Company registration number 07817088 (England and Wales)
Graspan Frankton Limited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Graspan Frankton Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Graspan Frankton Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,711
13,902
Current assets
Debtors
4
56,118
Cash at bank and in hand
11,161
27,189
67,279
27,189
Creditors: amounts falling due within one year
5
(69,767)
(20,829)
Net current (liabilities)/assets
(2,488)
6,360
Total assets less current liabilities
8,223
20,262
Creditors: amounts falling due after more than one year
6
(3,495)
(6,116)
Provisions for liabilities
(2,678)
(2,641)
Net assets
2,050
11,505
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
2,045
11,500
Total equity
2,050
11,505
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
R Davis
Director
Company registration number 07817088 (England and Wales)
Graspan Frankton Limited
Notes to the Financial Statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
Reporting period
The prior year financial statements represent the shortened period from 1 April 2022 to 31 December 2022 in order to align the year end with fellow group companies. Hence the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions available to it.
The financial statements of the company are consolidated in the financial statements of TTGOC Ltd. These consolidated financial statements are available from its registered office, Templar House, 1 Sandbeck Court, Sandbeck Way, Wetherby, West Yorkshire, LS22 7BA.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover is recognised upon the provision of good and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% Reducing balance
Computers
20% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Graspan Frankton Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 3 -
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.
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
Graspan Frankton Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
3,427
27,127
15,893
46,447
Depreciation and impairment
At 1 January 2023
2,827
22,765
6,953
32,545
Depreciation charged in the year
90
872
2,229
3,191
At 31 December 2023
2,917
23,637
9,182
35,736
Carrying amount
At 31 December 2023
510
3,490
6,711
10,711
At 31 December 2022
600
4,362
8,940
13,902
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
46,935
Other debtors
9,183
56,118
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
2,622
2,622
Trade creditors
5,992
346
Amounts owed to group undertakings
23,737
Corporation tax
23,668
7,442
Other taxation and social security
11,192
7,338
Other creditors
817
Accruals and deferred income
2,556
2,264
69,767
20,829
Obligations under finance leases are secured against the asset to which they relate.
Graspan Frankton Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance lease
3,495
6,116
Obligations under finance leases are secured against the asset to which they relate.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Charles R Moorby
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
28 March 2024
8
Related party transactions
In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the consolidated financial statements of the group parent company.
9
Parent company
The parent company of Graspan Frankton Ltd is Triton Risk Management Ltd and its registered office is Templar House, 1 Sandbeck Court, Sandbeck Way, Wetherby, West Yorkshire, LS22 7BA.
The ultimate parent company of Graspan Frankton Ltd is TTGOC Ltd and its registered office is Templar House, 1 Sandbeck Court, Sandbeck Way, Wetherby, West Yorkshire, LS22 7BA.
10
Company information
Graspan Frankton Limited is a private company limited by shares incorporated in England and Wales. The registered office is De La Rue (Gateshead), Kingsway South, Team Valley Trading Estate, Gateshead, NE11 0SQ.