Gripstep Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04358747 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

GRIPSTEP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S J Pugh

SECRETARY:

Ms V Howells

REGISTERED OFFICE:

17 Fairlawn Avenue

Patchway

Bristol

BS34 4AB

REGISTERED NUMBER:

04358747 (England and Wales)

ACCOUNTANTS:

Gordon Wood Scott & Partners Limited

Chartered Accountants

Dean House

94 Whiteladies Road

Clifton

Bristol

BS8 2QX

FIXED ASSETS

Tangible assets

4

33,617

39,053

CURRENT ASSETS

Debtors

5

12,106

5,638

Cash at bank

25,634

-

37,740

5,638

CREDITORS

Amounts falling due within one year

6

(25,517

)

(26,425

)

NET CURRENT ASSETS/(LIABILITIES)

12,223

(20,787

)

TOTAL ASSETS LESS CURRENT LIABILITIES

45,840

18,266

CREDITORS

Amounts falling due after more than one year

7

(6,811

)

(11,775

)

PROVISIONS FOR LIABILITIES

(8,405

)

(9,764

)

NET ASSETS/(LIABILITIES)

30,624

(3,273

)

CAPITAL AND RESERVES

Called up share capital

9

10

10

Retained earnings

30,614

(3,283

)

SHAREHOLDERS' FUNDS

30,624

(3,273

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2023 and were signed by:

S J Pugh - Director

1.	STATUTORY INFORMATION

Gripstep 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.

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

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

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Short term debtors are measured at transaction price less any impairment.

Short term creditors are measured at transaction price.

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Other financial liabilities, including borrowings are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis.

Taxation

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2022

59,534

22,888

82,422

Additions

1,906

-

1,906

Disposals

(672

)

-

(672

)

At 31 March 2023

60,768

22,888

83,656

DEPRECIATION

At 1 April 2022

27,571

15,798

43,369

Charge for year

4,998

1,773

6,771

Eliminated on disposal

(101

)

-

(101

)

At 31 March 2023

32,468

17,571

50,039

NET BOOK VALUE

At 31 March 2023

28,300

5,317

33,617

At 31 March 2022

31,963

7,090

39,053

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

10,749

1,008

VAT

-

2,865

Prepayments and accrued income

1,357

1,765

12,106

5,638

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts (see note 8)

6,411

15,674

Corporation Tax

15,765

7,879

VAT

1,040

-

Directors' loan accounts

251

1,052

Accruals and deferred income

2,050

1,820

25,517

26,425

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans (see note 8)

6,811

11,775

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.23

31.3.22

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

1,411

10,674

Bank loans

5,000

5,000

6,411

15,674

Amounts falling due between two and five years:

Bank loans - 2-5 years

6,811

11,775

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

10

Ordinary

£1

10

10

10.	RELATED PARTY DISCLOSURES