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COMPANY REGISTRATION NUMBER: SC142011
Granite Edge Limited
Unaudited Financial Statements
31 May 2023
Granite Edge Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Granite Edge Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Granite Edge Limited
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Granite Edge Limited for the year ended 31 May 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Granite Edge Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Granite Edge Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Granite Edge Limited and its director for our work or for this report.
It is your duty to ensure that Granite Edge Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Granite Edge Limited. You consider that Granite Edge Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Granite Edge Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered accountants
216 West George Street Glasgow G2 2PQ
29 January 2024
Granite Edge Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
288,362
306,867
Investments
5
279,888
379,888
---------
---------
568,250
686,755
Current assets
Debtors
6
56,888
53,701
Cash at bank and in hand
127,269
62,287
---------
---------
184,157
115,988
Creditors: amounts falling due within one year
7
46,006
71,599
---------
---------
Net current assets
138,151
44,389
---------
---------
Total assets less current liabilities
706,401
731,144
---------
---------
Net assets
706,401
731,144
---------
---------
Capital and reserves
Called up share capital
100,000
100,000
Share premium account
147,357
147,357
Non distributable reserves
( 84,697)
( 64,697)
Profit and loss account
543,741
548,484
---------
---------
Shareholders funds
706,401
731,144
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Granite Edge Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , and are signed on behalf of the board by:
Mr P Lowrie
Director
Company registration number: SC142011
Granite Edge Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 15 Foulis Crescent, Juniper Green, Edinburgh, EH14 5BN.
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.
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.
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:
Equipment
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost or valuation
At 1 June 2022
306,775
2,615
309,390
Additions
1,565
1,565
Revaluations
( 20,000)
( 20,000)
---------
-------
---------
At 31 May 2023
286,775
4,180
290,955
---------
-------
---------
Depreciation
At 1 June 2022
2,523
2,523
Charge for the year
70
70
---------
-------
---------
At 31 May 2023
2,593
2,593
---------
-------
---------
Carrying amount
At 31 May 2023
286,775
1,587
288,362
---------
-------
---------
At 31 May 2022
306,775
92
306,867
---------
-------
---------
Tangible assets held at valuation
Investments properties are revalued annually with any surplus or deficit being transferred to non-distributable reserve. Had the company's investment properties not been revalued they would be stated at cost and net book value of £345,775.(2022: £345,755).
5. Investments
Other investments other than loans
£
Cost
At 1 June 2022
379,888
Disposals
( 100,000)
---------
At 31 May 2023
279,888
---------
Impairment
At 1 June 2022 and 31 May 2023
---------
Carrying amount
At 31 May 2023
279,888
---------
At 31 May 2022
379,888
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,773
Other debtors
56,888
51,928
--------
--------
56,888
53,701
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
51
Corporation tax
134
Social security and other taxes
408
Other creditors
46,006
71,006
--------
--------
46,006
71,599
--------
--------
8. Director's advances, credits and guarantees
The company is a wholly owned subsidiary of Big Bull Limited. Mr Peter Lowrie is the ultimate controlling party of Granite Edge Limited by virtue of his controlling interest in Big Bull Limited. At the year end the company owed to Mr Lowrie £34,756. (2022: £34,756 was owed to Mr Lowrie).
9. Related party transactions
At the year end £ 10,000 was owed to Granite Edge Partnership at the year end. (2022 £35,000).