Relate AccountsProduction v2.7.3 v2.7.3 2023-06-01 The company was not dormant during the period The company was trading for the entire period The Company's principal activity continues to be the supply of air suspensions and axles to the transport industry. 27 February 2025 18 13 1799362 2024-05-31 1799362 2023-05-31 1799362 2022-05-31 1799362 2023-06-01 2024-05-31 1799362 2022-06-01 2023-05-31 1799362 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 1799362 uk-curr:PoundSterling 2023-06-01 2024-05-31 1799362 uk-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 1799362 uk-bus:AbridgedAccounts 2023-06-01 2024-05-31 1799362 uk-core:ShareCapital 2024-05-31 1799362 uk-core:ShareCapital 2023-05-31 1799362 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 1799362 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 1799362 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-05-31 1799362 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-05-31 1799362 uk-bus:FRS102 2023-06-01 2024-05-31 1799362 uk-core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-01 2024-05-31 1799362 uk-core:PlantMachinery 2023-06-01 2024-05-31 1799362 uk-core:FurnitureFittings 2023-06-01 2024-05-31 1799362 uk-core:MotorVehicles 2023-06-01 2024-05-31 1799362 uk-bus:Audited 2023-06-01 2024-05-31 1799362 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 1799362 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 1799362 uk-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 1799362 uk-core:CostValuation 2024-05-31 1799362 uk-core:Subsidiary1 2023-06-01 2024-05-31 1799362 uk-core:ParentEntities 2023-06-01 2024-05-31 1799362 uk-countries:Ireland 2023-06-01 2024-05-31 1799362 uk-bus:CompanySecretaryDirector1 2023-06-01 2024-05-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
Granning U.K. Limited
 
Abridged Financial Statements
 
for the financial year ended 31 May 2024



Granning U.K. Limited
Company Registration Number: 1799362
ABRIDGED BALANCE SHEET
as at 31 May 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 6 33,854 36,186
Tangible assets 7 250,016 138,160
Investments 8 74,706 74,706
───────── ─────────
358,576 249,052
───────── ─────────
 
Current Assets
Stocks 1,625,321 1,629,686
Debtors 4,104,558 3,702,034
Cash and cash equivalents 96,952 115,262
───────── ─────────
5,826,831 5,446,982
───────── ─────────
Creditors: amounts falling due within one year (3,407,900) (3,118,688)
───────── ─────────
Net Current Assets 2,418,931 2,328,294
───────── ─────────
Total Assets less Current Liabilities 2,777,507 2,577,346
 
Creditors:
amounts falling due after more than one year (231,889) (193,372)
 
Provisions for liabilities (42,027) (20,667)
───────── ─────────
Net Assets 2,503,591 2,363,307
═════════ ═════════
 
Capital and Reserves
Called up share capital 1,727,221 1,727,221
Retained earnings 776,370 636,086
───────── ─────────
Shareholders' Funds 2,503,591 2,363,307
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 27 February 2025 and signed on its behalf by
           
           
________________________________          
Derek Whelan          
Director          
           



Granning U.K. Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 May 2024

   
1. General Information
 
Granning U.K. Limited is a company limited by shares incorporated in the United Kingdom. Unit 1, Westway 21, Chesford Grange Woolston, Warrington, Cheshire, WA1 4SZ, United Kingdom is the registered office, which is also the principal place of business of the Company. The Company ID Number is 01799362. The nature of the Company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the Company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the Company for the financial year ended 31 May 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Consolidated accounts
The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts.
 
Turnover
Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance.   Turnover comprises the fair value of consideration received and receivable exclusive of value added tax and after discounts and rebates.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from the provision of services is recognised in the accounting period in which the services are rendered and the outcome of the contract can be estimated reliably.  The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.
 
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 accounts receivable and payable, loans from banks, other third parties and loans to related parties.
 
Finance Costs
Finance costs are charged to the Profit & Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
 
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
 
Contingencies
Contingent liabilities, arising as a result of past events, are not recognised when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
 
Brand Costs - Airsprings.com
Brand Costs - Airsprings.com are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 0 years.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant & Machinery - 20% Straight-Line
  Fixtures, Fittings & Equipment - 15% Straight-Line
  Motor Vehicles - 33% Straight-Line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and hire purchases arrangements which transfer substantially all the risks and rewards of ownership to the Company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the financial year in which it is receivable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. A full stock provision is made for obsolete and slow-moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value, and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except, where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in Profit & Loss Account in the financial period in which they are incurred.
 
Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Related parties
For the purposes of these financial statements a party is considered to be related to the Company if:
 
the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the Company in making financial and operating policy decisions or has joint control over the Company;
the Company and the party are subject to common control;
the party is an associate of the Company or forms part of a joint venture with the Company;
the party is a member of key management personnel of the company or the Company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals;
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or
the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.
 
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the Company.
 
Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Annual bonus plans
The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.  

(iii) Defined contribution pension plans
The Company operates a defined contribution plan.  A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund.  Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis.  The company has no further payment obligations once the contributions have been paid.  The contributions are recognised as employee benefit expense when they are due.  Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the Company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit & Loss Account.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the financial period to which they relate.
 
Research and development
Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.
 
Ordinary share capital
The ordinary share capital of the Company is presented as equity.
   
3. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Cremin McCarthy & Company.
The Auditor's Report was signed by Alex Cremin (Senior Statutory Auditor) for and on behalf of Cremin McCarthy & Company on 27th February 2025.
 
   
4. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
5. Employees
 
The average monthly number of employees, including directors, during the financial year was 18, (2023 - 13).
 
  2024 2023
  Number Number
 
Administration & Operations 18 13
  ═════════ ═════════
     
6. Intangible assets
  Development
  Costs
  £
Cost
At 1 June 2023 284,914
Additions 6,463
  ─────────
At 31 May 2024 291,377
  ─────────
Amortisation
At 1 June 2023 248,728
Charge for financial year 8,795
  ─────────
At 31 May 2024 257,523
  ─────────
Net book value
At 31 May 2024 33,854
  ═════════
At 31 May 2023 36,186
  ═════════
           
7. Tangible assets
  Plant & Fixtures, Motor Total
  Machinery Fittings & Vehicles  
    Equipment    
  £ £ £ £
Cost or Valuation
At 1 June 2023 87,210 397,475 183,564 668,249
Additions 16,000 11,432 153,439 180,871
Disposals - - (94,227) (94,227)
  ───────── ───────── ───────── ─────────
At 31 May 2024 103,210 408,907 242,776 754,893
  ───────── ───────── ───────── ─────────
Depreciation
At 1 June 2023 76,717 289,065 164,307 530,089
Charge for the financial year 6,370 32,866 29,779 69,015
On disposals - - (94,227) (94,227)
  ───────── ───────── ───────── ─────────
At 31 May 2024 83,087 321,931 99,859 504,877
  ───────── ───────── ───────── ─────────
Net book value
At 31 May 2024 20,123 86,976 142,917 250,016
  ═════════ ═════════ ═════════ ═════════
At 31 May 2023 10,493 108,410 19,257 138,160
  ═════════ ═════════ ═════════ ═════════
           
7.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Motor Vehicles 142,917 (29,779) 19,142 (28,259)
  ═════════ ═════════ ═════════ ═════════
     
8. Investments
  Group and
  participating
  interests/
  joint ventures
Investments £
Cost or Valuation
 
At 31 May 2024 74,706
  ─────────
Net book value
At 31 May 2024 74,706
  ═════════
At 31 May 2023 74,706
  ═════════
             
8.1. Holdings in related undertakings
The Company holds 20% or more of the share capital of the following company:
 
  Country Nature   Details Proportion
  of of   of held by
Name incorporation and address of Registered Office business   investment company
 
Subsidiary undertaking
Sewell Auto Electric & Battery Centre Limited United Kingdom Supply of High-Quality Auto & Electrical Products   Ordinary 100%
 
 
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
 
  Year ended Capital and     Profit for
    reserves     the year
    £     £
 
Sewell Auto Electric & Battery Centre Limited 31 May 2024 108,347     (15,209)
    ═════════     ═════════
 
In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.
       
9. Capital commitments
 
The Company has no capital commitments at financial year-end 31 May 2024.
   
10. Parent company
 
The Company regards Granning Group Limited as its parent company, a company incorporated in the Republic of Ireland. Granning Group Limiteds registered address is Naas Industrial Estate, Naas, Co. Kildare, Ireland.
 
   
11. Controlling interest
 
The Company is controlled by Patrick Carson.
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the Company since the financial year-end.