|
Financial Statements
Grosvenor Cleaning Services Limited
For the financial year ended 31 March 2024
Registered number: 02601775
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Company Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants &
Statutory Auditors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Contents
|
|
|
|
|
|
|
|
|
Directors' responsibilities statement
|
|
Independent auditor's report
|
|
Statement of comprehensive income
|
|
Statement of financial position
|
|
Statement of changes in equity
|
|
Notes to the financial statements
|
|
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Strategic report
For the financial year ended 31 March 2024
The Company's principal activities during the financial year continued to be the provision of office cleaning to retail, manufacturing and government departments. The business operates throughout Great Britain, Northern Ireland and the Isle of Man.
During the year the Company saw an increase in turnover of 8% from £11.9m in 2023 to £12.8m in 2024. This increase is as a result of an increase in revenue generated from existing clients and new business won by the commercial team the Company invested in.
Principal risks and uncertainties
|
The Company has a framework through its policies, procedures and internal controls to identify risks to the business. The board approves all policies and these are reviewed on an ongoing basis by management. Compliance, legal and ethical standards are high priorities of the Company. The board and finance department monitor these important areas.
The principal risks from our cleaning business arise from a number of areas:
∙The operational disruptions in supply chain and service delivery.
∙The dependence on certain major customers and suppliers.
∙The unanticipated expenditure in respect of environmental, health and safety laws.
∙Increased labour laws beyond the company’s control.
∙The performance by customers of their obligations under purchase agreements.
∙The retention of senior management.
∙The impact of external factors on economic market beyond our control.
Financial instrument risk
The Company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cashflow is not material for the assessment of the assets, liabilities, financial position and profit and loss of the Company.
The board is responsible for ensuring proper internal controls and framework exist and operates effectively in the management of risk to the business.
Page 1
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Strategic report (continued)
For the financial year ended 31 March 2024
Financial key performance indicators
|
The management board monitors the progress of the company using the following KPIs:
|
|
|
|
|
|
|
|
|
|
|
|
Return on capital employed
|
|
|
Staff numbers decreased by 9%.
Customer satisfaction / Quality audits: the Company is recognised as a leader in the contract cleaning market in the sector it operates.
The Company believes it is important to consolidate its position in its existing markets. The Company continues to provide additional related services.
This report was approved by the board and signed on its behalf.
Page 2
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Directors' report
For the financial year ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The profit for the year, after taxation, amounted to £361,910 (2023: £132,417).
Dividends paid during the year amounted to £1,711,093 (2023: £1,076,698).
The directors who served during the year were:
The Company plans to continue its current activities.
Research and development activities
|
The Company did not engage in research and development activities during the years ended 31 March 2024 and 2023.
Employment of disabled persons
|
The policy of the company is to support recruitment and retention of disabled persons, which it does by adapting the physical environment, by making support resources available and through training and career development.
For example, wherever possible and reasonable the group has adapted older buildings with lifts and/or ramps, disabled toilets are installed, and door widths are adequate to enable wheelchair access to all the main areas of the group offices.
The company has effective communication channels through which employees' views can be sought on issues which concern them.
Matters covered in the strategic report
|
As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the Strategic report.
Disclosure of information to auditor
|
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Page 3
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Directors' report (continued)
For the financial year ended 31 March 2024
Events since the end of the reporting period
|
There have been no significant events affecting the Company since the year end.
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 4
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Directors' responsibilities statement
For the financial year ended 31 March 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
John Bernard McCauley Rita M McCauley
Director Director
Date: 21 February 2025
Page 5
|
|
Independent auditor's report to the members of Grosvenor Cleaning Services Limited
We have audited the financial statements of Grosvenor Cleaning Services Limited ("the Company"), which comprise the Statement of comprehensive income, the Statement of financial position and the Statement of changes in equity for the year ended 31 March 2024, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, Grosvenor Cleaning Services Limited's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the company as at 31 March 2024 and of its financial performance for the year then ended; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
|
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
Page 6
|
|
Independent auditor's report to the members of Grosvenor Cleaning Services Limited (continued)
Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report and the Strategic report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
|
In the light of the knowledge and understanding of the company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Page 7
|
|
Independent auditor's report to the members of Grosvenor Cleaning Services Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
|
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
|
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy Law, Employment Law and Health & Safety Regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 8
|
|
Independent auditor's report to the members of Grosvenor Cleaning Services Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the company’s legal correspondence and review of minutes of directors’ meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including recognition of deferred tax assets, useful lives of depreciable assets and allowance for impairment on trade debtors; and
∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
|
This report is made solely to the company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Tracey Sullivan, FCA (Senior Statutory Auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
Dublin
Republic of Ireland
Date: 21 February 2025
Page 9
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Statement of comprehensive income
For the financial year ended 31 March 2024
All amounts above relate to continuing operations.
There was no other comprehensive income for 2024 (2023: £Nil).
|
The notes on pages 13 to 25 form part of these financial statements.
|
Page 10
|
|
|
|
|
Grosvenor Cleaning Services Limited
Registered number:02601775
|
Statement of financial position
As at 31 March 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
Current asset investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital contribution reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
Page 11
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Statement of changes in equity
For the financial year ended 31 March 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
Dividends: Equity capital (Note 11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of changes in equity
For the financial year ended 31 March 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
Dividends: Equity capital (Note 11)
|
|
|
|
|
Capital contributions received (Note 20)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 13 to 25 form part of these financial statements.
|
Page 12
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
Grosvenor Cleaning Services Limited is a private company limited by shares, incorporated in England and Wales, with a registered number 02601775 and a registered office at Unit 2D Barkers Yard Skegness, PE253SR, England.
2.Accounting policies
|
|
|
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The financial statements are presented in Pounds Sterling (£).
The following principal accounting policies have been applied:
|
|
|
Financial reporting standard 102 - reduced disclosure exemptions
|
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26 (in relation to those cross-referenced paragraphs from which a disclosure exemption is available), 12.27, 12.29(a), 12.29(b), 12.29A and 12.30 provided disclosures equivalent to those required by this FRS are included in the consolidated financial statements of the group in which the entity is consolidated.
∙the requirements of Section 33.7 disclosing the company key management personnel compensation
This information is included in the consolidated financial statements of Grosvenor Integrated Services Holdings Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.
|
|
|
Foreign currency translation
|
Functional and presentation currency
The company's functional and presentational currency is Pound Sterling (GBP).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
Page 13
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
2.Accounting policies (continued)
|
|
|
Foreign currency translation (continued)
|
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Rendering of services
Revenue 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 revenue 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.
|
|
|
Operating leases: the company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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.
Page 14
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
2.Accounting policies (continued)
The contributions to employee pension 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.
|
|
|
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.
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.
Page 15
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
2.Accounting policies (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
|
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.
Bank deposits that are highly liquid investments that mature within 3 to 12 months are disclosed as investments.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 16
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
2.Accounting policies (continued)
|
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
The Company only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 17
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
|
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:
Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the Company’s future taxable income against which the deferred tax assets can be utilised.
Useful lives of depreciable assets
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.
Allowance for impairment of debtors
The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain counterparties are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship.
|
|
All turnover arose within the United Kingdom.
|
|
|
|
|
|
The operating profit is stated after charging:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of tangible fixed assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 18
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
|
|
|
|
|
During the year, the company obtained the following services from the company's auditor:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees payable to the company's auditor for the audit of the company's financial statements
|
|
|
|
|
The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.
|
|
|
|
|
|
Staff costs were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the directors, during the financial year was as follows:
|
|
|
|
|
|
The directors were not paid remuneration during the financial period (2023: £Nil).
The directors are also the key management personnel of the Company.
|
Page 19
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
|
|
Other interest receivable
|
|
|
|
|
|
|
|
|
|
Current tax on profits for the financial year
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
|
Factors affecting tax charge for the financial year
|
|
|
The tax assessed for the financial year is higher than (2023: higher than) the standard rate of corporation tax in the United Kingdom of 25% (2023:19%). The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on ordinary activities before tax
|
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19%)
|
|
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
|
Capital allowances for year in excess of depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilised tax losses carried forward
|
|
|
|
|
Tax on loan to participators
|
|
|
|
|
Total tax charge for the financial year
|
|
|
|
|
Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
Page 20
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
|
|
Dividends paid on equity capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 21
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
|
|
Debtors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
Amounts owed by related parties
|
|
|
|
|
|
|
|
|
|
Deferred taxation (note 17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade debtors are stated net of an impairment charge of £Nil (2023: £Nil).
Amounts owed by group undertakings and related parties are unsecured, interest free and repayable on demand.
|
|
|
Current asset investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 22
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Amounts owed to related parties
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free and payable on demand.
Amounts owed to related parties are unsecured, interest free and payable on demand.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning of financial year
|
|
|
|
|
|
|
The deferred tax asset is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accelerated capital allowances and other timing differences
|
|
|
Page 23
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Charged to profit or loss
|
|
|
|
|
|
|
A provision has been recognised for insurance claims made against the company for accidents arising in the normal course of business. These claims are handled by the Company's insurers, and are in the process of being settled. Provisions relate to the excess that the Company is liable to pay, and are recognised at the point it becomes more likely than not that the claim will succeed. The directors anticipate that most of this expenditure will be incurred within two years of the reporting date.
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
30,000 (2023: 30,000) Ordinary shares of £1.00 each
|
|
|
Capital contribution
During the prior year and financial period ended 31 March 2024, the company received an irrevocable capital contribution of £Nil (2023: £10,000,000) from The Grosvenor Cleaning Services Unlimited Company, an Irish registered related party.
Capital contributions paid are deducted from these capital contributions received.
Profit and loss account
Includes all current and prior period retained profits and losses.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £140,613 (2023: £128,678). Contributions totalling £24,042 (2023: £26,651) were payable to the fund at the reporting date and are included in other creditors.
|
|
Related party transactions
|
|
|
The Company has taken advantage of the exemption within FRS 102 not to disclose intra-group related party transactions between subsidiary undertakings where both parties to the transaction are wholly owned by a member of the group.
|
Page 24
|
|
|
|
|
Grosvenor Cleaning Services Limited
|
Notes to the financial statements
For the financial year ended 31 March 2024
22.Related party transactions (continued)
|
|
Non-group related party transactions
The Grosvenor Cleaning Services Unlimited Company (incorporated in Ireland)
During the financial year a license fee totalling £596,600 (2023: £556,682) was recharged to the company from The Grosvenor Cleaning Services Unlimited Company, a company under common control. At 31 March 2024, the company owed The Grosvenor Cleaning Services Unlimited Company £5,182,058 (2023: £4,093,269) as disclosed in note 16 of these financial statements.
Grosvenor Facility Services Limited (incorporated in Ireland)
As at 31 March 2024, the Company was owed £1,161 (2023: £1,161) from Grosvenor Facility Services Limited as disclosed in note 14 of these financial statements.
Cottesloe Investment Limited (incorporated in United Kingdom)
As at 31 March 2024, the Company was owed £190,921 (2023: £167,048) from Cottesloe Investment Limited as disclosed in note 14 of these financial statements.
Included in debtors is an amount of £364,229 (2023: £606,568) in respect of amounts advanced to Ms. Rita McCauley.
|
|
|
Ultimate parent and controlling party
|
The ultimate parent company is Grosvenor Integrated Services Holdings Limited, a company incorporated in England and Wales.
Grosvenor Integrated Services Holdings Limited prepares consolidated financial statements and copies can be obtained from Companies House or from the parent at Unit 2D Barkers Yard Skegness, PE253SR, England. This is both the smallest and largest set of consolidated financial statements prepared that include the results of Grosvenor Cleaning Services Limited.
The ultimate controlling party of Grosvenor Integrated Services Holdings Limited is Rita. M. McCauley by virtue of her majority shareholding.
|
|
Events since the end of the financial year
|
There have been no significant events affecting the Company since the year end.
Page 25
|
