Company Registration No. 04733796 (England and Wales)
GRAYSON CONTRACTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
GRAYSON CONTRACTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GRAYSON CONTRACTORS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
88,957
68,227
Current assets
Stocks
21,050
8,033
Debtors
5
19,498
32,383
Cash at bank and in hand
40,071
51,554
80,619
91,970
Creditors: amounts falling due within one year
6
(75,726)
(115,654)
Net current assets/(liabilities)
4,893
(23,684)
Total assets less current liabilities
93,850
44,543
Creditors: amounts falling due after more than one year
7
(19,991)
(19,255)
Provisions for liabilities
(16,902)
(15,328)
Net assets
56,957
9,960
Capital and reserves
Called up share capital
8
250
250
Profit and loss reserves
56,707
9,710
Total equity
56,957
9,960
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GRAYSON CONTRACTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 June 2019
Mr R Grayson
Director
Company Registration No. 04733796
GRAYSON CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
Grayson Contractors Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Market House, 10 Market Walk, Saffron Walden, Essex, CB10 1JZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of
contracting
services is
typically
recognised
based on values measured by externally appointed quantity surveyors,
by reference to the stage of completion
of work on applicable contracts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% per annum on the reducing balance basis
Fixtures, fittings & equipment
25% per annum on the reducing balance basis
Motor vehicles
25% per annum on the reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GRAYSON CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 9).
3
Director's remuneration
2018
2017
£
£
Remuneration paid to directors
8,226
14,862
Dividends paid to directors and close family members
75,000
109,967
Dividends totalling £75000 (2017 - £109967) were paid in the year in respect of shares held by the company's directors and their close family members.
GRAYSON CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2017
180,934
Additions
47,480
Disposals
(5,500)
At 30 September 2018
222,914
Depreciation and impairment
At 1 October 2017
112,708
Depreciation charged in the year
25,552
Eliminated in respect of disposals
(4,303)
At 30 September 2018
133,957
Carrying amount
At 30 September 2018
88,957
At 30 September 2017
68,227
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
7,254
18,216
Other debtors
12,244
14,167
19,498
32,383
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
7,287
23,967
Trade creditors
13,777
5,027
Corporation tax
24,250
25,088
Other taxation and social security
3,149
8,579
Other creditors
27,263
52,993
75,726
115,654
GRAYSON CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 6 -
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
19,991
19,255
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
25 Ordinary C of £1 each
25
25
25 Ordinary D of £1 each
25
25
250
250
All classes of Ordinary share rank equally in all respects, having full voting rights, the right to receive dividends and the right to participate in the proceeds of any sale or winding up of the company.
9
Directors' transactions
Dividends totalling £75,000 (2017 - £109,967) were paid in the year in respect of shares held by the company's directors and their close family members.
During the year, the company continued to provide a loan facility to Mr R Grayson, a director of the company. This loan was subject to interest at a rate of 2.5%, and was repaid during the year. At 30 September 2018, a balance of £4,632 was owing to Mr Grayson.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's loan
2.50
(10,996)
112,500
373
(106,509)
(4,632)
(10,996)
112,500
373
(106,509)
(4,632)
10
Controlling party
From 1 March 2017 onwards, the company was controlled by Mr R Grayson, who is a director of the company, and was its majority shareholder from this date onwards. Prior to 1 March 2017, the company had no overall controlling party.