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Registration number: 08248273

Greve & Son LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Greve & Son LTD

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Greve & Son LTD

Company Information

Director

Mr Jonathon Greve

Registered office

Unit 28
Cradle Hill industrial Estate
Seaford
East Sussex
BN25 3JE

Accountants

Shoreline Accountants Ltd
25 Clinton Place
Seaford
East Sussex
BN25 1NP

 

Greve & Son LTD

Director's Report for the Year Ended 31 October 2024

The director presents his report and the financial statements for the year ended 31 October 2024.

Director of the company

The director who held office during the year was as follows:

Mr Jonathon Greve

Principal activity

The principal activity of the company is Glazing and Other building completion and finishing

Small companies provision statement

This report has 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.

Approved and authorised by the director on 10 March 2025
 

.........................................
Mr Jonathon Greve
Director

 

Greve & Son LTD

(Registration number: 08248273)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

405,151

256,096

Current assets

 

Stocks

6

5,000

5,000

Debtors

7

616,230

534,634

Cash at bank and in hand

 

213,847

124,300

 

835,077

663,934

Creditors: Amounts falling due within one year

8

(375,671)

(300,086)

Net current assets

 

459,406

363,848

Total assets less current liabilities

 

864,557

619,944

Creditors: Amounts falling due after more than one year

8

(239,103)

(117,954)

Provisions for liabilities

(14,892)

(14,892)

Net assets

 

610,562

487,098

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

610,362

486,898

Shareholders' funds

 

610,562

487,098

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 10 March 2025
 

.........................................
Mr Jonathon Greve
Director

 

Greve & Son LTD

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 28
Cradle Hill industrial Estate
Seaford
East Sussex
BN25 3JE

These financial statements were authorised for issue by the director on 10 March 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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.

 

Greve & Son LTD

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

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

Plant and machinery

15% on reducing balance

Fixtures and fittings

25% on cost

Motor vehicles

25% on reducing balance

Office equipment

25% on cost

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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Borrowings

 

Greve & Son LTD

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

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 5 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

64,074

58,515

 

Greve & Son LTD

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2023

2,264

93,226

30,243

350,673

Additions

-

52,546

12,744

147,639

At 31 October 2024

2,264

145,772

42,987

498,312

Depreciation

At 1 November 2023

1,809

61,586

19,557

137,158

Charge for the year

114

7,910

2,671

53,379

At 31 October 2024

1,923

69,496

22,228

190,537

Carrying amount

At 31 October 2024

341

76,276

20,759

307,775

At 31 October 2023

455

31,640

10,486

213,515

Total
£

Cost or valuation

At 1 November 2023

476,406

Additions

212,929

At 31 October 2024

689,335

Depreciation

At 1 November 2023

220,110

Charge for the year

64,074

At 31 October 2024

284,184

Carrying amount

At 31 October 2024

405,151

At 31 October 2023

256,096

6

Stocks

2024
£

2023
£

Other inventories

5,000

5,000

 

Greve & Son LTD

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

567,070

511,156

Other debtors

49,160

23,478

 

616,230

534,634

 

Greve & Son LTD

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

71,888

70,735

Trade creditors

 

268,555

145,778

Taxation and social security

 

50,529

47,464

Other creditors

 

(15,301)

36,109

 

375,671

300,086

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

239,103

117,954

9

Share capital

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

239,103

117,954

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

71,888

70,735

11

Dividends

2024

2023

£

£

Interim dividend of £462.93 (2023 - £354.36) per ordinary share

92,585

70,873

 

 

12

Related party transactions

 

Greve & Son LTD

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,295