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Registration number: 00369847

Richard Grant & Son (Leverton) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

Richard Grant & Son (Leverton) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 12

 

Richard Grant & Son (Leverton) Limited

Company Information

Directors

S L Payne

S J Grant

J R B Grant

Company secretary

J R B Grant

Registered office

Sheepgate Nursery
Leverton
Boston
Lincolnshire
PE22 0AS

Bankers

HSBC
7 High Street
Boston
PE21 8SL

Accountants

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Richard Grant & Son (Leverton) Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Richard Grant & Son (Leverton) Limited for the year ended 31 December 2016 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Richard Grant & Son (Leverton) Limited, as a body, in accordance with the terms of our engagement letter dated 20 May 2014. Our work has been undertaken solely to prepare for your approval the accounts of Richard Grant & Son (Leverton) Limited and state those matters that we have agreed to state to the Board of Directors of Richard Grant & Son (Leverton) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Richard Grant & Son (Leverton) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Richard Grant & Son (Leverton) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Richard Grant & Son (Leverton) Limited. You consider that Richard Grant & Son (Leverton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Richard Grant & Son (Leverton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

27 March 2017

 

Richard Grant & Son (Leverton) Limited

(Registration number: 00369847)
Balance Sheet as at 31 December 2016

Note

2016
£

2015
£

Fixed assets

 

Tangible assets

4

1,611,164

1,572,779

Investments

54,000

54,000

 

1,665,164

1,626,779

Current assets

 

Stocks

6

625,972

596,674

Debtors

7

537,322

635,077

Cash at bank and in hand

 

3,321

10,714

 

1,166,615

1,242,465

Creditors: Amounts falling due within one year

8

(642,294)

(786,880)

Net current assets

 

524,321

455,585

Total assets less current liabilities

 

2,189,485

2,082,364

Creditors: Amounts falling due after more than one year

8

(56,343)

-

Net assets

 

2,133,142

2,082,364

Capital and reserves

 

Called up share capital

9,148

9,148

Revaluation reserve

932,726

932,726

Profit and loss account

1,191,268

1,140,490

Total equity

 

2,133,142

2,082,364

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 March 2017 and signed on its behalf by:
 

.........................................

J R B Grant

Company secretary and director

 

Richard Grant & Son (Leverton) Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 January 2016

9,148

932,726

1,140,490

2,082,364

Profit for the year

-

-

66,481

66,481

Total comprehensive income

-

-

66,481

66,481

Dividends

-

-

(15,703)

(15,703)

At 31 December 2016

9,148

932,726

1,191,268

2,133,142

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 January 2015

9,148

932,726

1,078,903

2,020,777

Profit for the year

-

-

86,018

86,018

Total comprehensive income

-

-

86,018

86,018

Dividends

-

-

(24,431)

(24,431)

At 31 December 2015

9,148

932,726

1,140,490

2,082,364

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Sheepgate Nursery
Leverton
Boston
Lincolnshire
PE22 0AS
Registration number: 00369847

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling which is the functional currency of the Company and have been expressed rounded to the nearest pound.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil - 5% per annum of cost

Fixtures and fittings

15 - 25% reducing balance

Motor vehicles

25% - 30% reducing balance

Plant and machinery

10% - 15% reducing balance, 5% - 33% of cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2015 - 28).

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2016

1,960,500

175,567

162,678

3,180,359

5,479,104

Additions

-

5,208

76,000

46,454

127,662

Disposals

-

-

(6,612)

(3,221)

(9,833)

At 31 December 2016

1,960,500

180,775

232,066

3,223,592

5,596,933

Depreciation

At 1 January 2016

704,576

157,056

132,596

2,912,097

3,906,325

Charge for the year

34,798

5,407

5,911

41,227

87,343

Eliminated on disposal

-

-

(6,611)

(1,288)

(7,899)

At 31 December 2016

739,374

162,463

131,896

2,952,036

3,985,769

Carrying amount

At 31 December 2016

1,221,126

18,312

100,170

271,556

1,611,164

At 31 December 2015

1,255,924

18,511

30,082

268,262

1,572,779

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Investments

2016
£

2015
£

Investments in subsidiaries

54,000

54,000

Subsidiaries

£

Fair value

At 1 January 2016

54,000

At 31 December 2016

54,000

Based on net assets at 31st December, 2013.

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2016

2015

Subsidiary undertakings

SJG Electrical and Security Limited

Sheepgate Nursery
Leverton
Boston
Lincolnshire
PE22 0AS

Ordinary shares

52%

52%

 

England & Wales

     

The principal activity of SJG Electrical and Security Limited is the installation of electrical and security systems Its financial period end is 31 December.

The profit for the financial period of SJG Electrical and Security Limited was £20,157 and the aggregate amount of capital and reserves at the end of the period was £71,473.

6

Stocks

2016
£

2015
£

Raw materials and consumables

310,798

300,738

Finished goods and goods for resale

66,316

54,601

Other inventories

248,858

241,335

625,972

596,674

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Debtors

Note

2016
£

2015
£

Trade debtors

 

29,716

164,589

Prepayments and accrued income

 

31,482

15,670

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

415,622

376,032

Other debtors

 

60,502

78,786

Total current trade and other debtors

 

537,322

635,077

8

Creditors

Note

2016
£

2015
£

Due within one year

 

Bank loans and overdrafts

9

266,756

342,910

Trade creditors

 

86,614

128,551

Accruals and deferred income

 

36,702

41,234

Finance lease liabilities

 

12,057

-

Taxation and social security

 

10,901

10,623

Other creditors

 

229,264

263,562

 

642,294

786,880

Due after one year

 

Finance lease liabilities

 

56,343

-

9

Loans and borrowings

2016
£

2015
£

Non-current loans and borrowings

Finance lease liabilities

56,343

-

2016
£

2015
£

Current loans and borrowings

Bank overdrafts

266,756

342,910

Finance lease liabilities

12,057

-

Other borrowings

-

120,000

278,813

462,910

Bank borrowings of £266,756 (2015 - £342,910) are secured on the assets of the company.

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

10

Dividends

Interim dividends paid

 

2016
£

2015
£

Interim dividend of £1.72 (2015 - £2.67) per each Ordinary A share

1,716

2,669

Interim dividend of £1.72 (2015 - £2.67) per each Ordinary B share

13,987

21,762

 

15,703

24,431

11

Related party transactions

Key management compensation

2016
£

2015
£

Salaries and other short term employee benefits

34,468

34,524

Transactions with directors

2016

At 1 January 2016
£

Advances to directors
£

Repayments by director
£

At 31 December 2016
£

S L Payne

Directors loan account

34,409

8,356

(8,356)

34,409

         
       

 

2015

At 1 January 2015
£

Advances to directors
£

At 31 December 2015
£

S L Payne

Directors loan account

27,935

6,474

34,409

       
     

 

Summary of transactions with subsidiaries

Management charges to SJG Electrical and Security Limited - £40,000 (2015 - £36,000).

Office rent charged to SJG Electrical and Security Limited - £13,200 (2015 - £12,000).

Dividends received from SJG Electrical and Security Limited - £7,800 (2015 - £10,400).

Interest of £10,137 (2015: £8,046) is due in respect of the loan balance from SJG Electrical and Security Limited.

Summary of transactions with other related parties

Directors

Rents paid to directors amounted to £5,400 (2015: £5,400).

Rents paid by directors amounted to £8,700 (2015: £4,350).

 

 

Richard Grant & Son (Leverton) Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Income and receivables from related parties

2016

Subsidiary
£

Sale of goods

10,670

2015

Subsidiary
£

Sale of goods

10,336

Expenditure with and payables to related parties

2016

Subsidiary
£

Purchase of goods

21,910

2015

Subsidiary
£

Purchase of goods

21,130

Loans to related parties

2016

Subsidiary
£

Other related parties
£

At start of period

376,032

109,085

Advanced

39,590

85,699

At end of period

415,622

194,784

2015

Subsidiary
£

Other related parties
£

At start of period

345,704

(14,904)

Advanced

30,328

123,989

At end of period

376,032

109,085

12

Transition to FRS 102

There have been no changes to the figures reported in the financial statements for the current or preceding year following the adoption of FRS 102.