REGISTERED NUMBER: 02770523 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
GRANTS OF SHOREDITCH LIMITED |
REGISTERED NUMBER: 02770523 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
FOR |
GRANTS OF SHOREDITCH LIMITED |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
GRANTS OF SHOREDITCH LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Jeff Oliver |
AUDITORS: |
Statutory Auditor |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30th June 2024. |
REVIEW OF BUSINESS |
The directors present their strategic report of the company and the group for the year ended 30th June 2024. |
During this financial period we have seen a continued stabilising in material price inflation. Global upheaval and general uncertainty also caused a softening of confidence within the construction sector however I am pleased to note that confidence appears to be returning and overall activity is starting to gather positive momentum. Despite the ongoing market challenges we benefit from a strong order book with secured work stretching well into 2025. We continue to invest in R&D and will shortly commence installing our newly developed low carbon precast façade product onto live projects. We continue our focus on overhead/turnover ratio and whilst there is always room for improvement we are certainly operating effectively and efficiently. Based upon the strength of our order book made up of high quality work we can confidently predict delivery of positive results for the foreseeable future. |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are uncertainties around inflation, the cost of living crisis and recession as we move into 2025, however it is considered that the company is in a positive position and will be able to effectively overcome such obstacles. |
The company considers its risk exposure to be as follows: |
Liquidity Risk |
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. |
Interest Rate Risk |
The company finances its operations through its retained profits. It does not have any borrowings and therefore the exposure interest rate risk is low. The company actively seeks the best available deposit rates for investing surplus cash. |
Credit Risk |
The Company's principal financial assets are cash and trade debtors; the principal risk arises therefore from its trade debtors. The impact associated with trade debtor risk is reduced through a broad customer base and payment terms which ensure monies are received from customers in good time. |
ON BEHALF OF THE BOARD: |
11th February 2025 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30th June 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30th June 2024 will be £ 1,172,071 . |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
AUDITORS |
The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GRANTS OF SHOREDITCH LIMITED |
Opinion |
We have audited the financial statements of Grants of Shoreditch Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30th June 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GRANTS OF SHOREDITCH LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GRANTS OF SHOREDITCH LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud. |
Our approach was as follows: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity: |
- Financial reporting Standard 102 |
- Companies Act 2006 |
- UK General Data Protection Regulation |
We assessed the risks of material misstatement in respect of fraud as follows: |
- Discussed the risk of material misstatement due to irregularities, including fraud with those charged with governance at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level. |
- Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas. |
- Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature. |
- We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls. |
- Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias. |
- Ensured all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement and during the audit planning meeting. |
- Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement. |
- Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to previous years work. |
- The engagement Partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit. |
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above: |
- Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance. |
- Further, at both the planning and completion stage of the audit enquiries where made of management and those charged with governance regarding any known instances of fraud or non-compliance with laws and regulations |
- These representations were corroborated where possible through the review of board minutes and correspondence with HMRC and companies house. No contradictory evidence was noted. |
We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GRANTS OF SHOREDITCH LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 18,465,717 | 21,074,143 |
Cost of sales | 13,141,924 | 15,595,318 |
GROSS PROFIT | 5,323,793 | 5,478,825 |
Administrative expenses | 3,953,185 | 4,096,518 |
OPERATING PROFIT | 4 | 1,370,608 | 1,382,307 |
Interest receivable and similar income | 57,272 | 11,156 |
PROFIT BEFORE TAXATION | 1,427,880 | 1,393,463 |
Tax on profit | 5 | 356,821 | 350,785 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,071,059 |
1,042,678 |
Profit attributable to: |
Owners of the parent | 1,071,059 | 1,042,678 |
Total comprehensive income attributable to: |
Owners of the parent | 1,071,059 | 1,042,678 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
CONSOLIDATED BALANCE SHEET |
30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 440 | 440 |
Tangible assets | 9 | 1,901,730 | 2,014,931 |
Investments | 10 | - | - |
1,902,170 | 2,015,371 |
CURRENT ASSETS |
Stocks | 11 | 19,465 | 19,465 |
Debtors | 12 | 4,828,784 | 6,905,043 |
Cash at bank and in hand | 4,752,341 | 4,418,324 |
9,600,590 | 11,342,832 |
CREDITORS |
Amounts falling due within one year | 13 | 2,696,303 | 4,428,057 |
NET CURRENT ASSETS | 6,904,287 | 6,914,775 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,806,457 |
8,930,146 |
PROVISIONS FOR LIABILITIES | 14 | 319,999 | 342,676 |
NET ASSETS | 8,486,458 | 8,587,470 |
CAPITAL AND RESERVES |
Called up share capital | 15 | 1,000 | 1,000 |
Retained earnings | 16 | 8,485,458 | 8,586,470 |
SHAREHOLDERS' FUNDS | 8,486,458 | 8,587,470 |
The financial statements were approved by the Board of Directors and authorised for issue on 11th February 2025 and were signed on its behalf by: |
J L Plumstead - Director |
M Denyer - Director |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
COMPANY BALANCE SHEET |
30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,071,508 | 991,232 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2022 | 1,000 | 8,704,097 | 8,705,097 |
Changes in equity |
Dividends | - | (1,160,305 | ) | (1,160,305 | ) |
Total comprehensive income | - | 1,042,678 | 1,042,678 |
Balance at 30th June 2023 | 1,000 | 8,586,470 | 8,587,470 |
Changes in equity |
Dividends | - | (1,172,071 | ) | (1,172,071 | ) |
Total comprehensive income | - | 1,071,059 | 1,071,059 |
Balance at 30th June 2024 | 1,000 | 8,485,458 | 8,486,458 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th June 2024 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,974,759 | 5,640,072 |
Tax paid | (314,676 | ) | (705,657 | ) |
Net cash from operating activities | 1,660,083 | 4,934,415 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (440 | ) |
Purchase of tangible fixed assets | (128,506 | ) | (727,859 | ) |
Sale of tangible fixed assets | 14,500 | 504,501 |
Interest received | 21,795 | 11,156 |
Net cash from investing activities | (92,211 | ) | (212,642 | ) |
Cash flows from financing activities |
Amount withdrawn by directors | (61,784 | ) | (2,502,601 | ) |
Equity dividends paid | (1,172,071 | ) | (1,160,305 | ) |
Net cash from financing activities | (1,233,855 | ) | (3,662,906 | ) |
Increase in cash and cash equivalents | 334,017 | 1,058,867 |
Cash and cash equivalents at beginning of year |
2 |
4,418,324 |
3,359,457 |
Cash and cash equivalents at end of year | 2 | 4,752,341 | 4,418,324 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,427,880 | 1,393,463 |
Depreciation charges | 230,756 | 170,301 |
Profit on disposal of fixed assets | (3,549 | ) | (28,050 | ) |
Increase / Decrease in retentions | (254,580 | ) | 428,261 |
Finance income | (57,272 | ) | (11,156 | ) |
1,343,235 | 1,952,819 |
Increase in stocks | - | (2,465 | ) |
Decrease in trade and other debtors | 2,284,716 | 1,004,247 |
(Decrease)/increase in trade and other creditors | (1,653,192 | ) | 2,685,471 |
Cash generated from operations | 1,974,759 | 5,640,072 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30th June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 4,752,341 | 4,418,324 |
Year ended 30th June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 4,418,324 | 3,359,457 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,418,324 | 334,017 | 4,752,341 |
4,418,324 | 334,017 | 4,752,341 |
Total | 4,418,324 | 334,017 | 4,752,341 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2024 |
1. | STATUTORY INFORMATION |
Grants of Shoreditch Limited is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
Going Concern Justification |
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 30 June 2024 have been prepared using the going concern basis of accounting. |
Significant judgements and estimates |
Revenue is measured at the fair value of the work performed during the year. |
For large contracts the stages of completion at the year end are valued by the company. |
Due to these valuations being undertaken in house it is considered that the stage of completion of ongoing projects, and therefore the cut off in relation to revenue recognition, is a significant accounting estimate. |
Deferred or accrued income is recognised in this regard in line with the revenue recognition accounting policy. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
For Grants of Shoreditch Limited turnover is the value of work (net of VAT) performed during the year with respect to services. Revenue is recognised on the provision of services once completed. |
For Park Lane Bathstone Limited turnover is the value of goods (net of VAT) provided to customers during the year. Revenue is recognised on the sale of goods when the goods are delivered and title has passed. |
Any value of work not performed in the year but invoiced will be recognised as deferred income whilst any value of work performed during the year but not invoiced will be recognised as accrued income. |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock is valued based on the cost of tonnage extraction per quarry. |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
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. |
Hire purchase and leasing commitments |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,620,872 | 5,179,984 |
Social security costs | 263,833 | 231,517 |
Other pension costs | 46,922 | 59,555 |
4,931,627 | 5,471,056 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 18 | 9 |
Production | 29 | 50 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 1,686,927 | 1,692,380 |
Directors' pension contributions to money purchase schemes | 11,122 | 11,122 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 1,250,000 | 1,250,001 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 290,661 | 110,505 |
Other operating leases | 52,086 | 35,311 |
Depreciation - owned assets | 230,756 | 170,303 |
Profit on disposal of fixed assets | (3,549 | ) | (28,050 | ) |
Auditors' remuneration | 17,600 | 14,500 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 383,024 | 159,902 |
Prior year adjustments | (3,527 | ) | - |
Total current tax | 379,497 | 159,902 |
Deferred tax | (22,676 | ) | 190,883 |
Tax on profit | 356,821 | 350,785 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,427,880 | 1,393,463 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.496 %) |
356,970 |
285,604 |
Effects of: |
Expenses not deductible for tax purposes | 1,212 | 174 |
AIA Super deduction claimed | - | (5,582 | ) |
Change in deferred tax rate | 2,166 | 70,589 |
Prior period adjustment | (3,527 | ) | - |
Total tax charge | 356,821 | 350,785 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
6. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 1,172,071 | 1,160,305 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and |
licences |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 | 440 |
NET BOOK VALUE |
At 30th June 2024 | 440 |
At 30th June 2023 | 440 |
Company |
Patents |
and |
licences |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st July 2023 | 568,794 | 1,909,077 | 476,775 | 74,820 | 3,029,466 |
Additions | 2,305 | 43,117 | 27,614 | 55,470 | 128,506 |
Disposals | - | (1,500 | ) | - | (26,465 | ) | (27,965 | ) |
At 30th June 2024 | 571,099 | 1,950,694 | 504,389 | 103,825 | 3,130,007 |
DEPRECIATION |
At 1st July 2023 | 43,508 | 625,821 | 296,402 | 48,804 | 1,014,535 |
Charge for year | 8,586 | 183,125 | 26,481 | 12,564 | 230,756 |
Eliminated on disposal | - | (1,068 | ) | - | (15,946 | ) | (17,014 | ) |
At 30th June 2024 | 52,094 | 807,878 | 322,883 | 45,422 | 1,228,277 |
NET BOOK VALUE |
At 30th June 2024 | 519,005 | 1,142,816 | 181,506 | 58,403 | 1,901,730 |
At 30th June 2023 | 525,286 | 1,283,256 | 180,373 | 26,016 | 2,014,931 |
Company |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2024 |
DEPRECIATION |
At 1st July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2023 |
and 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
At 30th June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Suite 4b The Hamilton Centre, Rodney Way, Chelmsford, England, CM1 3BY |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the year | ( |
) |
11. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 19,465 | 19,465 |
12. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 1,308,897 | 3,148,207 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,819,800 | 2,162,426 |
Tax | 529,019 | 923,622 |
VAT | 264,849 | - |
Prepayments | 182,792 | 201,941 |
4,105,357 | 6,436,196 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
12. | DEBTORS - continued |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Amounts recoverable on contract | 723,427 | 468,847 |
Aggregate amounts | 4,828,784 | 6,905,043 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 882,705 | 727,463 |
Tax | 19,886 | 36,664 |
Social security and other taxes | 98,875 | 122,348 |
Other creditors | 515,551 | 626 |
Directors' current accounts | - | 61,784 | - | 61,784 |
Accruals and deferred income | 534,328 | 2,348,333 |
Accrued expenses | 644,958 | 1,130,839 |
2,696,303 | 4,428,057 |
14. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 319,999 | 342,676 | 237,343 | 243,012 |
Group |
Deferred |
tax |
£ |
Balance at 1st July 2023 | 342,676 |
Provided during year | (22,677 | ) |
Increase in provision |
Change in tax rate |
Balance at 30th June 2024 | 319,999 |
Company |
Deferred |
tax |
£ |
Balance at 1st July 2023 |
Provided during year | ( |
) |
Increase in tax rate |
Balance at 30th June 2024 |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
16. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st July 2023 | 8,586,470 |
Profit for the year | 1,071,059 |
Dividends | (1,172,071 | ) |
At 30th June 2024 | 8,485,458 |
Company |
Retained |
earnings |
£ |
At 1st July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30th June 2024 |
17. | CONTINGENT LIABILITIES |
On completion of a project, the company provides a written guarantee for its works. Under the terms of the guarantees, the company is required to make good any defects which appear in its work during the guarantee period. |
This guarantee system has been in place for a number of years and, in general, only minor repairs (if any) have been required. Since any estimate of the future costs of these minor repairs would be wholly subjective, no provision is made for them in the accounts and their cost is charged to the profit and loss account in the year in which they occur. |
However the company has provided a provision of 2024: £500,000 (2023: £Nil) for one of its claims in progress. |
18. | OTHER FINANCIAL COMMITMENTS |
As of 30th June 2024 the group and company had other financial commitments of £146,667 (2023: £186,667). |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
19. | RELATED PARTY DISCLOSURES |
Grants of Shoreditch Limited (Parent company only) |
Included in trade debtors is the sum of £2,419 (2023 - £4,193) due from Cadeby Stone Limited, £Nil (2023 - £Nil) due from Grants Precast Limited, £28,086 (2023 - £191,291) due from Block Stone Limited and £Nil (2023 - £12,289) due from Prospect Park Developments Limited. |
Included in trade creditors is the sum of £145,457 (2023 - £117,926) due to Cadeby Stone Limited, £98,558 (2023 - £170,950) due to Grants Precast Limited and £331,710 (2023 - £696) due to Block Stone Limited and £Nil (2023 - £Nil) due to Prospect Park Developments Limited. |
During the year the company made sales to Cadeby Stone Limited in the sum of £48,546 (2023 - £56,370), sales to Grants Precast Limited in the sum of £12,733 (2023 - £Nil), sales to Block Stone Limited in the sum of £77,669 (2023 - £202,754) and sales to Prospect Park Developments Limited in the sum of £330,426 (2023 - £85,742). |
During the year the company disposed of tangible assets to Prospect Park Developments Limited to the sum of £Nil (2023: £450,000). |
During the year the company was recharged costs of £347,147 (2023: Nil) from Prospect Park Developments Limited. |
During the year the company acquired tangible assets from Grants Precast Limited to the sum of £15,993 (2023: £580,200). |
During the year the company purchased goods and services from Cadeby Stone Limited in the sum of £1,145,800 (2023 - £1,041,180) purchases from Grants Precast Limited, £1,618,426 (2023 - £1,580,628) and Block Stone Limited in the sum of £271,790 (2023 - £12,572). |
Included in other debtors is the sum of £Nil (2023 - £70,000) due from Block Stone Limited, amounts due from Cadeby Stone Limited of £350,000 (2023 - £450,000), amounts due from Grants Precast Limited of £1,469,800 (2023 - £1,469,800) and amounts due from Prospect Park Developments Limited of £Nil (2023 - £172,625). |
Included in other creditors is the sum of £515,214 (2023: Nil) due to Prospect Park Developments Limited. |
In the year the company charged management charges to Grants Precast Limited in the sum of £Nil (2023: £350,000). |
Cadeby Stone Limited, Block Stone Limited, Prospect Park Developments Ltd and Grants Precast Limited |
have mutual directors. |
Park Lane Bathstone Limited (Subsidiary only) |
Included in trade debtors is £Nil (2023 - £5,367) due from Block Stone Limited. |
Included in trade creditors is the sum of £Nil (2023: -£336) due to Cadeby Stone and £10,855 (2023 - £9,030) due to Block Stone Limited. |
During the year the company made sales to Block Stone Limited, £500,065 (2023 - £327,684). |
During the year the company purchased goods and services from Cadeby Stone Limited in the sum of £Nil (2023 - £654), from Grants Precast Limited £Nil (2023 - £Nil) and from Block Stone Limited £67,946 (2023 - £63,226). |
Park Lane Bathstone Limited is a 100% subsidiary of the company, acquired in January 2018. |
20. | POST BALANCE SHEET EVENTS |
On 1 July 2024, the company has declared a dividend for the sum of £3,000,000. £1,000,000 of this was paid on 1 July 2024. |
GRANTS OF SHOREDITCH LIMITED (REGISTERED NUMBER: 02770523) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2024 |
21. | ULTIMATE CONTROLLING PARTY |
On 2 July 2024, L D O'Connor transferred his 100% shareholdings in Grants of Shoreditch Limited to M Denyer, J L Plumstead, M Lydon, J Norris, K Perree and L Green, who are the ultimate controlling parties. |