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COMPANY REGISTRATION NUMBER: 01750357
Grimaldi Limited
Filleted Unaudited Financial Statements
31 January 2023
Grimaldi Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
395,139
Current assets
Stocks
24,500
51,800
Debtors
5
636,000
19,500
Cash at bank and in hand
11,687
1,730
---------
--------
672,187
73,030
Creditors: amounts falling due within one year
6
86,449
98,258
---------
--------
Net current assets/(liabilities)
585,738
( 25,228)
---------
---------
Total assets less current liabilities
585,738
369,911
Creditors: amounts falling due after more than one year
7
10,413
14,730
---------
---------
Net assets
575,325
355,181
---------
---------
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
8,871
8,871
Capital redemption reserve
6,129
6,129
Profit and loss account
550,325
330,181
---------
---------
Shareholders funds
575,325
355,181
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Grimaldi Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mr K Banham
Director
Company registration number: 01750357
Grimaldi Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 34-35 Eastcastle St, W1W 8DW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2022
395,138
1,093
396,231
Disposals
( 395,138)
( 1,093)
( 396,231)
---------
-------
---------
At 31 January 2023
---------
-------
---------
Depreciation
At 1 February 2022
1,092
1,092
Disposals
( 1,092)
( 1,092)
---------
-------
---------
At 31 January 2023
---------
-------
---------
Carrying amount
At 31 January 2023
---------
-------
---------
At 31 January 2022
395,138
1
395,139
---------
-------
---------
5. Debtors
2023
2022
£
£
Trade debtors
19,500
19,500
Other debtors
616,500
---------
--------
636,000
19,500
---------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,764
8,852
Corporation tax
25,164
5,025
Other creditors
56,521
84,381
--------
--------
86,449
98,258
--------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,413
14,730
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K Banham
( 40,915)
( 30,000)
44,630
( 26,285)
Mrs M Banham
( 40,916)
( 20,000)
44,630
( 16,286)
--------
--------
--------
--------
( 81,831)
( 50,000)
89,260
( 42,571)
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr K Banham
( 35,615)
( 30,000)
19,700
(45,915)
Mrs M Banham
( 35,616)
( 20,000)
19,700
(35,916)
--------
--------
--------
--------
( 71,231)
( 50,000)
39,400
( 81,831)
--------
--------
--------
--------
9. Related party transactions
The company was under the control of Mr K Banham and his wife throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed.