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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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GRANT SERVICES LIMITED |
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REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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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 2018 |
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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 | 5 |
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GRANT SERVICES LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 MARCH 2018 |
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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 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2018. |
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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 |
Commencing mid 2016-17 following a strategic review, we have adopted and embarked on a business restructuring and |
development programme, with the original goal of increasing revenue from under £3million to £6million in 5 years, with a target of |
10% net profit. |
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We have set up five independent divisions and two supporting departments and implemented a business wide IT platform to support |
the anticipated growth. This entailed substantial short-term costs and taking on additional administrative, and sales staff. It also |
required investing in new equipment/machines e.g. Hire machines, extra demonstration equipment, more stock of machines and |
parts. |
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A major overhaul of the sales, maintenance, parts and hire processes, as well as focus on sales prices and direct costs is expected |
(and has in fact begun to demonstrate) gross margin improvements, accelerating net profit margin growth. |
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The increases in overhead costs are most dramatic in 2017-18, with heavy IT implementation, consultancy and training costs. Future |
cost growth expected to be concentrated in direct engineers' costs, the Sales/IT/admin platform now has sufficient capacity and |
flexibility to handle the anticipated revenue growth. |
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Indeed, after the initial platform development period, through 2018-19 and onward, we anticipate efficiency driven reductions in |
administrative costs, both in absolute and relative terms. |
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Anticipated results (and outcome to date) for the initial 5 year plan period were : |
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Turnover Projected Profit before tax Outcome |
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2016-17 (baseline) £3336k Profit £40k |
2017-18 £3500k Loss £100 to £150k Loss £98k |
2018-19 £3750k Profit £100k £100k to £120k (annualised YTD) |
2019-20 £5000k Profit £250k |
2020-21 £6000k Profit £450k |
2021-22 £6000k Profit £600k |
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We had not anticipated that increased investment in sales, product and systems would lead to increasing quality and scale of |
enquiries and contracts. Based on very recent contract wins and pipeline of proposal, excluded from the above, we have reason to |
believe that there is potential for our turnover to reach £10million. |
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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 2018 in the issued share capital of the company were as follows: |
31.3.18 | 1.4.17 |
Ordinary £1 shares |
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50 | 50 |
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50 | 50 |
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GRANT SERVICES LIMITED (REGISTERED NUMBER: 03110723) |
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Report of the Directors |
FOR THE YEAR ENDED 31 MARCH 2018 |
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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; |
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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 2018 |
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2018 | 2017 |
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 year | 7 | ( |
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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 |
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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. |
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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 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 2018 |
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1. | STATUTORY INFORMATION |
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Grant Services Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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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 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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Disposals |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Included within plant and machinery there are assets held under finance leases and HP agreements that have a net book |
value of £8,130 (2017: £22,198). Assets held under finance leases and HP agreements have a depreciation charge of £3,362 |
(2017: £14,011) in the company's profit and loss account. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
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 |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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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 2018 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
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Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 12,531 | 22,198 |
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The 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 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. |