Company Registration No. 09464804 (England and Wales)
GRANTON JOINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
26-32 Oxford Road
Bournemouth
Dorset
United Kingdom
BH8 8EZ
GRANTON JOINERY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GRANTON JOINERY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
507
Tangible assets
4
25,526
32,798
Current assets
Stocks
3,000
3,000
Debtors
5
60,519
92,631
Cash at bank and in hand
26,969
160
90,488
95,791
Creditors: amounts falling due within one year
6
(71,704)
(115,492)
Net current assets/(liabilities)
18,784
(19,701)
Total assets less current liabilities
44,310
13,604
Creditors: amounts falling due after more than one year
7
(42,094)
Provisions for liabilities
(4,221)
(5,465)
Net (liabilities)/assets
(2,005)
8,139
Capital and reserves
Called up share capital
8
1,370
1,370
Profit and loss reserves
(3,375)
6,769
Total equity
(2,005)
8,139
GRANTON JOINERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
31 March 2021
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 26 August 2021 and are signed on its behalf by:
Mr. P Callaghan
Director
Company Registration No. 09464804
The notes on pages 4 to 9 form part of these financial statements
GRANTON JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Granton Joinery Limited
(09464804)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Acorn Business Centre, Northarbour Road, Cosham, Portsmouth, Hampshire, United Kingdom, PO6 3TH. The business address is Unit 1 Stone Lane Industrial Estate, Stone Lane, Wimborne, Dorset, United Kingdom, BH21 1HD.
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
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the subsidiary qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
GRANTON JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
1.4
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
25% reducing balance
Office costs and equipment
25% reducing balance / 5 years straight line
Motor vehicles
25% reducing balance
Short leasehold
Straight line over the life of the lease
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
.
1.5
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.
1.6
Cash at bank and in hand
Cash and cash equivalents
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
GRANTON JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
12
13
GRANTON JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
30,371
Amortisation and impairment
At 1 April 2020
29,864
Amortisation charged for the year
507
At 31 March 2021
30,371
Carrying amount
At 31 March 2021
At 31 March 2020
507
4
Tangible fixed assets
Plant and machinery
Office costs and equipment
Motor vehicles
Short leasehold
Total
£
£
£
£
£
Cost
At 1 April 2020
25,897
44,025
23,410
1
93,333
Additions
4,968
4,968
At 31 March 2021
30,865
44,025
23,410
1
98,301
Depreciation and impairment
At 1 April 2020
17,062
27,514
15,959
60,535
Depreciation charged in the year
3,451
6,926
1,863
12,240
At 31 March 2021
20,513
34,440
17,822
72,775
Carrying amount
At 31 March 2021
10,352
9,585
5,588
1
25,526
At 31 March 2020
8,835
16,511
7,451
1
32,798
GRANTON JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
59,557
92,156
Other debtors
477
Prepayments and accrued income
485
475
60,519
92,631
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank overdrafts
7,906
25,652
Trade creditors
15,116
12,140
Amounts owed to group undertakings
10,637
39,000
Taxation and social security
34,629
26,405
Other creditors
845
9,813
Accruals and deferred income
2,571
2,482
71,704
115,492
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
42,094
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares A class of £1 each
1,000
1,000
1,000
1,000
Ordinary shares B class of £1 each
370
370
370
370
1,370
1,370
1,370
1,370
GRANTON JOINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
11,000