Grantham Bros. Limited 01372008 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is building work, rental of property and leasing of equipment Digita Accounts Production Advanced 6.30.9574.0 true 01372008 2023-12-01 2024-11-30 01372008 2024-11-30 01372008 bus:OrdinaryShareClass1 2024-11-30 01372008 bus:OrdinaryShareClass2 2024-11-30 01372008 bus:OrdinaryShareClass3 2024-11-30 01372008 bus:OrdinaryShareClass4 2024-11-30 01372008 core:OtherReservesSubtotal 2024-11-30 01372008 core:RetainedEarningsAccumulatedLosses 2024-11-30 01372008 core:RevaluationReserve 2024-11-30 01372008 core:ShareCapital 2024-11-30 01372008 core:FinanceLeases core:Non-currentFinancialInstruments 2024-11-30 01372008 core:CurrentFinancialInstruments 2024-11-30 01372008 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 01372008 core:Non-currentFinancialInstruments 2024-11-30 01372008 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 01372008 core:Goodwill 2024-11-30 01372008 core:OtherResidualIntangibleAssets 2024-11-30 01372008 core:PatentsTrademarksLicencesConcessionsSimilar 2024-11-30 01372008 core:LandBuildings core:LongLeaseholdAssets 2024-11-30 01372008 core:LandBuildings core:OwnedOrFreeholdAssets 2024-11-30 01372008 core:MotorVehicles 2024-11-30 01372008 core:OfficeEquipment 2024-11-30 01372008 core:PlantMachinery 2024-11-30 01372008 core:OtherRelatedParties 2024-11-30 01372008 1 2024-11-30 01372008 bus:SmallEntities 2023-12-01 2024-11-30 01372008 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 01372008 bus:FilletedAccounts 2023-12-01 2024-11-30 01372008 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 01372008 bus:RegisteredOffice 2023-12-01 2024-11-30 01372008 bus:Director2 2023-12-01 2024-11-30 01372008 bus:OrdinaryShareClass1 2023-12-01 2024-11-30 01372008 bus:OrdinaryShareClass2 2023-12-01 2024-11-30 01372008 bus:OrdinaryShareClass3 2023-12-01 2024-11-30 01372008 bus:OrdinaryShareClass4 2023-12-01 2024-11-30 01372008 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 01372008 core:ComputerSoftware 2023-12-01 2024-11-30 01372008 core:Goodwill 2023-12-01 2024-11-30 01372008 core:IntangibleAssetsOtherThanGoodwill 2023-12-01 2024-11-30 01372008 core:OtherResidualIntangibleAssets 2023-12-01 2024-11-30 01372008 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-01 2024-11-30 01372008 core:LandBuildings 2023-12-01 2024-11-30 01372008 core:LandBuildings core:LongLeaseholdAssets 2023-12-01 2024-11-30 01372008 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 01372008 core:MotorVehicles 2023-12-01 2024-11-30 01372008 core:OfficeEquipment 2023-12-01 2024-11-30 01372008 core:PlantMachinery 2023-12-01 2024-11-30 01372008 countries:EnglandWales 2023-12-01 2024-11-30 01372008 1 2023-12-01 2024-11-30 01372008 2023-11-30 01372008 core:Goodwill 2023-11-30 01372008 core:OtherResidualIntangibleAssets 2023-11-30 01372008 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 01372008 core:CostValuation 2023-11-30 01372008 core:LandBuildings core:LongLeaseholdAssets 2023-11-30 01372008 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 01372008 core:MotorVehicles 2023-11-30 01372008 core:OfficeEquipment 2023-11-30 01372008 core:PlantMachinery 2023-11-30 01372008 1 2023-11-30 01372008 2022-12-01 2023-11-30 01372008 2023-11-30 01372008 bus:OrdinaryShareClass1 2023-11-30 01372008 bus:OrdinaryShareClass2 2023-11-30 01372008 bus:OrdinaryShareClass3 2023-11-30 01372008 bus:OrdinaryShareClass4 2023-11-30 01372008 core:OtherReservesSubtotal 2023-11-30 01372008 core:RetainedEarningsAccumulatedLosses 2023-11-30 01372008 core:RevaluationReserve 2023-11-30 01372008 core:ShareCapital 2023-11-30 01372008 core:FinanceLeases core:Non-currentFinancialInstruments 2023-11-30 01372008 core:CurrentFinancialInstruments 2023-11-30 01372008 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 01372008 core:Non-currentFinancialInstruments 2023-11-30 01372008 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 01372008 core:Goodwill 2023-11-30 01372008 core:OtherResidualIntangibleAssets 2023-11-30 01372008 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 01372008 core:LandBuildings core:LongLeaseholdAssets 2023-11-30 01372008 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 01372008 core:MotorVehicles 2023-11-30 01372008 core:OfficeEquipment 2023-11-30 01372008 core:PlantMachinery 2023-11-30 01372008 core:OtherRelatedParties 2023-11-30 01372008 1 2023-11-30 01372008 1 2022-12-01 2023-11-30 01372008 1 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01372008

Grantham Bros. Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Grantham Bros. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Grantham Bros. Limited

(Registration number: 01372008)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

710

Tangible assets

5

2,536,755

2,979,811

Investment property

6

4,250,953

4,250,953

Investments

7

675

675

 

6,788,383

7,232,149

Current assets

 

Stocks

8

1,425,916

1,498,284

Debtors

9

1,815,513

1,569,457

Cash at bank and in hand

 

88,536

130,013

 

3,329,965

3,197,754

Creditors: Amounts falling due within one year

10

(1,333,549)

(879,264)

Net current assets

 

1,996,416

2,318,490

Total assets less current liabilities

 

8,784,799

9,550,639

Creditors: Amounts falling due after more than one year

10

(276,019)

(578,819)

Provisions for liabilities

(952,744)

(1,046,336)

Net assets

 

7,556,036

7,925,484

Capital and reserves

 

Called up share capital

12

170,100

170,100

Revaluation reserve

2,017,503

2,017,503

Other reserves

96,907

96,907

Retained earnings

5,271,526

5,640,974

Shareholders' funds

 

7,556,036

7,925,484

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Grantham Bros. Limited

(Registration number: 01372008)
Balance Sheet as at 30 November 2024

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
D H Grantham
Director

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01372008.

The address of its registered office is:
Warwick Road
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0YB

These financial statements cover the individual entity, Grantham Bros Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 subject to the departure detailed below.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Departures from Companies Act requirements

No depreciation has been charged on freehold land and buildings as they are maintained to such a standard that their residual value is not less than their cost. Management have concluded that this does not affect the financial statements from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services and rental income in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

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

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 taxable income.

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or deemed cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives. Freehold buildings are depreciated to write down the cost or deemed cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost, no depreciation is charged as it is not material.

Asset class

Depreciation method and rate

Land and buildings

No depreciation charged

Plant and machinery

15%-33% straight line basis

Motor vehicles

20% straight line basis

Office equipment

33% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line basis

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Single farm payment entitlements

7 years straight line basis

Computer software

3 years straight line basis

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the Company during the year, was 8 (2023 - 8).

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Single farm entitlements
 £

Computer software
£

Total
£

Cost or valuation

At 1 December 2023

80,000

7,164

2,500

89,664

Disposals

-

(7,164)

-

(7,164)

At 30 November 2024

80,000

-

2,500

82,500

Amortisation

At 1 December 2023

80,000

7,164

1,790

88,954

Amortisation charge

-

-

710

710

Amortisation eliminated on disposals

-

(7,164)

-

(7,164)

At 30 November 2024

80,000

-

2,500

82,500

Carrying amount

At 30 November 2024

-

-

-

-

At 30 November 2023

-

-

710

710

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

1,656,728

94,677

1,547,377

4,329

83,979

3,387,090

Additions

-

-

4,413

1,650

16,640

22,703

Disposals

-

-

-

-

(4,000)

(4,000)

At 30 November 2024

1,656,728

94,677

1,551,790

5,979

96,619

3,405,793

Depreciation

At 1 December 2023

-

-

340,306

1,564

65,409

407,279

Charge for the year

-

-

212,528

1,814

9,771

224,113

Eliminated on disposal

-

-

-

-

(1,533)

(1,533)

Impairment

-

-

239,179

-

-

239,179

At 30 November 2024

-

-

792,013

3,378

73,647

869,038

Carrying amount

At 30 November 2024

1,656,728

94,677

759,777

2,601

22,972

2,536,755

At 30 November 2023

1,656,728

94,677

1,207,071

2,765

18,570

2,979,811

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Investment properties

2024
£

At 1 December 2022

4,250,953

At 30 November 2023

4,250,953

There has been no valuation of investment property by an independent valuer.

7

Investments

2024
£

2023
£

Investments in associates

675

675

Associates

£

Cost

At 1 December 2023

675

Carrying amount

At 30 November 2024

675

At 30 November 2023

675

8

Stocks

2024
£

2023
£

Work in progress

1,381,900

1,454,268

Finished goods and goods for resale

44,016

44,016

1,425,916

1,498,284

9

Debtors

Current

2024
£

2023
£

Trade debtors

346,985

283,016

Prepayments and accrued income

70,583

28,639

Other debtors

1,397,945

1,257,802

 

1,815,513

1,569,457

Details of non-current trade and other debtors

£223,109 (2023 -£177,013) of other debtors is classified as non current.

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

 

364,344

62,500

Trade creditors

 

232,520

149,831

Taxation and social security

 

113,013

33,111

Other creditors

 

490,679

470,581

Accruals and deferred income

 

132,993

163,241

 

1,333,549

879,264

Due after one year

 

Loans and borrowings

 

276,019

578,819

Creditors amounts falling due within one year on which security has been given includes a bank overdraft of £301,844 (2023 - £nil) and finance lease liabilities of £221,998 (2023 - £132,062).

Creditors amounts falling due after one year on which security has been given includes finance lease liabilities of £244,769 (2023 - £485,069).

The bank overdraft is secured by charges over the company's assets.

The finance lease liabilities are secured on the assets to which they relate to.

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

31,250

93,750

Finance lease liabilities

244,769

485,069

276,019

578,819

2024
£

2023
£

Current loans and borrowings

Bank borrowings

62,500

62,500

Bank overdrafts

301,844

-

Director's loan account

49,104

100,134

413,448

162,634

 

Grantham Bros. Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

84,830

84,830

84,830

84,830

Ordinary B of £1 each

100

100

100

100

Ordinary C of £1 each

85,000

85,000

85,000

85,000

Ordinary D of £1 each

170

170

170

170

170,100

170,100

170,100

170,100

13

Related party transactions

Transactions with Directors

2024

At 1 December 2023
£

Advances to Director
£

Repayments by Director
£

At 30 November 2024
£

Director's interest free loan account - no formal repayments

486,296

161,581

25,000

672,877

 

2023

At 1 December 2022
£

Advances to Director
£

Repayments by Director
£

At 30 November 2023
£

Director's interest free loan account - no formal repayments

504,989

6,307

(25,000)

486,296

 

Income and receivables from related parties

2024

Other related parties
£

Amounts receivable from related party

484,276

2023

Other related parties
£

Amounts receivable from related party

474,673

Expenditure with and payables to related parties

2024

Other related parties
£

Amounts payable to related party

186,038

2023

Other related parties
£

Amounts payable to related party

238,205