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

REGISTERED NUMBER: 04893106 (England and Wales)

GRAVITEX LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr K W O'Brien

Mrs J H O'Brien

REGISTERED OFFICE:

Town Wall House

Balkerne Hill

Colchester

Essex

CO3 3AD

REGISTERED NUMBER:

04893106 (England and Wales)

FIXED ASSETS

Tangible assets

4

692

978

Investments

5

1,352,204

1,369,411

1,352,896

1,370,389

CURRENT ASSETS

Debtors

6

684,302

715,949

Cash at bank

59,612

75,667

743,914

791,616

CREDITORS

Amounts falling due within one year

7

(46,966

)

(66,608

)

NET CURRENT ASSETS

696,948

725,008

TOTAL ASSETS LESS CURRENT LIABILITIES

2,049,844

2,095,397

PROVISIONS FOR LIABILITIES

(157,179

)

(116,323

)

NET ASSETS

1,892,665

1,979,074

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

8

780,916

836,166

Retained earnings

1,111,748

1,142,907

1,892,665

1,979,074

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 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:

Mr K W O'Brien - Director

1.	STATUTORY INFORMATION

Gravitex 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.

For the purposes of presentation, the financial statements are rounded to the nearest 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 as modified by the revaluation of certain assets.

Tangible fixed assets

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

Computer equipment

-

25% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost.

Fixed asset investments

The directors have revalued the company's interest in the Limited Liability Partnerships where investment properties are held. This will be subject to an annual revaluation based on the present market value and carried out by the directors.

Other fixed asset investments are stated at cost less provision for diminution in value.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2022

and 31 March 2023

2,642

DEPRECIATION

At 1 April 2022

1,664

Charge for year

286

At 31 March 2023

1,950

NET BOOK VALUE

At 31 March 2023

692

At 31 March 2022

978

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2022

1,369,411

Revaluations

(17,207

)

At 31 March 2023

1,352,204

NET BOOK VALUE

At 31 March 2023

1,352,204

At 31 March 2022

1,369,411

The directors have revalued the company's interest in the Limited Liability Partnerships where investment properties are held. This will be subject to an annual revaluation based on the present market value and carried out by the directors.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts due from related undertakings

664,681

685,906

Other debtors

9,640

19,640

Directors' current accounts

9,981

10,403

684,302

715,949

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts due to related undertakings

35,623

59,015

Corporation tax

5,982

3,342

Other creditors

3,761

2,926

Accruals and deferred income

1,600

1,325

46,966

66,608

8.

RESERVES

Fair

value

reserve

£

At 1 April 2022

836,166

Transfer of fair value adjustment

(55,250

)

At 31 March 2023

780,916

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period the Director introduced £18,942 (2022: £18,430), received dividends of £86,000 (2022:£82,000) and withdrew £104,520 (2022: £102,643). At the period end the Director owed the Company £9,982 (2022: £10,403). This amount is unsecured and is repayable on demand.

10.	RELATED PARTY DISCLOSURES

During the year the company recognised amounts in respect of profits and losses from participation in Limited Liability Partnerships of £130,603 (2022: £27,636).

During the year amounts were drawn from the Limited Liability Partnership interests of £128,437 (2022: £721,111).

During the year amounts were introduced to the Limited Liability Partnership interests of £Nil (2022: £200,873).

At the year end the following amounts were due to the company/(from the company):

2023

2022

£

£

Barkley Projects LLP

9,705

60,458

Barkley Projects Properties LLP

382,073

382,524

Barkley Projects (Kelvedon) LLP

(35,623

)

(59,015

)

Gramancha LLP

-

-

Tey Gardens LLP

268,903

242,925

629,058

626,891

The above balances are unsecured, interest free and repayable on demand.