Gruvi Limited
Gruvi Limited
Registered number: 07377735
Unaudited Financial Statements
For the Period
1 October 2021
to
31 December 2022
Ellyss Limited
Chartered Certified Accountants
1c High Street
Fareham
Hampshire
PO16 7AN
Gruvi Limited
Unaudited Financial Statements
For the Period
1 October 2021
to
31 December 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Gruvi Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
07377735
For the period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 31 December 2022 | 30 September 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| 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 (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET (LIABILITIES)/ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (22,056) | 220,369 | |||
Gruvi Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Gruvi Limited
Notes to the Financial Statements
For the Period
1 October 2021
to
31 December 2022
Notes to the Financial Statements
1.
General Information
Gruvi Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
07377735
. The registered office is 2 Marvin Way, Botley, Southampton, Hampshire, SO30 2EG.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
Although the company has made a loss in the current year, it has moved past the start-up phase of the business cycle, and is now generating profits. The steady progression to this phase has been distorted in previous years due to the receipt of government grants issued in response to the COVID pandemic, which resulted in better than expected results in those periods in which they were received.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are costs of developing software for use with Apps. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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Gruvi Limited
Notes to the Financial Statements (continued)
For the Period
1 October 2021
to
31 December 2022
2.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2021: 1)
Gruvi Limited
Notes to the Financial Statements (continued)
For the Period
1 October 2021
to
31 December 2022
4.
Intangible Assets
| Software costs | |||
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| Additions |
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| Amortisation | |||
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| Net Book Value | |||
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5.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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Gruvi Limited
Notes to the Financial Statements (continued)
For the Period
1 October 2021
to
31 December 2022
6.
Debtors
| 31 December 2022 | 30 September 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors (Debtors < 1 year) |
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| Corporation tax recoverable assets |
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| VAT |
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| Directors' loan accounts |
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| Amounts owed by The Gruvi PTY Ltd |
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7.
Creditors: Amounts Falling Due Within One Year
| 31 December 2022 | 30 September 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| VAT | - |
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| Payroll creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to Gruvi Media |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2022 | 30 September 2021 | ||
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| £ | £ | ||
| Bank loans |
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Gruvi Ltd received a Bounceback loan of £50,000 repayable over 6 years. The first 12 months interest free, with repayments starting 27 May 2021.
Gruvi Limited
Notes to the Financial Statements (continued)
For the Period
1 October 2021
to
31 December 2022
10.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mr Benjamin Johnson |
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The above loan is unsecured, interest free and repayable on demand.
11.
Related Party Transactions
An amount of £3,785 was owed to Gruvi Media Inc at the balance sheet date. (In the prior year £36,966 was owed by Gruvi Media Inc). Gruvi Media Inc is under the control of Gruvi Limited by virtue of its shareholding of Gruvi Media Inc.
Gruvi Denmark is under the control of Gruvi Limited by virtue of its shareholding of Gruvi Denmark. There were no intercompany balances between these companies at the balance sheet date. In the prior year £36,596 was owed by Gruvi Denmark.
The Gruvi PTY Ltd is under the control of Gruvi Limited by virtue of its shareholding of The Gruvi PTY Ltd. During the period, Gruvi PTY has paid a subscription of £79,400 and this amount shows as Other income. At the balance sheet date, there was an amount of £33,337 owed to Gruvi Limited by The Gruvi PTY Ltd.
12.
Ultimate Controlling Party
The company's ultimate controlling party is
Ben Johnson
by virtue of his ownership of 48% of the overall issued share capital in the company.