Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31No description of principal activity32022-01-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08820879 2022-01-01 2022-12-31 08820879 2021-01-01 2021-12-31 08820879 2022-12-31 08820879 2021-12-31 08820879 c:Director1 2022-01-01 2022-12-31 08820879 c:Director2 2022-01-01 2022-12-31 08820879 d:FurnitureFittings 2022-01-01 2022-12-31 08820879 d:FurnitureFittings 2022-12-31 08820879 d:FurnitureFittings 2021-12-31 08820879 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08820879 d:OfficeEquipment 2022-01-01 2022-12-31 08820879 d:OfficeEquipment 2022-12-31 08820879 d:OfficeEquipment 2021-12-31 08820879 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08820879 d:ComputerEquipment 2022-01-01 2022-12-31 08820879 d:ComputerEquipment 2022-12-31 08820879 d:ComputerEquipment 2021-12-31 08820879 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08820879 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 08820879 d:CurrentFinancialInstruments 2022-12-31 08820879 d:CurrentFinancialInstruments 2021-12-31 08820879 d:Non-currentFinancialInstruments 2022-12-31 08820879 d:Non-currentFinancialInstruments 2021-12-31 08820879 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08820879 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08820879 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08820879 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 08820879 d:ShareCapital 2022-12-31 08820879 d:ShareCapital 2021-12-31 08820879 d:RetainedEarningsAccumulatedLosses 2022-12-31 08820879 d:RetainedEarningsAccumulatedLosses 2021-12-31 08820879 c:FRS102 2022-01-01 2022-12-31 08820879 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 08820879 c:FullAccounts 2022-01-01 2022-12-31 08820879 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 08820879 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 08820879









GRAVITY ENTERTAINMENT GRP LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
GRAVITY ENTERTAINMENT GRP LTD
REGISTERED NUMBER: 08820879

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,217
6,362

  
5,217
6,362

Current assets
  

Debtors: amounts falling due within one year
 5 
141,348
6,137

Cash at bank and in hand
 6 
54,977
192,651

  
196,325
198,788

Creditors: amounts falling due within one year
 7 
(32,049)
(40,020)

Net current assets
  
 
 
164,276
 
 
158,768

Total assets less current liabilities
  
169,493
165,130

Creditors: amounts falling due after more than one year
 8 
(31,245)
(40,853)

  

Net assets
  
138,248
124,277


Capital and reserves
  

Called up share capital 
  
201
201

Profit and loss account
  
138,047
124,076

  
138,248
124,277


Page 1

 
GRAVITY ENTERTAINMENT GRP LTD
REGISTERED NUMBER: 08820879
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Wise
................................................
A Katter
Director
Director


Date: 11 October 2023
Date:11 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GRAVITY ENTERTAINMENT GRP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Gravity Entertainment GRP Limited is a private company limited by shares and registered in England and
Wales. The company's registered number is 08820879 and the company's registered office is Aston House, Cornwall Avenue, London, N3 1LF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GRAVITY ENTERTAINMENT GRP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance method
Office equipment
-
25%
reducing balance method
Computer equipment
-
25%
reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
GRAVITY ENTERTAINMENT GRP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

Page 5

 
GRAVITY ENTERTAINMENT GRP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
1,042
2,693
7,520
11,255


Additions
-
-
594
594



At 31 December 2022

1,042
2,693
8,114
11,849



Depreciation


At 1 January 2022
593
1,365
2,935
4,893


Charge for the year on owned assets
112
332
1,295
1,739



At 31 December 2022

705
1,697
4,230
6,632



Net book value



At 31 December 2022
337
996
3,884
5,217



At 31 December 2021
449
1,328
4,585
6,362

Page 6

 
GRAVITY ENTERTAINMENT GRP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
24,480
1,322

Other debtors
24,279
2,815

Prepayments and accrued income
92,589
2,000

141,348
6,137



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
54,977
192,651



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
640
-

Corporation tax
21,583
24,006

Other taxation and social security
5,405
12,115

Other creditors
1,421
899

Accruals and deferred income
3,000
3,000

32,049
40,020



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
31,245
40,853



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £582 (2021: £196).

 
Page 7