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Registered number: 7363969
Graffix Digital Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Hiller Associates
F.M.A.A.T, A.T.T
7 Kingshill Avenue
St Albans
AL4 9QE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 7363969
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 24,428 29,370
24,428 29,370
CURRENT ASSETS
Debtors 5 64,144 46,345
Cash at bank and in hand 49,038 21,579
113,182 67,924
Creditors: Amounts Falling Due Within One Year 6 (64,830 ) (43,330 )
NET CURRENT ASSETS (LIABILITIES) 48,352 24,594
TOTAL ASSETS LESS CURRENT LIABILITIES 72,780 53,964
Creditors: Amounts Falling Due After More Than One Year 7 (34,877 ) (44,296 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,641 ) (5,580 )
NET ASSETS 33,262 4,088
CAPITAL AND RESERVES
Called up share capital 9 10,100 10,100
Profit and Loss Account 23,162 (6,012 )
SHAREHOLDERS' FUNDS 33,262 4,088
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Boyle
Director
10/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Graffix Digital Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 7363969 . The registered office is Unit 6 Power House, Higham Mead, Chesham, HP5 2AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The COVID-19 pandemic has developed rapidly in 2020. The resulting impact of the virus on the
operations and measures taken by the government to contain the virus have negatively affected
the business' results in the reporting period. This is mainly shown in a decline in revenue for the year compared with the same period in 18/19.

However, as restrictions have eased in early 2021 sales have increased and the business has recovered. This, together with the government and local authority grants has meant the business has been able to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
Motor Vehicles 20%
Fixtures & Fittings 20%
Computer Equipment 20%
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 43,802 26,788 208 3,239 74,037
Additions - - - 1,163 1,163
As at 31 January 2024 43,802 26,788 208 4,402 75,200
Depreciation
As at 1 February 2023 20,522 21,168 208 2,769 44,667
Provided during the period 4,655 1,123 - 327 6,105
As at 31 January 2024 25,177 22,291 208 3,096 50,772
Net Book Value
As at 31 January 2024 18,625 4,497 - 1,306 24,428
As at 1 February 2023 23,280 5,620 - 470 29,370
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 61,019 43,220
Prepayments and accrued income 3,125 3,125
64,144 46,345
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,873 3,228
Trade creditors 15,437 7,415
Other taxes and social security 17,273 10,036
Other creditors 31 -
Accruals and deferred income 1,393 1,393
Director's loan account 26,823 21,258
64,830 43,330
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 3,769 7,306
Bank loans 16,408 22,290
Directors loan account 14,700 14,700
34,877 44,296
Page 4
Page 5
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,873 3,228
Later than one year and not later than five years 3,769 7,306
7,642 10,534
7,642 10,534
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10,100 10,100
Page 5