Company registration number 12426947 (England and Wales)
GravitAAS Limited
Unaudited
financial statements
for the year ended 31 January 2023
PAGES FOR FILING WITH REGISTRAR
GravitAAS Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
GravitAAS Limited
Statement of financial position
as at 31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,013
297
Current assets
Debtors
4
52,814
40,457
Cash at bank and in hand
20,414
108,647
73,228
149,104
Creditors: amounts falling due within one year
5
(59,099)
(66,882)
Net current assets
14,129
82,222
Total assets less current liabilities
79,142
82,519
Creditors: amounts falling due after more than one year
6
(78,189)
(20,500)
Net assets
953
62,019
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
853
61,919
Total equity
953
62,019
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 October 2023
C Labrey
Director
Company registration number 12426947 (England and Wales)
GravitAAS Limited
Notes to the financial statements
for the year ended 31 January 2023
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents 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.
Turnover is recognised on the provision of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% Straight Line
Motor vehicles
25% reducing balance
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Leases
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
GravitAAS Limited
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
762
762
Additions
82,067
82,067
At 31 January 2023
762
82,067
82,829
Depreciation and impairment
At 1 February 2022
465
465
Depreciation charged in the year
254
17,097
17,351
At 31 January 2023
719
17,097
17,816
Carrying amount
At 31 January 2023
43
64,970
65,013
At 31 January 2022
297
297
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,045
15,100
Corporation tax recoverable
2,492
Other debtors
33,277
25,357
52,814
40,457
GravitAAS Limited
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,000
6,000
Obligations under finance leases
8,465
Trade creditors
36,984
15,833
Corporation tax
26,967
Other taxation and social security
11,482
Accruals and deferred income
7,650
6,600
59,099
66,882
Obligations under finance leases are secured on the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,500
20,500
Obligations under finance leases
63,689
78,189
20,500
Obligations under finance leases are secured on the assets to which they relate.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Company information
GravitAAS Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.