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REGISTERED NUMBER: 00435210 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Greco Brothers Limited

Greco Brothers Limited (Registered number: 00435210)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Greco Brothers Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: A G Rovardi
C G Tomlinson
Mrs T E Rovardi





SECRETARY: L Rovardi-Tomlinson





REGISTERED OFFICE: 5 Greta Street
Middlesbrough
TS1 5QS





REGISTERED NUMBER: 00435210 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Greco Brothers Limited (Registered number: 00435210)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,026 -
Tangible assets 5 1,227,994 1,254,948
1,241,020 1,254,948

CURRENT ASSETS
Stocks 320,654 416,614
Debtors 6 272,504 350,690
Cash at bank and in hand 2,036,757 1,652,885
2,629,915 2,420,189
CREDITORS
Amounts falling due within one year 7 209,779 222,097
NET CURRENT ASSETS 2,420,136 2,198,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,661,156

3,453,040

PROVISIONS FOR LIABILITIES (192,939 ) (196,364 )

ACCRUALS AND DEFERRED INCOME - (11,826 )
NET ASSETS 3,468,217 3,244,850

CAPITAL AND RESERVES
Called up share capital 8 121,275 121,275
Revaluation reserve 9 382,734 378,057
Capital redemption reserve 9 255,725 255,725
Retained earnings 9 2,708,483 2,489,793
SHAREHOLDERS' FUNDS 3,468,217 3,244,850

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Greco Brothers Limited (Registered number: 00435210)

Balance Sheet - continued
30 September 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





A G Rovardi - Director


Greco Brothers Limited (Registered number: 00435210)

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

1. STATUTORY INFORMATION

Greco Brothers Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price, after making allowance for obsolete and slow moving items.

Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

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

Greco Brothers Limited (Registered number: 00435210)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pensions
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

Debtors and creditors payable/receivable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Government grants
Government grants of a capital nature are credited to a deferred income account in the Balance Sheet on receipt. The deferred income is released to the Profit & Loss Account annually at a rate equal to the depreciation rate of the assets to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 13,475
At 30 September 2024 13,475
AMORTISATION
Charge for year 449
At 30 September 2024 449
NET BOOK VALUE
At 30 September 2024 13,026

Greco Brothers Limited (Registered number: 00435210)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 1,000,000 1,054,363 76,553 250,307 2,381,223
Additions - 6,851 1,030 55,250 63,131
Disposals - - (37,173 ) (24,534 ) (61,707 )
At 30 September 2024 1,000,000 1,061,214 40,410 281,023 2,382,647
DEPRECIATION
At 1 October 2023 18,709 918,203 45,388 143,975 1,126,275
Charge for year 18,709 28,478 6,319 31,172 84,678
Eliminated on disposal - - (31,952 ) (24,348 ) (56,300 )
At 30 September 2024 37,418 946,681 19,755 150,799 1,154,653
NET BOOK VALUE
At 30 September 2024 962,582 114,533 20,655 130,224 1,227,994
At 30 September 2023 981,291 136,160 31,165 106,332 1,254,948

The cost of depreciable assets included in freehold land and buildings at 30 September 2024 is £935,448 (2023 - £935,448).

Freehold land and buildings were valued at £1,000,000 on 7 June 2022 by Thomas Stevenson, Chartered Surveyors.

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2022 497,879 - - - 497,879
Cost 502,121 1,061,214 40,410 281,023 1,884,768
1,000,000 1,061,214 40,410 281,023 2,382,647

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 259,742 315,640
Other debtors 12,762 35,050
272,504 350,690

Greco Brothers Limited (Registered number: 00435210)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 18,321 22,624
Taxation and social security 98,320 169,557
Other creditors 93,138 29,916
209,779 222,097

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
121,275 Ordinary £1 121,275 121,275

9. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 October 2023 2,489,793 378,057 255,725 3,123,575
Profit for the year 258,690 258,690
Dividends (40,000 ) (40,000 )
Revaluation in year - 4,677 - 4,677
At 30 September 2024 2,708,483 382,734 255,725 3,346,942

10. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 36,000