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Registered Number: 08827108
England and Wales

 

 

 

GRID SET CONSTRUCTION LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2021

End date: 31 December 2021
 
 
Notes
 
2021
£
  2020
£
Fixed assets      
Tangible fixed assets 98,297    79,964 
98,297    79,964 
Current assets      
Cash at bank and in hand 23,687    9,100 
Creditors: amount falling due within one year (29,165)   (25,877)
Net current liabilities (5,478)   (16,777)
 
Total assets less current liabilities 92,819    63,187 
Creditors: amount falling due after more than one year (44,403)   (50,000)
Net assets 48,416    13,187 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 48,414    13,185 
Shareholder's funds 48,416    13,187 
 


For the year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 07 September 2022 and were signed by:


--------------------------------
Yasir Raheem
Director
1
General Information
GRID SET CONSTRUCTION LTD is a private company, limited by shares, registered in England and Wales, registration number 08827108, registration address Unit-3, 2 Cutts Street, Stoke-On-Trent, ST1 4LX

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 20% Straight Line
Motor Vehicles 18% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

Average number of employees during the year was 11 (2020 : 8).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Motor Vehicles   Land and Buildings   Total
  £   £   £   £
At 01 January 2021 2,017    7,200    77,167    86,384 
Additions   23,199      23,199 
Disposals      
At 31 December 2021 2,017    30,399    77,167    109,583 
Depreciation
At 01 January 2021 808    5,612      6,420 
Charge for year 404    4,462      4,866 
On disposals      
At 31 December 2021 1,212    10,074      11,286 
Net book values
Closing balance as at 31 December 2021 805    20,325    77,167    98,297 
Opening balance as at 01 January 2021 1,209    1,588    77,167    79,964 


2