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REGISTERED NUMBER: 07009134 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

GRANITE IT RECRUITMENT LIMITED

GRANITE IT RECRUITMENT LIMITED (REGISTERED NUMBER: 07009134)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2022




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


GRANITE IT RECRUITMENT LIMITED (REGISTERED NUMBER: 07009134)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 39,905 45,915

CURRENT ASSETS
Debtors 5 115,631 135,944
Cash at bank and in hand 63,672 1,121
179,303 137,065
CREDITORS
Amounts falling due within one year 6 183,100 142,485
NET CURRENT LIABILITIES (3,797 ) (5,420 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,108

40,495

CREDITORS
Amounts falling due after more than one
year

7

35,021

39,820
NET ASSETS 1,087 675

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 987 575
1,087 675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 25 September 2023 and were signed on its behalf by:





Ms L Mead - Director


GRANITE IT RECRUITMENT LIMITED (REGISTERED NUMBER: 07009134)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 DECEMBER 2022

1. STATUTORY INFORMATION

Granite IT Recruitment Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07009134

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


The accounts have been prepared for a period of 12 months whereas the comparatives are for a period of 15 months.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

GRANITE IT RECRUITMENT LIMITED (REGISTERED NUMBER: 07009134)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

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.

Propert, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery 15% on reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month.

Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 January 2022 91,517
Additions 877
At 31 December 2022 92,394
DEPRECIATION
At 1 January 2022 45,602
Charge for year 6,887
At 31 December 2022 52,489
NET BOOK VALUE
At 31 December 2022 39,905
At 31 December 2021 45,915

GRANITE IT RECRUITMENT LIMITED (REGISTERED NUMBER: 07009134)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 DECEMBER 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 76,915 66,597
Other debtors 38,716 69,347
115,631 135,944

Included in trade debtors are debts of £66,587 (2021: £9,157) subject to factoring by a legal charge on the company's book debts, including a fixed and floating charge on the assets of the company and contains negative pledge.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 59,909 31,285
Taxation and social security 101,473 97,272
Other creditors 11,718 3,928
183,100 142,485

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 35,021 39,820

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors less than one year is an amount of £21,489 (2021 : £57,913) due from the directors of the company. Interest of 2% has been charged on overdrawn balance.