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Registered number: 12503298














GRAFTON WAREHOUSE SERVICES (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  30 SEPTEMBER 2024

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
GRAFTON WAREHOUSE SERVICES (UK) LTD
REGISTERED NUMBER:12503298

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
$
$

Fixed assets
  

Intangible fixed assets
 4 
-
-

Tangible fixed assets
 5 
788
1,387

  
788
1,387

Current assets
  

Debtors: amounts falling due within one year
 6 
4,312,895
3,030,127

Cash at bank and in hand
  
627,791
1,350,207

  
4,940,686
4,380,334

Current Liabilities
  

Creditors: amounts falling due within one year
 7 
(5,114,375)
(3,909,917)

Net current (liabilities)/assets
  
 
 
(173,689)
 
 
470,417

Total assets less current liabilities
  
(172,901)
471,804

Provisions for liabilities
  

Deferred tax
 8 
-
(347)

Net (liabilities)/assets
  
(172,901)
471,457


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(173,001)
471,357

  
(172,901)
471,457


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.

Page 1

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
REGISTERED NUMBER:12503298
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

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 on 11 April 2025.




T Baldwin
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Grafton Warehouse Services (UK) Limited is a private limited liability company registered in England and Wales, with its principal place of business and registered office address at 26-28 Ely Place, London,  EC1N 6TD. 
The principal activity of the company is that of the provision of warehousing and storage facilities.

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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises rental income and freight handling charges receivable exclusive of Value Added Tax.
Rental income is recognised in the period to which it relates. Rental income received in advance is carried forward as deferred income.
Freight handling charges are recognised when the service is fulfilled.

 
2.3

Going concern

The Company has made a loss after tax of $644,358 (2023 - profit of $110,897) during the period and had net liabilities of $172,901 (2023 - net assets $471,457) at the Statement of Financial Position date.
The Company’s iimmediate parent undertaking Grafton Commodity Trading Limited has given a letter of support confirming it has the ability to and will provide continuing financial support to enable the Company to meet its obligations as and when they fall due for a period of 12 months from the date the directors approve the financial statements of the Company.
On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is $ USD Dollar.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

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.

 
2.5

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.

 
2.6

Interest income

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

 
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:
a) 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
b) 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. Intangible assets consist of computer software which is amortised over 2 years.

 
2.9

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Plant and machinery
-
50%
Computer equipment
-
33%

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.

 
2.10

Debtors

Short term debtors are measured at the transaction price, less any impairment.

 
2.11

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.

Page 5

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.12

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 4).


4.


Intangible assets




Computer software

$



Cost


At 1 October 2023
68,946



At 30 September 2024

68,946



Amortisation


At 1 October 2023
68,946



At 30 September 2024

68,946



Net book value



At 30 September 2024
-



At 30 September 2023
-



Page 6

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

$
$
$



Cost


At 1 October 2023
65,066
1,856
66,922



At 30 September 2024

65,066
1,856
66,922



Depreciation


At 1 October 2023
65,066
469
65,535


Charge for the year on owned assets
-
599
599



At 30 September 2024

65,066
1,068
66,134



Net book value



At 30 September 2024
-
788
788



At 30 September 2023
-
1,387
1,387


6.


Debtors

2024
2023
$
$

Due within one year

Trade debtors
101,860
675,940

Amounts owed by group undertakings
2,948,220
1,872,851

Other debtors
203,143
203,667

Prepayments and accrued income
1,023,079
277,669

Tax recoverable
36,593
-

4,312,895
3,030,127


Page 7

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
$
$

Trade creditors
62,776
371,954

Amounts owed to group undertakings
4,672,893
3,214,047

Corporation tax
-
36,593

Other creditors
164,305
110,385

Accruals and deferred income
214,401
176,938

5,114,375
3,909,917



8.


Deferred taxation




2024
2023


$

$






At beginning of year
347
3,243


Released to Statement of Comprehensive Income
(347)
(2,896)



At end of year
-
347

The deferred taxation balance is made up as follows:

2024
2023
$
$


Accelerated capital allowances
-
347


9.


Share capital

2024
2023
$
$
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of $1.00 each
100
100


Page 8

 
GRAFTON WAREHOUSE SERVICES (UK) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023

$
$


Not later than 1 year
501,066
207,396

Later than 1 year and not later than 5 years
72,454
-

573,520
207,396


11.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


12.


Controlling party

The Company is a subsidiary of Grafton Commodity Trading Limited, a company registered in England and Wales. Grafton Commodity Trading Limited is the smallest group to prepare consolidated financial statements that include the results and balances of the Company. These consolidated financial statements are publicly available and can be obtained upon request from the Company's registered office. The ultimate parent company is Spelugues Investments LLC, a company registered in Delaware, USA. The directors consider the ultimate controlling party to be B Sciortino, a director, who owns 100% share capital of Spelugues Investments LLC.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 11 April 2025 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 9