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Registration number: 05526960

Grosvenor Merchants Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 July 2024

 

Grosvenor Merchants Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Grosvenor Merchants Limited

(Registration number: 05526960)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

255,784

257,716

Current assets

 

Stocks

5

41,474

42,121

Debtors

6

30,479

62,369

Cash at bank and in hand

 

31,463

28,821

 

103,416

133,311

Creditors: Amounts falling due within one year

7

(85,658)

(118,826)

Net current assets

 

17,758

14,485

Total assets less current liabilities

 

273,542

272,201

Creditors: Amounts falling due after more than one year

7

(19,886)

(33,998)

Provisions for liabilities

(1,446)

(1,929)

Net assets

 

252,210

236,274

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

251,210

235,274

Shareholders' funds

 

252,210

236,274

For the financial year ending 31 July 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 in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 8 January 2025
 

 

Grosvenor Merchants Limited

(Registration number: 05526960)
Statement of Financial Position as at 31 July 2024

.........................................
B A Richins
Company secretary and director

 

Grosvenor Merchants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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: 19B Holder Road, Aldershot, Hampshire, GU12 4RH. England.

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 are prepared in sterling, which is the functional currency of the entity.

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 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Grosvenor Merchants Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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% on reducing balance

Fixtures and fittings

25% on reducing balance

Motor Vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

Buildings

Not depreciated

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 debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured 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 income statement 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.

 

Grosvenor Merchants Limited

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

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

250,000

45,118

355

3,239

39,095

337,807

At 31 July 2024

250,000

45,118

355

3,239

39,095

337,807

Depreciation

At 1 August 2023

-

43,133

328

2,882

33,748

80,091

Charge for the year

-

499

7

89

1,337

1,932

At 31 July 2024

-

43,632

335

2,971

35,085

82,023

Carrying amount

At 31 July 2024

250,000

1,486

20

268

4,010

255,784

At 31 July 2023

250,000

1,985

27

357

5,347

257,716

Included within the net book value of land and buildings above is £250,000 (2023 - £250,000) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

41,474

42,121

 

Grosvenor Merchants Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

30,479

62,369

30,479

62,369

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

15,335

14,632

Trade creditors

 

16,524

41,185

Taxation and social security

 

8,282

12,324

Accruals and deferred income

 

1,849

1,788

Other creditors

 

43,668

48,897

 

85,658

118,826

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

19,886

33,998

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,886

33,998

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,632

14,632

Bank overdrafts

703

-

15,335

14,632

 

Grosvenor Merchants Limited

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

9

Related party transactions

Summary of transactions with other related parties

The majority shareholder of the company is the majority shareholder of Toric Builders Limited and B A Richins Painting & Decorating Ltd.

During the year the company made purchases of £36,215 (2023 : £64,037) and invoiced costs for rent and services of £6,713 (2023: £6,713) to Toric Builders Limited. The overall net balance owed from Toric Builders Limited as at 31st July 2024 was £7,500 (2023: £20,600), which will be settled in the normal course of business.

During the year the company made purchases of £0 (2023 : £212) and invoiced sales of £48 (2023: £0) to B A Richins Painting & Decorating Ltd. The overall net balance owed to B A Richins Painting & Decorating Ltd as at 31st July 2024 was £0 (2023: £59), which will be settled in the normal course of business.