Silverfin false 31/01/2023 01/02/2022 31/01/2023 S Newbold M Ogden 17 October 2023 The principal activity of the Company during the financial year was that of the provision of IT solutions. 03058223 2023-01-31 03058223 2022-01-31 03058223 core:CurrentFinancialInstruments 2023-01-31 03058223 core:CurrentFinancialInstruments 2022-01-31 03058223 core:ShareCapital 2023-01-31 03058223 core:ShareCapital 2022-01-31 03058223 core:RetainedEarningsAccumulatedLosses 2023-01-31 03058223 core:RetainedEarningsAccumulatedLosses 2022-01-31 03058223 core:LandBuildings 2022-01-31 03058223 core:PlantMachinery 2022-01-31 03058223 core:LandBuildings 2023-01-31 03058223 core:PlantMachinery 2023-01-31 03058223 bus:OrdinaryShareClass1 2023-01-31 03058223 core:WithinOneYear 2023-01-31 03058223 core:WithinOneYear 2022-01-31 03058223 core:BetweenOneFiveYears 2023-01-31 03058223 core:BetweenOneFiveYears 2022-01-31 03058223 2022-02-01 2023-01-31 03058223 bus:FullAccounts 2022-02-01 2023-01-31 03058223 bus:SmallEntities 2022-02-01 2023-01-31 03058223 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 03058223 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03058223 bus:Director1 2022-02-01 2023-01-31 03058223 bus:Director2 2022-02-01 2023-01-31 03058223 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 03058223 core:PlantMachinery core:TopRangeValue 2022-02-01 2023-01-31 03058223 2021-02-01 2022-01-31 03058223 core:LandBuildings 2022-02-01 2023-01-31 03058223 core:PlantMachinery 2022-02-01 2023-01-31 03058223 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 03058223 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03058223 (England and Wales)

GRAPHITE INC. LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

GRAPHITE INC. LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

GRAPHITE INC. LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
GRAPHITE INC. LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 274 840
274 840
Current assets
Debtors 4 80,608 145,080
Cash at bank and in hand 1,999 4,145
82,607 149,225
Creditors: amounts falling due within one year 5 ( 71,683) ( 134,486)
Net current assets 10,924 14,739
Total assets less current liabilities 11,198 15,579
Net assets 11,198 15,579
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 11,098 15,479
Total shareholders' funds 11,198 15,579

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Graphite Inc. Limited (registered number: 03058223) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Newbold
Director

17 October 2023

GRAPHITE INC. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
GRAPHITE INC. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Graphite Inc. Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 7

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 February 2022 2,054 42,112 44,166
At 31 January 2023 2,054 42,112 44,166
Accumulated depreciation
At 01 February 2022 1,369 41,957 43,326
Charge for the financial year 411 155 566
At 31 January 2023 1,780 42,112 43,892
Net book value
At 31 January 2023 274 0 274
At 31 January 2022 685 155 840

4. Debtors

2023 2022
£ £
Trade debtors 13,043 91,186
Prepayments and accrued income 56,971 19,013
VAT recoverable 2,691 0
Corporation tax 2,807 0
Other debtors 5,096 34,881
80,608 145,080

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 29,525 8,793
Accruals and deferred income 7,666 24,094
Taxation and social security 3,874 14,490
Other creditors 30,618 87,109
71,683 134,486

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 11,300 16,960
between one and five years 0 12,720
11,300 29,680

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 817 1,074