Company registration number 11083182 (England and Wales)
GRANT STORE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
GRANT STORE LIMITED
COMPANY INFORMATION
Directors
Mr Arron Ashcroft
Mr Deane Ashcroft
Mr Gareth Whitehill
Company number
11083182
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Units 20-21 Cinnamon Brow Business Park
Makerfield Way
Ince
Wigan
WN2 2PR
GRANT STORE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
GRANT STORE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Principal activities

Grant Store Ltd is one of the leading, nationwide installers of Energy Efficient Products under the ECO Scheme (Energy Company Obligation) to blue chip clients. The company also provides consumers with Renewable Energy Solutions to support the UK Government’s goal of achieving net zero.

Review of the business

The financial statements to November 2024 show that the company eclipsed the small company reporting limits, as a result, are no longer entitled to small company reporting exemptions and are subject to statutory audit for the first time.

 

The financial year to November 2024 show continued growth with revenue increasing to £24.2m (2023: £20.1m). Operating profit has fallen in 2024 to £2.8m (2023: £4.1m). A key factor impacting on this reduction include investment in resources, both staff and infrastructure, to continuously drive effective management and operational delivery that will ensure the company is well placed to facilitate the management’s future growth plans and expand our market position.

Principal risks and uncertainties

Regulatory risk

The principal uncertainty facing the business is the future of the government's ECO schemes. The current contracts are performed under ECO4 which runs until March 2026, the future of the ECO schemes will of course be subject to political influence and regulatory consultation, which could replace or significantly change the ECO schemes. However this is considered highly unlikely due to the current drive in the UK to achieve net carbon zero. When the ECO5 scheme details are released we will ensure that we put measures in place to ensure that Grant Store Limited remain a key preferred installer in the market place available to the energy companies to deliver their funding obligations under the ECO scheme.

 

Competition risk

The company partners with blue chip clients via mid to long term contractual agreements. The company mitigates downside risk by working closely with its clients to deliver an excellent service, whilst actively seeking opportunities to grow and diversify the customer base through varied frameworks and new workstreams.

 

Liquidity risk

The company monitors cash flow as part of its day-to-day procedures and the board regularly considers cash flow projections and ensures the company maintains a prudent level of liquid assets and appropriate facilities are available to be drawn on as necessary. The company maintains strong cash balances and actively monitors cash flows to ensure appropriate liquidity levels.

 

Tax risk

All transactions undertaken by the company have a business purpose and a commercial rationale. The company does not engage in any aggressive tax planning and does not implement structures purely for tax planning purposes. In relation to tax compliance, it is the policy of the company to fully comply with all applicable tax rules, regulations and disclosure requirements; submit all tax returns by their due dates and pay all applicable taxes as they fall due. The company uses appropriately qualified and trained employees to look after the company's tax affairs and uses external advisors as appropriate

 

Interest rate risk

The company had no outstanding external loans at 30 November 2024. During the year, the company did not borrow any short-term debt. As discussed below in the context of going concern the company expects to be able to continue to rely on cash from operations to meet its financing requirements.

 

Credit risk

The company's credit risk is primarily attributable to its trade receivables with key customers. The financial reliability of customers is assessed periodically. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the receivables.

GRANT STORE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

On behalf of the board

Mr Arron Ashcroft
Director
22 August 2025
GRANT STORE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,357,450. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Arron Ashcroft
Mr Deane Ashcroft
Mr Gareth Whitehill
Auditor

Lopian Gross Barnett & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Arron Ashcroft
Director
22 August 2025
GRANT STORE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

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 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.

GRANT STORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRANT STORE LIMITED
- 5 -
Opinion

We have audited the financial statements of Grant Store Limited (the 'company') for the year ended 30 November 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 the financial statements:

Basis for opinion

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 Auditor's responsibilities 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 UK, including the FRC’s Ethical Standard, and 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

GRANT STORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRANT STORE LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are 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 the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives 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 our 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.

GRANT STORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRANT STORE LIMITED (CONTINUED)
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

 

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The prior period was not audited.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

GRANT STORE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GRANT STORE LIMITED (CONTINUED)
- 8 -
Daniel Rubinstein FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
26 August 2025
GRANT STORE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,164,474
20,050,630
Cost of sales
(18,501,012)
(14,038,075)
Gross profit
5,663,462
6,012,555
Administrative expenses
(2,896,791)
(1,919,391)
Operating profit
4
2,766,671
4,093,164
Interest receivable and similar income
7
2,044
1,836
Interest payable and similar expenses
8
(17,312)
(8,317)
Profit before taxation
2,751,403
4,086,683
Tax on profit
9
(733,263)
(942,112)
Profit for the financial year
2,018,140
3,144,571

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GRANT STORE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
2,018,140
3,144,571
Other comprehensive income
-
-
Total comprehensive income for the year
2,018,140
3,144,571
GRANT STORE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,149,436
648,668
Current assets
Stocks
12
233,022
241,918
Debtors
13
3,078,939
3,919,912
Cash at bank and in hand
3,173,499
2,932,976
6,485,460
7,094,806
Creditors: amounts falling due within one year
14
(2,670,947)
(3,528,429)
Net current assets
3,814,513
3,566,377
Total assets less current liabilities
4,963,949
4,215,045
Creditors: amounts falling due after more than one year
15
(83,980)
(67,637)
Provisions for liabilities
Deferred tax liability
17
230,788
158,917
(230,788)
(158,917)
Net assets
4,649,181
3,988,491
Capital and reserves
Called up share capital
19
126
126
Share premium account
47,575
47,575
Profit and loss reserves
4,601,480
3,940,790
Total equity
4,649,181
3,988,491

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2025 and are signed on its behalf by:
Mr Arron Ashcroft
Director
Company registration number 11083182 (England and Wales)
GRANT STORE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
100
-
0
1,387,294
1,387,394
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
3,144,571
3,144,571
Issue of share capital
19
26
47,575
-
47,601
Dividends
10
-
-
(591,075)
(591,075)
Balance at 30 November 2023
126
47,575
3,940,790
3,988,491
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
2,018,140
2,018,140
Dividends
10
-
-
(1,357,450)
(1,357,450)
Balance at 30 November 2024
126
47,575
4,601,480
4,649,181
GRANT STORE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
3,549,483
3,089,812
Interest paid
(17,312)
(8,317)
Income taxes paid
(1,276,710)
(246,758)
Net cash inflow from operating activities
2,255,461
2,834,737
Investing activities
Purchase of tangible fixed assets
(643,000)
(369,956)
Proceeds from disposal of tangible fixed assets
46,801
19,926
Interest received
2,044
1,836
Net cash used in investing activities
(594,155)
(348,194)
Financing activities
Proceeds from issue of shares
-
0
47,601
Payment of finance leases obligations
(63,333)
(43,416)
Dividends paid
(1,357,450)
(591,075)
Net cash used in financing activities
(1,420,783)
(586,890)
Net increase in cash and cash equivalents
240,523
1,899,653
Cash and cash equivalents at beginning of year
2,932,976
1,033,323
Cash and cash equivalents at end of year
3,173,499
2,932,976
GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
1
Accounting policies
Company information

Grant Store Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” “FRS 102” and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Leasehold improvements
10 years straight line
Plant and equipment
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Freehold buildings have not been depreciated due to the fact its residual value exceeds its carrying value.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Installation of renewable and energy efficient products
24,164,474
20,050,630
2024
2023
£
£
Other revenue
Interest income
2,044
1,836

All turnover is derived in the United Kingdom.

GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,600
-
0
Depreciation of owned tangible fixed assets
168,833
142,731
Depreciation of tangible fixed assets held under finance leases
48,531
17,774
Loss on disposal of tangible fixed assets
6,839
10,799
Operating lease charges
45,749
28,200
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Senior management
4
3
Operational management
14
11
Operations
49
36
Operational support
6
5
Marketing and design
2
1
Admin
16
11
Finance
2
1
Submissions
6
4
Total
99
72

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,024,209
2,067,966
Social security costs
262,752
179,417
Pension costs
57,637
38,706
3,344,598
2,286,089
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
26,520
13,260
GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,044
171
Other interest income
-
0
1,665
Total income
2,044
1,836
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on loans
6,198
190
Other finance costs:
Interest on finance leases and hire purchase contracts
11,114
8,127
17,312
8,317
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
661,392
883,841
Deferred tax
Origination and reversal of timing differences
71,871
58,271
Total tax charge
733,263
942,112

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,751,403
4,086,683
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
687,851
939,937
Tax effect of expenses that are not deductible in determining taxable profit
4,515
4,806
Permanent capital allowances in excess of depreciation
(30,974)
(60,902)
Deferred tax
71,871
58,271
Taxation charge for the year
733,263
942,112
GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
10
Dividends
2024
2023
£
£
Interim paid
1,357,450
591,075
GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
11
Tangible fixed assets
Freehold buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 December 2023
-
0
98,157
74,016
28,536
50,360
720,397
971,466
Additions
282,247
141,426
13,032
3,065
53,976
278,026
771,772
Disposals
-
0
-
0
-
0
-
0
-
0
(134,231)
(134,231)
At 30 November 2024
282,247
239,583
87,048
31,601
104,336
864,192
1,609,007
Depreciation and impairment
At 1 December 2023
-
0
17,382
21,895
11,922
18,708
252,891
322,798
Depreciation charged in the year
-
0
18,065
15,582
4,509
10,524
168,684
217,364
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(80,591)
(80,591)
At 30 November 2024
-
0
35,447
37,477
16,431
29,232
340,984
459,571
Carrying amount
At 30 November 2024
282,247
204,136
49,571
15,170
75,104
523,208
1,149,436
At 30 November 2023
-
0
80,775
52,121
16,614
31,652
467,506
648,668
GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Tangible fixed assets
(Continued)
- 22 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2024
2023
£
£
Motor vehicles
169,710
95,282
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
233,022
241,918
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,497,740
3,605,080
Amounts owed by group undertakings
51,713
-
0
Other debtors
277,369
303,450
Prepayments and accrued income
252,117
11,382
3,078,939
3,919,912
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
16
85,251
36,155
Trade creditors
1,017,606
1,360,609
Amounts owed to undertakings in which the company has a participating interest
16,000
-
0
Corporation tax
268,523
883,841
Other taxation and social security
81,579
76,831
Other creditors
193,289
392,928
Accruals and deferred income
1,008,699
778,065
2,670,947
3,528,429
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
83,980
67,637
GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
85,251
36,155
In two to five years
83,980
67,637
169,231
103,792

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
230,788
158,917
2024
Movements in the year:
£
Liability at 1 December 2023
158,917
Charge to profit or loss
71,871
Liability at 30 November 2024
230,788
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,637
38,706

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
50
50
50
50
Ordinary B Shares of £1 each
5
50
5
50
Ordinary C Shares of £1 each
13
13
13
13
Ordinary D Shares of £1 each
13
13
13
13
Ordinary E Shares of £1 each
45
0
45
-
0
126
126
126
126
20
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
11,967
11,125
Years 2-5
10,319
1,647
After 5 years
3,010
-
25,296
12,772
21
Events after the reporting date

There are no post balance sheet events that require reporting at the balance sheet date.

GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2024
2023
£
£
Entities with control, joint control or significant influence over the company
1,351,428
589,817
Rent
2024
2023
£
£
Other related parties
43,950
28,200
2024
2023
Amounts due to related parties
£
£
Key management personnel
15,763
-
Other related parties
16,000
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
34,403
-
Other related parties
17,310
-
23
Ultimate controlling party

The ultimate parent company is RHI Projects Limited, a company registered in England and Wales.

The ultimate controlling party is Mr A Ashcroft.

The group, of which Grant Store Limited is a subsidiary, qualified as small this year and therefore no consolidated accounts were prepared.

GRANT STORE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
24
Cash generated from operations
2024
2023
£
£
Profit after taxation
2,018,140
3,144,571
Adjustments for:
Taxation charged
733,263
942,112
Finance costs
17,312
8,317
Investment income
(2,044)
(1,836)
Loss on disposal of tangible fixed assets
6,839
10,799
Depreciation and impairment of tangible fixed assets
217,364
142,731
Movements in working capital:
Decrease in stocks
8,896
239,793
Decrease/(increase) in debtors
840,973
(2,276,689)
(Decrease)/increase in creditors
(291,260)
880,014
Cash generated from operations
3,549,483
3,089,812
25
Analysis of changes in net funds
1 December 2023
Cash flows
New leases
30 November 2024
£
£
£
£
Cash at bank and in hand
2,932,976
240,523
-
3,173,499
Lease liabilities
(103,792)
63,333
(128,772)
(169,231)
2,829,184
303,856
(128,772)
3,004,268
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