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REGISTERED NUMBER: 04785217 (England and Wales)

















Grapefruit Graphics Limited

Financial Statements

for the Year Ended 31 May 2023






Grapefruit Graphics Limited (Registered number: 04785217)

Contents of the Financial Statements
for the year ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Grapefruit Graphics Limited

Company Information
for the year ended 31 May 2023







DIRECTORS: E J Turner
A J Yeomans





SECRETARY: A J Yeomans





REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX





REGISTERED NUMBER: 04785217 (England and Wales)





ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX

Grapefruit Graphics Limited (Registered number: 04785217)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 222,301 136,077

CURRENT ASSETS
Stocks 62,106 74,271
Debtors 5 263,712 340,713
Cash at bank and in hand 19,389 3,068
345,207 418,052
CREDITORS
Amounts falling due within one year 6 323,365 419,383
NET CURRENT ASSETS/(LIABILITIES) 21,842 (1,331 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

244,143

134,746

CREDITORS
Amounts falling due after more than one
year

7

(123,510

)

(110,838

)

PROVISIONS FOR LIABILITIES (53,352 ) (21,639 )
NET ASSETS 67,281 2,269

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 67,279 2,267
SHAREHOLDERS' FUNDS 67,281 2,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





A J Yeomans - Director


Grapefruit Graphics Limited (Registered number: 04785217)

Notes to the Financial Statements
for the year ended 31 May 2023


1. STATUTORY INFORMATION

Grapefruit Graphics 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 19 ) .

Grapefruit Graphics Limited (Registered number: 04785217)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 175,632 38,581 100,323 73,712 388,248
Additions 115,297 12,000 - 9,872 137,169
Disposals (17,390 ) - (30,297 ) - (47,687 )
At 31 May 2023 273,539 50,581 70,026 83,584 477,730
DEPRECIATION
At 1 June 2022 100,090 30,593 50,081 71,407 252,171
Charge for year 17,838 1,198 10,164 4,443 33,643
Eliminated on disposal (9,674 ) - (20,711 ) - (30,385 )
At 31 May 2023 108,254 31,791 39,534 75,850 255,429
NET BOOK VALUE
At 31 May 2023 165,285 18,790 30,492 7,734 222,301
At 31 May 2022 75,542 7,988 50,242 2,305 136,077

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2022 64,042 82,244 146,286
Additions 93,690 - 93,690
Disposals - (30,297 ) (30,297 )
Transfer to ownership - (24,886 ) (24,886 )
At 31 May 2023 157,732 27,061 184,793
DEPRECIATION
At 1 June 2022 17,771 37,722 55,493
Charge for year 13,570 6,765 20,335
Eliminated on disposal - (20,711 ) (20,711 )
Transfer to ownership - (17,012 ) (17,012 )
At 31 May 2023 31,341 6,764 38,105
NET BOOK VALUE
At 31 May 2023 126,391 20,297 146,688
At 31 May 2022 46,271 44,522 90,793

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 50,485 96,133
Other debtors 406 1,588
Directors' current accounts 123,399 163,372
Corporation tax recoverable 12,291 -
Prepayments and accrued income 36,326 26,524
222,907 287,617

Grapefruit Graphics Limited (Registered number: 04785217)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


5. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Corporation tax recoverable 40,805 53,096

Aggregate amounts 263,712 340,713

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 62,121 42,146
Other loans 15,061 24,075
Hire purchase contracts 47,866 37,059
Trade creditors 135,704 249,270
UK corporation tax 7,630 13,936
Tax and social security costs 43,021 38,899
Other creditors 2,588 4,831
Accruals and deferred income 9,374 9,167
323,365 419,383

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 20,000 30,000
Other loans - 15,061
Hire purchase contracts 103,510 65,777
123,510 110,838

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase - 1,425

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 52,121 32,146
Hire purchase contracts 151,376 102,836
203,497 134,982

The bank overdraft facility is secured by a debenture created on 6 July 2005 comprising fixed and floating charges over the undertaking and all assets.

Hire purchase liabilities are secured on the assets concerned.

9. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments totalling £30,048.

Grapefruit Graphics Limited (Registered number: 04785217)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
A J Yeomans
Balance outstanding at start of year 163,372 132,733
Amounts advanced - 30,639
Amounts repaid (39,973 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 123,399 163,372