Company Registration No. 13892273 (England and Wales)
Grasp Technologies Limited
Unaudited accounts
for the period from 3 February 2022 to 28 February 2023
Grasp Technologies Limited
Unaudited accounts
Contents
Grasp Technologies Limited
Company Information
for the period from 3 February 2022 to 28 February 2023
Company Number
13892273 (England and Wales)
Registered Office
3RD FLOOR 1 ASHLEY ROAD
ALTRINCHAM
CHESHIRE
WA14 2DT
UNITED KINGDOM
Accountants
Evolve Accounting and Tax Solutions Ltd
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
Grasp Technologies Limited
Statement of financial position
as at 28 February 2023
Cash at bank and in hand
206,408
Creditors: amounts falling due within one year
(40,433)
Net current assets
168,892
Profit and loss account
(101,364)
Shareholders' funds
169,641
For the period ending 28 February 2023 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 October 2023 and were signed on its behalf by
Edward Matthews
Director
Company Registration No. 13892273
Grasp Technologies Limited
Notes to the Accounts
for the period from 3 February 2022 to 28 February 2023
Grasp Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 13892273. The registered office is 3RD FLOOR 1 ASHLEY ROAD, ALTRINCHAM, CHESHIRE, WA14 2DT, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% reducing balance
Expenditure on research and development is written off in the year in which it is incurred.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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 or loss.
Grasp Technologies Limited
Notes to the Accounts
for the period from 3 February 2022 to 28 February 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Share premium represents the amount paid for shares in excess of the nominal value. Share premium is recognised on the issue of shares or when there is a binding agreement to purchase the shares such that any cash cannot be repaid.
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
Taxes and social security
1,430
Loans from directors
14,999
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Average number of employees
During the period the average number of employees was 1.