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GRANGEWOOD FENCING SUPPLIES LIMITED

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Statement of Income and Retained Earnings 4

Balance Sheet 5

Notes to the Financial Statements 7


GRANGEWOOD FENCING SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D S Baskerville
Mrs N A Baskerville
D J Perry





REGISTERED OFFICE: Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS





REGISTERED NUMBER: 04609510 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of fencing products.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

D S Baskerville
Mrs N A Baskerville
D J Perry

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D S Baskerville - Director


20 March 2025

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GRANGEWOOD FENCING SUPPLIES LIMITED



In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grangewood Fencing Supplies Limited for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Grangewood Fencing Supplies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Grangewood Fencing Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Grangewood Fencing Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grangewood Fencing Supplies Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Grangewood Fencing Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grangewood Fencing Supplies Limited. You consider that Grangewood Fencing Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Grangewood Fencing Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS


20 March 2025

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £    £    £   

TURNOVER 8,297,137 8,910,640

Cost of sales 6,196,678 6,773,529
GROSS PROFIT 2,100,459 2,137,111

Distribution costs 1,170,777 1,165,201
Administrative expenses 666,635 649,710
1,837,412 1,814,911
263,047 322,200

Other operating income 66,390 60,256
OPERATING PROFIT 4 329,437 382,456

Income from shares in group undertakings 709,564 -
Interest receivable and similar income 4,391 2,610
713,955 2,610
1,043,392 385,066

Interest payable and similar expenses 99,732 77,535
PROFIT BEFORE TAXATION 943,660 307,531

Tax on profit 60,051 57,509
PROFIT FOR THE FINANCIAL YEAR 883,609 250,022

Retained earnings at beginning of year 4,089,963 4,034,591

Dividends (129,400 ) (194,650 )

RETAINED EARNINGS AT END OF YEAR 4,844,172 4,089,963

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,874,095 1,944,632
Investments 7 1,259,619 1,259,619
Investment property 8 - 300,000
3,133,714 3,504,251

CURRENT ASSETS
Stocks 766,385 703,095
Debtors 9 3,560,602 2,632,160
Cash at bank and in hand 744,885 761,082
5,071,872 4,096,337
CREDITORS
Amounts falling due within one year 10 1,947,106 2,164,855
NET CURRENT ASSETS 3,124,766 1,931,482
TOTAL ASSETS LESS CURRENT LIABILITIES 6,258,480 5,435,733

CREDITORS
Amounts falling due after more than one year 11 (1,350,108 ) (1,228,670 )

PROVISIONS FOR LIABILITIES 14 (64,100 ) (117,000 )
NET ASSETS 4,844,272 4,090,063

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,844,172 4,089,963
SHAREHOLDERS' FUNDS 4,844,272 4,090,063

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

BALANCE SHEET - continued
30 JUNE 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





D S Baskerville - Director


GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Grangewood Fencing Supplies 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Grangewood Fencing Supplies Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover represents the amounts derived from the provision of goods and services to customers during the year. Revenue is recognised in the income statement when a right to the consideration has been obtained through performance.

Goodwill
Acquired goodwill is written off, in equal instalments, over its estimated useful life of 10 years.

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
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 - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

Freehold land is not depreciated.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all costs incurred in bringing each product to its present location and condition on a FIFO (first in, first out) basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 61,704 54,032

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 240,000
AMORTISATION
At 1 July 2023
and 30 June 2024 240,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

6. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 1,686,208 420,366 351,497 97,602 2,555,673
Additions 2,500 15,050 37,239 2,850 57,639
Disposals - (189,657 ) (85,193 ) (72,033 ) (346,883 )
At 30 June 2024 1,688,708 245,759 303,543 28,419 2,266,429
DEPRECIATION
At 1 July 2023 62,713 266,771 189,002 92,555 611,041
Charge for year 8,163 23,121 25,840 4,580 61,704
Eliminated on disposal - (144,311 ) (64,515 ) (71,585 ) (280,411 )
At 30 June 2024 70,876 145,581 150,327 25,550 392,334
NET BOOK VALUE
At 30 June 2024 1,617,832 100,178 153,216 2,869 1,874,095
At 30 June 2023 1,623,495 153,595 162,495 5,047 1,944,632

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1,259,619
NET BOOK VALUE
At 30 June 2024 1,259,619
At 30 June 2023 1,259,619

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 300,000
Disposals (300,000 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 300,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 724,796 849,595
Amounts owed by group undertakings 2,359,317 1,370,253
Other debtors 476,489 412,312
3,560,602 2,632,160

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 72,548 55,928
Trade creditors 1,582,559 1,468,774
Taxation and social security 263,469 198,953
Other creditors 28,530 441,200
1,947,106 2,164,855

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,350,108 1,228,670

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 994,716 961,470

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 29,000

GRANGEWOOD FENCING SUPPLIES LIMITED (REGISTERED NUMBER: 04609510)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,422,656 1,284,598

The bank borrowings are secured by a debenture over the company's assets and a first legal charge over the company's freehold properties at Osmaston Road, Derby and Bonehill Road, Tamworth.

D S Baskerville has also provided a guarantee amounting to £600,000 on the facilities provided by the banks.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 64,100 117,000

Deferred
tax
£   
Balance at 1 July 2023 117,000
Provided during year (52,900 )
Balance at 30 June 2024 64,100

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

20242023
££
Balance outstanding at start of year(10,129 )(45,995 )
Amounts advanced238,46295,546
Amounts repaid(110,100 )(59,680)
Balance outstanding at end of year118,233(10,129)

An interest rate of 2% up to 5 April 2023 then 2.25% thereafter (2022 - 2%) has been charged on all overdrawn director's current accounts. Interest charged during the year totalled £427 (2023 - £394). All advances are repayable on demand.