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REGISTERED NUMBER: 02982912 (England and Wales)















Graffiti Design International Limited

Unaudited Financial Statements for the Year Ended 30 June 2023






Graffiti Design International Limited (Registered number: 02982912)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Graffiti Design International Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mrs J M Pestell
Mr B A Pestell
Mr D Pestell





REGISTERED OFFICE: Design House
Swife Business Park
Burwash Road
Heathfield
East Sussex
TN21 8UP





REGISTERED NUMBER: 02982912 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Graffiti Design International Limited (Registered number: 02982912)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 114,629 82,528

CURRENT ASSETS
Stocks 123,999 112,454
Debtors 5 284,887 372,572
Cash at bank and in hand 19,466 2
428,352 485,028
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

396,065

538,300
NET CURRENT ASSETS/(LIABILITIES) 32,287 (53,272 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

146,916

29,256

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

(76,655

)

(89,160

)

PROVISIONS FOR LIABILITIES (28,657 ) -
NET ASSETS/(LIABILITIES) 41,604 (59,904 )

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 40,604 (60,904 )
SHAREHOLDERS' FUNDS 41,604 (59,904 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Graffiti Design International Limited (Registered number: 02982912)

Balance Sheet - continued
30 June 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





Mr B A Pestell - Director


Graffiti Design International Limited (Registered number: 02982912)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Graffiti Design International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Following a review of the useful economic life of the plant and machinery and fixtures and fittings tangible fixed assets held by the company, the directors have decided that the current depreciation policies do not reflect the useful economic life of these assets. Therefore, the depreciation rates have been changed in the current period. This has lead to a reduction in the depreciation charge in the current and future periods.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 8% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and short-term work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.


Graffiti Design International Limited (Registered number: 02982912)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
These financial statements have been prepared on a going concern basis. The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the director's believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months and have indicated their willingness to continue to support the company for at least this period. The directors have thus concluded that the going concern basis remains appropriate.

Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and released to profit over the expected useful lives of the relevant assets in equal annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Graffiti Design International Limited (Registered number: 02982912)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 165,709 200,541 11,050 377,300
Additions 36,923 5,832 - 42,755
At 30 June 2023 202,632 206,373 11,050 420,055
DEPRECIATION
At 1 July 2022 108,864 174,858 11,050 294,772
Charge for year 7,502 3,152 - 10,654
At 30 June 2023 116,366 178,010 11,050 305,426
NET BOOK VALUE
At 30 June 2023 86,266 28,363 - 114,629
At 30 June 2022 56,845 25,683 - 82,528

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 248,449 308,065
Other debtors 36,438 64,507
284,887 372,572

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 34,287 100,503
Hire purchase contracts 8,168 -
Trade creditors 249,629 305,972
Taxation and social security 86,142 77,156
Other creditors 17,839 54,669
396,065 538,300

Graffiti Design International Limited (Registered number: 02982912)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 54,872 89,160
Hire purchase contracts 21,783 -
76,655 89,160

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
1,500 Ordinary A £0.10 150 150
1,500 Ordinary B £0.10 150 150
6,250 Ordinary C £0.10 625 625
750 Ordinary D £0.10 75 75
1,000 1,000

All share types rank pari passu in all respects.

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed Mr C Pestell, a director, the sum of £nil (2022 - £12,495). This loan is unsecured, interest free and repayable on demand.

At the balance sheet date the company owed Mr B Pestell, a director, the sum of £nil (2022 - £28,000). This loan is unsecured, interest free and repayable on demand.

During the year the company rented premises jointly owned by Mr C Pestell and Mrs J Pestell (directors of the company). The rent paid was £80,522 (2022 - £60,400) and management fees of £10,001 (2022 - £9).

At the balance sheet date, Graffiti Design International Limited was owed by a partnership in which the directors hold participating interests on aggregate total of £10,000 (2022 - £20,000).