Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01falseNo description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11487442 2022-08-01 2023-07-31 11487442 2021-08-01 2022-07-31 11487442 2023-07-31 11487442 2022-07-31 11487442 c:Director1 2022-08-01 2023-07-31 11487442 d:ComputerEquipment 2022-08-01 2023-07-31 11487442 d:ComputerEquipment 2023-07-31 11487442 d:ComputerEquipment 2022-07-31 11487442 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 11487442 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 11487442 d:ComputerSoftware 2023-07-31 11487442 d:ComputerSoftware 2022-07-31 11487442 d:CurrentFinancialInstruments 2023-07-31 11487442 d:CurrentFinancialInstruments 2022-07-31 11487442 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11487442 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 11487442 d:ShareCapital 2023-07-31 11487442 d:ShareCapital 2022-07-31 11487442 d:SharePremium 2023-07-31 11487442 d:SharePremium 2022-07-31 11487442 d:RetainedEarningsAccumulatedLosses 2023-07-31 11487442 d:RetainedEarningsAccumulatedLosses 2022-07-31 11487442 c:OrdinaryShareClass2 2022-08-01 2023-07-31 11487442 c:OrdinaryShareClass2 2023-07-31 11487442 c:OrdinaryShareClass2 2022-07-31 11487442 c:FRS102 2022-08-01 2023-07-31 11487442 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 11487442 c:FullAccounts 2022-08-01 2023-07-31 11487442 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11487442 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 11487442 d:ComputerSoftware d:OwnedIntangibleAssets 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11487442









GRANITEME LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
GRANITEME LTD
REGISTERED NUMBER: 11487442

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
289,450
235,876

Tangible assets
 5 
644
1,233

  
290,094
237,109

Current assets
  

Debtors: amounts falling due within one year
 6 
69,408
71,997

Cash at bank and in hand
 7 
72,662
281,521

  
142,070
353,518

Creditors: amounts falling due within one year
 8 
(13,901)
(26,650)

Net current assets
  
 
 
128,169
 
 
326,868

Total assets less current liabilities
  
418,263
563,977

  

Net assets
  
418,263
563,977


Capital and reserves
  

Called up share capital 
 9 
182
181

Share premium account
  
692,248
692,248

Profit and loss account
  
(274,167)
(128,452)

  
418,263
563,977


Page 1

 
GRANITEME LTD
REGISTERED NUMBER: 11487442
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Elvey
Director

Date: 6 April 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GRANITEME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Graniteme Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (Registered number: 11487442). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH.
The principal activity of the company continued to be that of software development.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
GRANITEME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
GRANITEME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GRANITEME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Intangible assets




Computer software

£



Cost


At 1 August 2022
379,172


Additions
145,239



At 31 July 2023

524,411



Amortisation


At 1 August 2022
143,296


Charge for the year on owned assets
91,665



At 31 July 2023

234,961



Net book value



At 31 July 2023
289,450



At 31 July 2022
235,876



Page 6

 
GRANITEME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 August 2022
2,352



At 31 July 2023

2,352



Depreciation


At 1 August 2022
1,120


Charge for the year on owned assets
588



At 31 July 2023

1,708



Net book value



At 31 July 2023
644



At 31 July 2022
1,233

Page 7

 
GRANITEME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Debtors

2023
2022
£
£


Other debtors
67,212
71,553

Prepayments and accrued income
2,196
444

69,408
71,997



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
72,662
281,521

72,662
281,521



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
6,026
14,983

Other taxation and social security
-
613

Other creditors
214
9,054

Accruals and deferred income
7,661
2,000

13,901
26,650



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,813,955 (2022 - 1,813,955) Ordinary share shares of £0.0001 each
181.3955
181.3955


 
Page 8