2022-07-012023-06-302023-06-30false11028974GREATDRAMS VENTURES 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GREATDRAMS VENTURES LIMITED

Registered Number
11028974
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

GREATDRAMS VENTURES LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

G Dillon
K Dillon

Registered Address

Brook House Park Lane
Poynton
Stockport
SK12 1RG

Registered Number

11028974 (England and Wales)
GREATDRAMS VENTURES LIMITED
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets66271,310
Tangible assets7637812
1,2642,122
Current assets
Stocks8310,290197,612
Debtors9106,015138,389
Cash at bank and on hand79,41456,095
495,719392,096
Creditors amounts falling due within one year10(294,919)(260,987)
Net current assets (liabilities)200,800131,109
Total assets less current liabilities202,064133,231
Net assets202,064133,231
Capital and reserves
Called up share capital100100
Profit and loss account201,964133,131
Shareholders' funds202,064133,231
The financial statements were approved and authorised for issue by the Board of Directors on 18 October 2023, and are signed on its behalf by:
G Dillon
Director
Registered Company No. 11028974
GREATDRAMS VENTURES LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Land and buildings10
Office Equipment3
Intangible assets policy
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Stocks policy
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
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 payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.
4.Critical estimates and judgements
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 considered to be 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.
5.Employee information

20232022
Average number of employees during the year22
6.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 July 221,5003,4194,919
At 30 June 231,5003,4194,919
Amortisation and impairment
At 01 July 221,5002,1093,609
Charge for year-683683
At 30 June 231,5002,7924,292
Net book value
At 30 June 23-627627
At 30 June 22-1,3101,310
7.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 July 221,3741,374
Additions291291
At 30 June 231,6651,665
Depreciation and impairment
At 01 July 22562562
Charge for year466466
At 30 June 231,0281,028
Net book value
At 30 June 23637637
At 30 June 22812812
8.Stocks

2023

2022

££
Raw materials and consumables310,290197,612
Total310,290197,612
9.Debtors

2023

2022

££
Trade debtors / trade receivables106,012138,386
Other debtors33
Total106,015138,389
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables4,1212,257
Taxation and social security26,38612,262
Other creditors264,412246,468
Total294,919260,987
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.