Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31false2023-09-0136falsebuilding39falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07336929 2023-09-01 2024-08-31 07336929 2022-09-01 2023-08-31 07336929 2024-08-31 07336929 2023-08-31 07336929 c:Director1 2023-09-01 2024-08-31 07336929 c:Director2 2023-09-01 2024-08-31 07336929 c:Director5 2023-09-01 2024-08-31 07336929 d:Buildings 2023-09-01 2024-08-31 07336929 d:Buildings 2024-08-31 07336929 d:Buildings 2023-08-31 07336929 d:Buildings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07336929 d:PlantMachinery 2023-09-01 2024-08-31 07336929 d:PlantMachinery 2024-08-31 07336929 d:PlantMachinery 2023-08-31 07336929 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07336929 d:MotorVehicles 2023-09-01 2024-08-31 07336929 d:MotorVehicles 2024-08-31 07336929 d:MotorVehicles 2023-08-31 07336929 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07336929 d:FurnitureFittings 2023-09-01 2024-08-31 07336929 d:FurnitureFittings 2024-08-31 07336929 d:FurnitureFittings 2023-08-31 07336929 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07336929 d:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 07336929 d:OtherPropertyPlantEquipment 2024-08-31 07336929 d:OtherPropertyPlantEquipment 2023-08-31 07336929 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07336929 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 07336929 d:FreeholdInvestmentProperty 2024-08-31 07336929 d:FreeholdInvestmentProperty 2023-08-31 07336929 d:FreeholdInvestmentProperty 2 2023-09-01 2024-08-31 07336929 d:CurrentFinancialInstruments 2024-08-31 07336929 d:CurrentFinancialInstruments 2023-08-31 07336929 d:Non-currentFinancialInstruments 2024-08-31 07336929 d:Non-currentFinancialInstruments 2023-08-31 07336929 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 07336929 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 07336929 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 07336929 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 07336929 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 07336929 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 07336929 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 07336929 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 07336929 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-08-31 07336929 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-08-31 07336929 d:ShareCapital 2024-08-31 07336929 d:ShareCapital 2023-08-31 07336929 d:SharePremium 2024-08-31 07336929 d:SharePremium 2023-08-31 07336929 d:RetainedEarningsAccumulatedLosses 2024-08-31 07336929 d:RetainedEarningsAccumulatedLosses 2023-08-31 07336929 c:FRS102 2023-09-01 2024-08-31 07336929 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 07336929 c:FullAccounts 2023-09-01 2024-08-31 07336929 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07336929 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 07336929 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 07336929 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 07336929 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 07336929 2 2023-09-01 2024-08-31 07336929 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-08-31 07336929 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-31 07336929 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-08-31 07336929 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 07336929 d:LeasedAssetsHeldAsLessee 2024-08-31 07336929 d:LeasedAssetsHeldAsLessee 2023-08-31 07336929 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 07336929










GROCOTT & MURFIT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
GROCOTT & MURFIT LIMITED
REGISTERED NUMBER: 07336929

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
838,890
833,679

Investment property
 5 
800,000
804,563

  
1,638,890
1,638,242

Current assets
  

Stocks
  
355,000
439,184

Debtors: amounts falling due after more than one year
 6 
-
177,399

Debtors: amounts falling due within one year
 6 
2,818,537
2,376,550

Cash at bank and in hand
  
338,875
370,278

  
3,512,412
3,363,411

Creditors: amounts falling due within one year
 7 
(2,238,682)
(1,910,198)

Net current assets
  
 
 
1,273,730
 
 
1,453,213

Total assets less current liabilities
  
2,912,620
3,091,455

Creditors: amounts falling due after more than one year
 8 
(435,229)
(716,752)

Provisions for liabilities
  

Deferred tax
  
(198,728)
(190,849)

  
 
 
(198,728)
 
 
(190,849)

Net assets
  
2,278,663
2,183,854


Capital and reserves
  

Called up share capital 
  
120
120

Share premium account
  
15,980
15,980

Profit and loss account
  
2,262,563
2,167,754

  
2,278,663
2,183,854


Page 1

 
GROCOTT & MURFIT LIMITED
REGISTERED NUMBER: 07336929
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D Grocott
................................................
J Murfit
Director
Director



................................................
J Boyce
Director





Date: 21 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Grocott & Murfit Limited is a company limited by shares incorporated in England & Wales, registred number 07336929. The address of the registered office is Heath Barn, Norwich Road, Fakenham, Norfolk, NR21 8LZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies appled in the preparation of these financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line to residual value
Plant and machinery
-
25%
Reducing balance/4% straight line
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Tenants capital improvement
-
4%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.9

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. If required, the Directors will obtain external professional advice on the investment property valuation. No depreciation is provided. Changes in fair value are recognised in the profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2023 - 39).

Page 6

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Tenants capital improvements

£
£
£
£
£



Cost or valuation


At 1 September 2023
398,475
228,610
483,769
79,977
99,909


Additions
-
1,436
40,069
5,296
-


Disposals
-
-
(46,645)
-
-


Revaluations
51,525
-
-
-
-



At 31 August 2024

450,000
230,046
477,193
85,273
99,909



Depreciation


At 1 September 2023
-
102,696
285,167
58,745
10,453


Charge for the year on owned assets
-
21,142
48,006
5,689
3,996


Disposals
-
-
(32,363)
-
-



At 31 August 2024

-
123,838
300,810
64,434
14,449



Net book value



At 31 August 2024
450,000
106,208
176,383
20,839
85,460



At 31 August 2023
398,475
125,914
198,602
21,232
89,456
Page 7

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 September 2023
1,290,740


Additions
46,801


Disposals
(46,645)


Revaluations
51,525



At 31 August 2024

1,342,421



Depreciation


At 1 September 2023
457,061


Charge for the year on owned assets
78,833


Disposals
(32,363)



At 31 August 2024

503,531



Net book value



At 31 August 2024
838,890



At 31 August 2023
833,679

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
30,711
40,948

Motor vehicles
119,405
106,895

150,116
147,843

Page 8

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
804,563


Surplus on revaluation
(4,563)



At 31 August 2024
800,000

The 2024 valuations were made by Fenn Wright, on an open market value for existing use basis.





6.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
-
177,399

-
177,399


2024
2023
£
£

Due within one year

Trade debtors
470,301
256,320

Other debtors
1,252,232
1,442,034

Prepayments and accrued income
1,096,004
678,196

2,818,537
2,376,550


Page 9

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
296,319
31,808

Other loans
245,000
145,000

Trade creditors
796,219
883,761

Corporation tax
97,370
39,570

Other taxation and social security
120,301
142,559

Obligations under finance lease and hire purchase contracts
56,478
69,401

Other creditors
593,260
460,727

Accruals and deferred income
33,735
137,372

2,238,682
1,910,198


The following liabilities were secured:

2024
2023
£
£



Bank loans
286,319
21,808

Obligations under finance lease and hire purchase contracts
56,478
69,401

342,797
91,209

Details of security provided:

The above bank loans are secured against the freehold property being units 9, 10 and 11 at Clipbush Business Park, Fakenham, along with residential property at 202 Norwich Road, Fakenham, whilst the hire purchase liabilities are secured against the assets they were used to purchase.

Page 10

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
360,778
620,784

Net obligations under finance leases and hire purchase contracts
74,451
95,968

435,229
716,752


The following liabilities were secured:

2024
2023
£
£



Bank loans
352,445
602,451

Net obligations under finance leases and hire purchase contracts
74,451
95,968

426,896
698,419

Details of security provided:

The above bank loans are secured against the freehold property being units 9, 10 and 11 at Clipbush Business Park, Fakenham, whilst the hire purchase liabilities are secured against the assets they were used to purchase.

Page 11

 
GROCOTT & MURFIT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
296,319
31,808

Other loans
245,000
145,000


541,319
176,808

Amounts falling due 1-2 years

Bank loans
34,315
33,735


34,315
33,735

Amounts falling due 2-5 years

Bank loans
91,081
91,964


91,081
91,964

Amounts falling due after more than 5 years

Bank loans
235,382
495,085

235,382
495,085

902,097
797,592



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
56,478
69,401

Between 1-5 years
74,451
95,968

130,929
165,369

 
Page 12