GRIT_LIMITED_31_Jan_2023_companies_house_set_of_accounts.html
GRIT_LIMITED_31_Jan_2023_companies_house_set_of_accounts.html
Company registration number:
Statement of Financial Position
2023 | 2022 | ||||
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Note | £ | £ | |||
Current assets | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities | 54,008 | 53,467 | |||
Creditors: amounts falling due after more than one year | 8 |
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Net assets |
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Capital and reserves | |||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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For the year ending 31 January 2023 , the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2023 , and are signed on behalf of the board by:
Director |
Company registration number:
06042245
Notes to the Financial Statements
Year ended 31 January 2023
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is 16 Hailsham Close , Surbiton , Surrey , KT6 6QD , England.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Intangible assets
Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4 Average number of employees
The average number of persons employed by the company during the year was 1 (2022: 1.00 ).
5 Intangible assets
Goodwill | ||
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Cost | ||
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Amortisation | ||
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Carrying amount | ||
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At 31 January 2022 | - |
6 Debtors
2023 | 2022 | |||
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£ | £ | |||
Trade debtors |
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Other debtors |
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7 Creditors: amounts falling due within one year
2023 | 2022 | |||
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£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8 Creditors: amounts falling due after more than one year
2023 | 2022 | |||
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£ | £ | |||
Bank loans and overdrafts |
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