Gravitex Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04893106 (England and Wales)

GRAVITEX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2019

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

7

Directors:

K W O'Brien

J H O'Brien

Registered office:

Town Wall House

Balkerne Hill

Colchester

Essex

CO3 3AD

Registered number:

04893106 (England and Wales)

Fixed assets

Tangible assets

4

1,123

-

Investments

5

655,549

655,549

656,672

655,549

Current assets

Debtors

6

1,152,500

966,219

Cash at bank

213,065

58,197

1,365,565

1,024,416

Creditors

Amounts falling due within one year

7

(93,942

)

(42,998

)

Net current assets

1,271,623

981,418

Total assets less current liabilities

1,928,295

1,636,967

Provisions for liabilities

(69,068

)

(69,665

)

Net assets

1,859,227

1,567,302

Capital and reserves

Called up share capital

1

1

Fair value reserve

8

544,001

544,001

Retained earnings

1,315,225

1,023,300

1,859,227

1,567,302

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 16 October 2019 and were signed on its behalf by:

K W O'Brien - Director

1.	Statutory information

Gravitex Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost.

Fixed asset investments

The directors have revalued the company's interest in the Limited Liability Partnerships where investment

properties are held. This will be subject to an annual revaluation based on the present market value and

carried out by the directors.

Other fixed asset investments are stated at cost less provision for diminution in value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except

to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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.

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.

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.

3.	Employees and directors

The average number of employees during the year was 2 (2018 - 2 ) .

4.	Tangible fixed assets

Computer

equipment

£

Cost

Additions

1,497

At 31 March 2019

1,497

Depreciation

Charge for year

374

At 31 March 2019

374

Net book value

At 31 March 2019

1,123

5.	Fixed asset investments

Other

investments

£

Cost

At 1 April 2018

and 31 March 2019

655,549

Net book value

At 31 March 2019

655,549

At 31 March 2018

655,549

The directors have revalued the company's interest in the Limited Liability Partnerships where investment

properties are held. This will be subject to an annual revaluation based on the present market value and

carried out by the directors.

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Amounts due from related undertakings

1,137,138

960,821

Other debtors

13,364

3,736

Directors' current accounts

-

1,662

Prepayments and accrued income

1,998

-

1,152,500

966,219

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Amounts due to related undertakings

2,041

1,674

Corporation tax

88,886

39,700

Other creditors

867

474

Directors' current accounts

948

-

Accruals and deferred income

1,200

1,150

93,942

42,998

8.

Reserves

Fair

value

reserve

£

At 1 April 2018

and 31 March 2019

544,001

9.	Related party disclosures

During the year the company recognised amounts in respect of profits and losses from participation in

Limited Liability Partnerships of £529,952 (2018: £295,195).

During the year amounts were drawn from the Limited Liability Partnership interests of £344,362 (2018:

£168,830).

At the year end the following amounts were due to the company/(from the company):

2019

2018

£

£

Barkley Projects LLP

265,590

371,660

Barkley Projects Properties LLP

678,346

401,280

Barkley Projects (Kelvedon) LLP

(1,792

)

(1,415

)

Gramancha LLP

(249

)

(259

)

Tey Gardens LLP

193,202

178,241

1,135,097

949,507

The above balances are unsecured, interest free and repayable on demand.