Company Registration No. SC186537 (Scotland)
GRINMOST (NO 90) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
GRINMOST (NO 90) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GRINMOST (NO 90) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Investment properties
3
453,018
449,486
Investments
4
262,501
262,501
715,519
711,987
Current assets
Trade and other receivables
5
309,071
172,555
Cash and cash equivalents
6,586
5,634
315,657
178,189
Current liabilities
6
(267,230)
(295,932)
Net current assets/(liabilities)
48,427
(117,743)
Total assets less current liabilities
763,946
594,244
Equity
Called up share capital
7
10
10
Retained earnings
763,936
594,234
Total equity
763,946
594,244
The director of the company has elected not to include a copy of the income statement 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 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.
The financial statements were approved and signed by the director and authorised for issue on 23 December 2021
Mr I M Shand
Director
Company Registration No. SC186537
GRINMOST (NO 90) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Grinmost (No 90) Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
1 Rutland Court, Edinburgh, EH3 8EY.
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
Revenue
Revenue 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.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
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.
GRINMOST (NO 90) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, loans, hire purchase and directors' loans.
Loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
1.7
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.
1.8
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
income statement
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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.9
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.
GRINMOST (NO 90) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1
(2020 - 1).
3
Investment property
2021
£
Fair value
At 1 April 2020
449,486
Additions
3,532
At 31 March 2021
453,018
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at 31 March 2021 by an independent valuer.
4
Fixed asset investments
2021
2020
£
£
Investments
262,501
262,501
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2020 & 31 March 2021
262,501
Carrying amount
At 31 March 2021
262,501
At 31 March 2020
262,501
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
8,304
Other receivables
300,767
172,555
309,071
172,555
GRINMOST (NO 90) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
6
Current liabilities
2021
2020
£
£
Trade payables
39
Amounts owed to group undertakings
227,528
229,106
Corporation tax
15,325
114
Other payables
24,338
66,712
267,230
295,932
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary shares of £1 each
10
10
8
Ultimate controlling party
In the directors opinion, I M Shand is the company's ultimate controlling party by virtue of his shareholding.