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GRIDLOCKED LTD

Registered Number
06480344
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

GRIDLOCKED LTD
Company Information
for the period from 1 March 2023 to 31 March 2024

Directors

BUGLASS, Craig
HEATH, Simon Richard John

Company Secretary

BUGLASS, Craig

Registered Address

27 Blakes Way
Welwyn
AL6 9RE

Registered Number

06480344 (England and Wales)
GRIDLOCKED LTD
Balance Sheet as at
31 March 2024

Notes

31 Mar 2024

28 Feb 2023

£

£

£

£

Fixed assets
Tangible assets3123,78495,693
123,78495,693
Current assets
Stocks475,000-
Debtors1,147,997994,397
Cash at bank and on hand70,86757,059
1,293,8641,051,456
Creditors amounts falling due within one year5(817,499)(715,489)
Net current assets (liabilities)476,365335,967
Total assets less current liabilities600,149431,660
Creditors amounts falling due after one year6(278,727)(275,357)
Net assets321,422156,303
Capital and reserves
Called up share capital100100
Profit and loss account321,322156,203
Shareholders' funds321,422156,303
The financial statements were approved and authorised for issue by the Board of Directors on 16 April 2024, and are signed on its behalf by:
BUGLASS, Craig
Director
Registered Company No. 06480344
GRIDLOCKED LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: 25% on the reducing balance
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year75
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 March 2389,88165,0716,054161,006
Additions53,472-15,88069,352
At 31 March 24143,35365,07121,934230,358
Depreciation and impairment
At 01 March 2334,94925,9544,41065,313
Charge for year27,1019,7794,38141,261
At 31 March 2462,05035,7338,791106,574
Net book value
At 31 March 2481,30329,33813,143123,784
At 28 February 2354,93239,1171,64495,693
4.Stocks

2024

2023

££
Raw materials and consumables75,000-
Total75,000-
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables629,384639,451
Bank borrowings and overdrafts36,6739,272
Taxation and social security126,21433,483
Other creditors25,22833,283
Total817,499715,489
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Other creditors278,727275,357
Total278,727275,357
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts29,30330,702