Grid 2.0 Ltd - Accounts to registrar (filleted) - small 22.3
Grid 2.0 Ltd - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 June 2022 |
| for |
| Grid 2.0 Ltd |
| Grid 2.0 Ltd (Registered number: 06902994) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2022 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Grid 2.0 Ltd |
| Company Information |
| for the Year Ended 30 June 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| Grid 2.0 Ltd (Registered number: 06902994) |
| Abridged Balance Sheet |
| 30 June 2022 |
| 30.6.22 | 30.6.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| Grid 2.0 Ltd (Registered number: 06902994) |
| Abridged Balance Sheet - continued |
| 30 June 2022 |
| 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 and authorised for issue on |
| Grid 2.0 Ltd (Registered number: 06902994) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2022 |
| 1. | STATUTORY INFORMATION |
| Grid 2.0 Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At the year end the company reported net current assets of £150,100 (2021: £234,275) and net liabilities of £769,331 (2021: £649,527). The directors will continue to provide financial support to the company. It is for this reason that at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Government grants |
| In the period ended 30 June 2022, grants were obtained under the furlough scheme in light of the Covid-19 outbreak. The cashflows from these grants were accrued in line with section 24 of FRS 102 and are recognised under other income. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets |
| Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Grid 2.0 Ltd (Registered number: 06902994) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Comparatives |
| The financial statements relate to the 12-month period from 1 July 2021 to 30 June 2022. The comparative period is for the 9-month period from 1 October 2020 to 30 June 2021. |
| Operating leases |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 July 2021 |
| Additions |
| At 30 June 2022 |
| DEPRECIATION |
| At 1 July 2021 |
| Charge for year |
| At 30 June 2022 |
| NET BOOK VALUE |
| At 30 June 2022 |
| At 30 June 2021 |
| Grid 2.0 Ltd (Registered number: 06902994) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2022 |
| 5. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.6.22 | 30.6.21 |
| £ | £ |
| Within one year |
| Between one and five years |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.6.22 | 30.6.21 |
| value: | £ | £ |
| Ordinary | 1p | 1 | 1 |
| 7. | RELATED PARTY DISCLOSURES |
| Included in Amounts owed by related parties are amounts due from a company under common control as a result of transactions entered into on behalf of the company totalling £9,333 (2021: £63,633). No interest is charged in respect of this loan. |