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REGISTERED NUMBER: 09750381 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Grafmarine Limited

Grafmarine Limited (Registered number: 09750381)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Grafmarine Limited (Registered number: 09750381)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 181,637 126,034
Tangible assets 5 2,787 4,612
184,424 130,646

CURRENT ASSETS
Debtors 6 156,508 85,172
Cash at bank 3,526 10,248
160,034 95,420
CREDITORS
Amounts falling due within one year 7 944,506 306,157
NET CURRENT LIABILITIES (784,472 ) (210,737 )
TOTAL ASSETS LESS CURRENT LIABILITIES (600,048 ) (80,091 )

CREDITORS
Amounts falling due after more than one year 8 534,670 534,670
NET LIABILITIES (1,134,718 ) (614,761 )

CAPITAL AND RESERVES
Called up share capital 1,078 1,078
Share premium 669,925 669,925
Capital redemption reserve 451 451
Retained earnings (1,806,172 ) (1,286,215 )
SHAREHOLDERS' FUNDS (1,134,718 ) (614,761 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2024 and were signed on its behalf by:



Mr D L Holt - Director


Grafmarine Limited (Registered number: 09750381)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Grafmarine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 09750381

Registered office: Kennedy House 2nd floor
31 Stamford Street
Altrincham
WA14 1ES

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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Patents and licences are to me amortised once the product is ready to be used commercially.

IT Website is being amortised evenly over its estimated useful life of ten years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer & office equipment - 33.33% on cost

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.

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.

Grafmarine Limited (Registered number: 09750381)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets. The main creditors of the company are as follows:

The main creditor of the company is Westchurch Homes Ltd whom are owed £900,000 (2022: £247,000).

Director's loan: CR Topham, a director of the company, has confirmed that his loan to the company of £534,670 (2021: £534,670) will only be repayable on either (i) the disposal by the company of all, or a substantial part of its business assets or (ii) a disposal of the company's shares either by a stock market listing or the sale of a controlling interest in the company.

On this basis, the directors are satisfied that the going concern basis is appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and IT
licences Website Totals
£    £    £   
COST
At 1 September 2022 118,147 9,025 127,172
Additions 51,700 5,000 56,700
At 31 August 2023 169,847 14,025 183,872
AMORTISATION
At 1 September 2022 - 1,138 1,138
Amortisation for year - 1,097 1,097
At 31 August 2023 - 2,235 2,235
NET BOOK VALUE
At 31 August 2023 169,847 11,790 181,637
At 31 August 2022 118,147 7,887 126,034

5. TANGIBLE FIXED ASSETS
Computer
& office
equipment
£   
COST
At 1 September 2022
and 31 August 2023 5,475
DEPRECIATION
At 1 September 2022 863
Charge for year 1,825
At 31 August 2023 2,688
NET BOOK VALUE
At 31 August 2023 2,787
At 31 August 2022 4,612

Grafmarine Limited (Registered number: 09750381)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 156,508 85,172

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,345 26,614
Amounts owed to related undertakings 912,000 247,000
Taxation and social security 8,179 27,496
Other creditors 3,982 5,047
944,506 306,157

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 534,670 534,670