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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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GRANT SERVICES LIMITED |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 March 2020 |
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for |
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GRANT SERVICES LIMITED |
GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2020 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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GRANT SERVICES LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Ferrari House |
258 Field End Road |
Ruislip |
Middlesex |
HA4 9UU |
GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Report of the Directors |
FOR THE YEAR ENDED 31 MARCH 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of distribution and servicing of industrial and domestic vacuum cleaners and ancilliary equipment. |
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REVIEW OF BUSINESS |
The path and progress of our 2019 - 2020 accounting year was running as we had planned and expected, impacted at the very end by COVID19. |
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With the month of March being traditionally one of our best months, the COVID19 slowdown then lockdown resulted in a reduced turnover for this month. This resulted in a projected £40k profit for the year reversing to show a pre-tax profit of £500. |
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During the year, in a tight labour market, we invested £80k into recruitment and training of 4 additional breadwinners, (three in sales and one service engineer) as well as replacing one salesperson and one service engineer at the total cost of £120k. As a result, on an adjusted like for like basis, we consider the company made £87k profit but the investment in additional capacity stands us in good stead moving forward. |
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We have also been involved with research and development of very specialist equipment for sanitising operating theatres, wards, ambulances etc. We are also working on equipment of sanitising underground train stations and walkways. This work was being developed long before this current COVID19 epidemic and was inspired by the MRSA and Ebola and SARS Research. To date, we have invested £40,000 in materials and labour into these projects and are continuing to invest in currently. |
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We have raised and injected £90,000 in fresh funding into the company in this financial year to support this investment and projects and we expect to inject at least a further £200,000 in the coming year. We estimate that the pre COVID underlying value of the company to be in the range £2 - £3 million, based on its market share, positioning and networks but anticipate the value of the company to rise by at least another £1 million as we emerge from the immediate crisis. |
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Due to the current COVID19 epidemic we have revised our strategy, cut costs and accelerated diversification into new sectors, but particularly E-commerce and specialist contract cleaning, these two new income streams will open up new opportunities and once we return to more normal operations with clients in the Hotel and Leisure industry we expect to be on a new platform of rapid growth |
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2020-2021 is extremely difficult to forecast, but given the greater national focus on cleaning and hygiene, which is expected to be ongoing, by the middle of 2022 we expect the company to be returning to the path of our planned 5-year growth strategy. |
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GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Report of the Directors |
FOR THE YEAR ENDED 31 MARCH 2020 |
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DIRECTORS |
The directors during the year under review were: |
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The beneficial interests of the directors holding office on 31 March 2020 in the issued share capital of the company were as follows: |
31.3.20 | 1.4.19 |
Ordinary £1 shares |
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- | - |
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50 | 50 |
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50 | 50 |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Balance Sheet |
31 MARCH 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Balance Sheet - continued |
31 MARCH 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2020 |
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1. | STATUTORY INFORMATION |
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Grant Services Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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In the light of the COVID-19 pandemic, the directors have concluded that the company is and remains a going concern based on extra funding secured and the forecast of business moving forward. |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Covid-19 related government support |
Where the company has received grants or other Government support in connection with COVID-19, these have been accounted as follows : |
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Government Assistance loans are recognised and accounted as other commercial loans. Where material, grants paid by Government to lenders for fees or first years interest are recognised as other income along with the related costs. |
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Government or Local Authority grants are recognised in the period in which they are received. |
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Coronavirus Job Retention Scheme Grants are recognised in the period to which they relate. |
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Rent or Rates holidays are accounted in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
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Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 5,870 | 17,735 |
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The overdraft (Invoice discounters advance) is secured against the debtors. |
The HP liabilities are secured against the assets to which they relate. |
The bank overdraft and loan accounts are also secured by personal guarantee of B Rees and S Tidder. |
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9. | CONTROLLING PARTY |
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The company is controlled by B Rees and S Tidder, each being 50% shareholders. |