Grip Technologies Limited Company accounts

GRIP TECHNOLOGIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06440287

Grip Technologies Limited

Unaudited Financial Statements

30 November 2022

Grip Technologies Limited

Financial Statements

Year ended 30 November 2022

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	10

Grip Technologies Limited

Directors' Report

Year ended 30 November 2022

The directors present their report and the unaudited financial statements of the company for the year ended 30 November 2022 .

Directors

The directors who served the company during the year were as follows:

Mrs Mahvish Khan
Mr Muhammad Ahmed Khan

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 31 August 2023 and signed on behalf of the board by:

Mrs Mahvish Khan	Mr Muhammad Ahmed Khan
Director	Director

Registered office:

113 Westmead Road

Sutton

Surrey

SM1 4JE

Grip Technologies Limited

Statement of Income and Retained Earnings

Year ended 30 November 2022

	2022	2021
Note	£	£
Turnover	675,238	1,330,219

Cost of sales	326,635	938,865
	---------	------------
Gross profit	348,603	391,354

Administrative expenses	211,953	182,965
Other operating income	13,148	20,815
	---------	---------
Operating profit	149,798	229,204

Interest payable and similar expenses		–	11,267
		---------	---------
Profit before taxation	5	149,798	217,937

Tax on profit	28,679	22,276
	---------	---------
Profit for the financial year and total comprehensive income	121,119	195,661
	---------	---------

Dividends paid and payable	( 45,000)	( 20,000)

Retained earnings at the start of the year	1,238,582	1,062,921
	------------	------------
Retained earnings at the end of the year	1,314,701	1,238,582
	------------	------------

All the activities of the company are from continuing operations.

Grip Technologies Limited

Statement of Financial Position

30 November 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		9,689	11,399

Current assets

Stocks		432,693	650,789
Debtors	7	748,881	1,093,862
Cash at bank and in hand		761,601	77,800
		------------	------------
		1,943,175	1,822,451

Creditors: amounts falling due within one year	8	638,161		595,266
		------------		------------
Net current assets			1,305,014	1,227,185
			------------	------------
Total assets less current liabilities			1,314,703	1,238,584
			------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,314,701	1,238,582
	------------	------------
Shareholders funds	1,314,703	1,238,584
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 November 2022 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 31 August 2023 , and are signed on behalf of the board by:

Mrs Mahvish Khan	Mr Muhammad Ahmed Khan
Director	Director

Company registration number: 06440287

Grip Technologies Limited

Notes to the Financial Statements

Year ended 30 November 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 113 Westmead Road, Sutton, Surrey, SM1 4JE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	15% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	1,710	2,010
	-------	-------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 December 2021 and 30 November 2022	1,966	12,675	23,236	37,877
	-------	--------	--------	--------
Depreciation
At 1 December 2021	1,666	9,221	15,591	26,478
Charge for the year	45	518	1,147	1,710
	-------	--------	--------	--------
At 30 November 2022	1,711	9,739	16,738	28,188
	-------	--------	--------	--------
Carrying amount
At 30 November 2022	255	2,936	6,498	9,689
	-------	--------	--------	--------
At 30 November 2021	300	3,454	7,645	11,399
	-------	--------	--------	--------

7. Debtors

	2022	2021
	£	£
Trade debtors	72,664	75,420
Other debtors	676,217	1,018,442
	---------	------------
	748,881	1,093,862
	---------	------------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	14,864	13,346
Amounts owed to group undertakings and undertakings in which the company has a participating interest	492,984	492,984
Corporation tax	28,679	22,276
Social security and other taxes	33,274	3,566
Other creditors	68,360	63,094
	---------	---------
	638,161	595,266
	---------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2022	2021
	£	£
Mrs Mahvish Khan	( 8,312)	( 1,350)
Mr Muhammad Ahmed Khan	( 16,012)	( 16,037)
	--------	--------
	( 24,324)	( 17,387)
	--------	--------

10. Related party transactions

The company was under the control of Mrs Mahvish Khan & Mr Muhammad Khan throughout the current and the previous year. Mr & Mrs Khan are the managing directors and majority shareholders. Included in the other creditors is £43,386.36 (2021 - 43,386.36) owed to Bridgelink Consultants Limited. Mr Muhammad Khan is a director and majority shareholder in Bridgelink Consultants Limited. Included in the other creditors is £492,984.40 (2021 - £492,984.40) owed to Medleg Doctors Limited. Mr Muhammad Khan is a director and shareholder in Medleg Doctors Limited. Included in the other debtors is £232,665.00 (2021 - £378,860.00) owed from ANA PROPERTY INVESTMENTS LIMITED. Mr Muhammad Khan is a director and shareholder in ANA PROPERTY INVESTMENTS LIMITED. Included in the subcontractor costs is £37,926.12, paid to Bridgelink Consultants Limited. Mr Muhammad Khan is a director and majority shareholder in Bridgelink Consultants Limited.

Grip Technologies Limited

Management Information

Year ended 30 November 2022

The following pages do not form part of the financial statements.

Grip Technologies Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Grip Technologies Limited

Year ended 30 November 2022

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 November 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

CHOWDHARY & CO Chartered accountants

46 Syon Lane Osterley Middlesex TW7 5NQ

31 August 2023