Registration number:
Richard Grant & Son (Leverton) Limited
for the Year Ended 31 December 2022
Richard Grant & Son (Leverton) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Richard Grant & Son (Leverton) Limited
Company Information
Directors |
S J Grant S L Payne K S Hardwick M J Payne |
Registered office |
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Bankers |
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Richard Grant & Son (Leverton) Limited
(Registration number: 00369847)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
9,148 |
9,148 |
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Non distributable profit and loss reserve |
871,088 |
878,778 |
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Retained earnings |
751,314 |
977,712 |
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Shareholders' funds |
1,631,550 |
1,865,638 |
For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Richard Grant & Son (Leverton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 00369847.
The address of its registered office is:
These financial statements were authorised for issue by the
These financial statements cover the individual entity Richard Grant & Son (Leverton) Limited.
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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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 prepared in Sterling which is the functional currency of the Company and have been expressed rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises 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.
Richard Grant & Son (Leverton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Nil - 5% per annum of cost |
Fixtures and fittings |
15 - 25% reducing balance |
Motor vehicles |
25% - 30% reducing balance |
Plant and machinery |
10% - 15% reducing balance, 5% - 33% of cost |
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 |
Website costs |
25% per annum of cost |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.
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.
Richard Grant & Son (Leverton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Richard Grant & Son (Leverton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Intangible assets |
Website costs |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions acquired separately |
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At 31 December 2022 |
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Amortisation |
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At 1 January 2022 |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
- |
- |
- |
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Disposals |
( |
- |
( |
( |
( |
At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Richard Grant & Son (Leverton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Stocks |
2022 |
2021 |
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Raw materials and consumables |
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Finished goods and goods for resale |
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Other inventories |
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Debtors |
2022 |
2021 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
13,348 |
22,508 |
Total current trade and other debtors |
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Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
18,894 |
20,885 |
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Richard Grant & Son (Leverton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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8,148 |
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8,148 |
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Related party transactions |
Summary of transactions with other related parties
Rents paid by directors amounted to £950 (2021: £1,600).
Management charges to SJG Electrical and Security Limited - £36,000 (2021: £38,667)
Office rent charged to SJG Electrical and Security Limited - £13,200 (2021: £13,200)
Loans to related parties
2022 |
Directors |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2021 |
Directors |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Richard Grant & Son (Leverton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Loans and borrowings |
Hire purchase contracts of £nil (2020: £1,306) are secured upon the assets acquired.
2022 |
2021 |
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Current loans and borrowings |
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Bank overdrafts |
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Hire purchase contracts |
- |
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Other borrowings |
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- |
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Bank borrowings of £523,366 (2021: £222,118) are secured on the assets of the company.
Hire purchase contracts of £nil (2021: £1,306) are secured upon the assets acquired.