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Unaudited Financial Statements for the Year Ended 31 October 2021 |
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Grosvenor Philatelic Auctions Limited |
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Unaudited Financial Statements for the Year Ended 31 October 2021 |
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for |
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Grosvenor Philatelic Auctions Limited |
Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Grosvenor Philatelic Auctions Limited |
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Company Information |
for the Year Ended 31 October 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
First Floor, West Barn |
North Frith Farm, Ashes Lane |
Hadlow |
Tonbridge |
Kent |
TN11 9QU |
Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |
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Balance Sheet |
31 October 2021 |
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2021 | 2020 |
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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NET ASSETS |
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CAPITAL & RESERVES |
Called up share capital | 10 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings 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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Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2021 |
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1. | STATUTORY INFORMATION |
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Grosvenor Philatelic Auctions Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents commissions receivable and sales of stamps, excluding value added tax. |
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Tangible fixed assets |
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Short leasehold | - |
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Fixtures & fittings | - |
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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 Statement of Income and Retained Earnings, 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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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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4. | TANGIBLE FIXED ASSETS |
Short | Fixtures | Computer |
leasehold | & fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2020 |
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Additions |
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At 31 October 2021 |
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DEPRECIATION |
At 1 November 2020 |
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Charge for year |
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At 31 October 2021 |
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NET BOOK VALUE |
At 31 October 2021 |
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At 31 October 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments & accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans & overdrafts |
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Trade creditors |
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Corporation tax |
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Social security & other taxes |
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Directors' current accounts | 150 | 150 |
Accrued expenses |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Grosvenor Philatelic Auctions Limited (Registered number: 03444274) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2021 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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The bank loan is secured by a fixed and floating charge over all assets. Interest is being charged at a commercial rate. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 30 | 30 |