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Registration number: 08604183

Grainstone Lee Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Grainstone Lee Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Grainstone Lee Limited

(Registration number: 08604183)
Balance Sheet as at 30 June 2024

Note

30 June
2024
£

30 June
2023
£

Fixed assets

 

Tangible assets

4

32,032

-

Current assets

 

Debtors

5

159,198

177,077

Cash at bank and in hand

 

247,223

277,128

 

406,421

454,205

Creditors: Amounts falling due within one year

6

(65,649)

(129,493)

Net current assets

 

340,772

324,712

Net assets

 

372,804

324,712

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

372,704

324,612

Shareholders' funds

 

372,804

324,712

For the financial year ending 30 June 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 provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 March 2025
 

S Grainger

Director

 

Grainstone Lee Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
7 Braundton Avenue
Sidcup
Kent
DA15 8EN

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.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' 'FRS 102 1A', and with the Companies Act 2006.

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

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company.

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.

 

Grainstone Lee Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Motor Vehicles

Reducing Balance 20%

 

Grainstone Lee Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

 

Grainstone Lee Limited

Notes to the Financial Statements for the Year Ended 30 June 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 the director) during the year, was 7 (2023 - 7).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,513

-

3,513

Additions

-

39,063

39,063

At 30 June 2024

3,513

39,063

42,576

Depreciation

At 1 July 2023

3,513

-

3,513

Charge for the year

-

7,031

7,031

At 30 June 2024

3,513

7,031

10,544

Carrying amount

At 30 June 2024

-

32,032

32,032

At 30 June 2023

-

-

-

 

Grainstone Lee Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Debtors

30 June
2024
£

30 June
2023
£

Prepayments

556

2,979

Other debtors

158,642

174,098

159,198

177,077

6

Creditors

Creditors: amounts falling due within one year

30 June
2024
 £

30 June
2023
 £

Due within one year

Other taxation and social security

29,436

960

Other creditors

9,517

7,813

Corporation tax

26,696

120,720

65,649

129,493

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share Class A of £1 each

50

50

50

50

Ordinary Share Class B of £1 each

50

50

50

50

 

100

100

100

100

8

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 £Nil (2023 - £6,300).

 

Grainstone Lee Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

S Grainger

Director's loan account

2,588

10,810

(5,320)

8,078

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

S Grainger

Director's loan account

9,502

17,475

(24,389)

2,588

         
       

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

3,956

3,956

Advanced

15,929

15,929

Repaid

(10,553)

(10,553)

At end of period

9,332

9,332

2023

Other related parties
£

Total
£

At start of period

8,590

8,590

Advanced

18,819

18,819

Repaid

(23,453)

(23,453)

At end of period

3,956

3,956

Loans to shareholders of £99,813 (2023 - £127,380) are provided without security.

The company has taken advantage of the exemption in FRS 102 1A C.35 "Related Party Disclosures" from disclosing transactions with other members of the group.

The above is unsecured, interest free and repayable on demand.