

Other taxation and social security
79,042
68,835

Other creditors
4,218
156

Accruals and deferred income
8,000
7,607

357,970
246,467



8.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. 
The total pension cost represents contributions payable by the Company to the fund and amounted to £182,346 (2023 - £260,723). Contributions totalling £719 (2023 - £156) were payable to the fund at the balance sheet date and are included in creditors.
 

 
Page 9