Company Registration No. 2842512 (England and Wales)
Grommets Limited
Unaudited accounts
for the year ended 31 August 2021
Grommets Limited
Unaudited accounts
Contents
Grommets Limited
Company Information
for the year ended 31 August 2021
Company Number
2842512 (England and Wales)
Registered Office
Unit 2
Hollands Lane
Henfield
West Sussex
BN5 9QY
Accountants
Keymer Haslam & Co
Bowden House
1 Church Street
Henfield
West Sussex
BN5 9NS
Grommets Limited
Statement of financial position
as at
31 August 2021
Tangible assets
87,226
46,686
Inventories
70,905
80,805
Cash at bank and in hand
751,496
325,006
Creditors: amounts falling due within one year
(358,354)
(87,870)
Net current assets
591,574
426,678
Total assets less current liabilities
678,800
473,364
Provisions for liabilities
Deferred tax
(14,268)
(8,870)
Net assets
664,532
464,494
Called up share capital
37,221
37,221
Share premium
12,779
12,779
Profit and loss account
614,532
414,494
Shareholders' funds
664,532
464,494
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 October 2021 and were signed on its behalf by
Mrs J Boorma
Director
Company Registration No. 2842512
Grommets Limited
Notes to the Accounts
for the year ended 31 August 2021
Grommets Limited is a private company, limited by shares, registered in England and Wales, registration number 2842512. The registered office is Unit 2, Hollands Lane, Henfield, West Sussex, BN5 9QY.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line 5%
Plant & machinery
Straight line 20%
Motor vehicles
Straight line 20%
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Grommets Limited
Notes to the Accounts
for the year ended 31 August 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
In common with many other businesses, the company has encountered difficult trading conditions owing to the Covid 19 pandemic and, in addition, the issues regarding Brexit and how that will affect the company's operations, create uncertainty over the company's ability to realise its assets and meet it liabilities in the ordinary course of business in the future. However, the directors will continue to support the company and have made operational changes to enable the company to continue to trade. These trading conditions may continue for the foreseeable future, although advancements in medical science continue to improve the outlook and Brexit issues are being resolved, so the directors believe the actions they have taken are sufficient to mitigate any uncertainty and therefore have prepared the financial statements on the going concern basis.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2020
16,391
100,678
20,500
11,330
148,899
Additions
-
5,798
58,741
-
64,539
At 31 August 2021
16,391
106,476
79,241
11,330
213,438
At 1 September 2020
4,921
81,865
4,100
11,327
102,213
Charge for the year
820
7,320
15,859
-
23,999
At 31 August 2021
5,741
89,185
19,959
11,327
126,212
At 31 August 2021
10,650
17,291
59,282
3
87,226
At 31 August 2020
11,470
18,813
16,400
3
46,686
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
125,407
91,737
Accrued income and prepayments
2,120
-
Grommets Limited
Notes to the Accounts
for the year ended 31 August 2021
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
198,000
515
Obligations under finance leases and hire purchase contracts
39,949
-
Trade creditors
28,057
18,568
Taxes and social security
91,548
67,987
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Deferred taxation
2021
2020
Accelerated capital allowances
14,268
8,870
Provision at start of year
8,870
7,246
Charged to the profit and loss account
5,398
1,624
Provision at end of year
14,268
8,870
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Average number of employees
During the year the average number of employees was 11 (2020: 13).