Company No:
Contents
31.08.2023 | ||
£ | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
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53,943 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 33,512 | |
Total assets less current liabilities | 33,512 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Granton Consulting Ltd (registered number:
K O K Komolafe
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Granton Consulting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 26b West Harbour Road, Edinburgh, EH5 1PN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
These financial statements cover the period from incorporation, 18 August 2022, to 31 August 2023.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Specifically, judgements and estimates are used in determining the useful life of tangible assets and the recoverability of debtors.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Period from 18.08.2022 to 31.08.2023 |
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Number | |
Monthly average number of persons employed by the Company during the period, including the director |
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31.08.2023 | |
£ | |
Trade debtors |
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Other debtors |
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31.08.2023 | |
£ | |
Taxation and social security |
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Other creditors |
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31.08.2023 | |
£ | |
Allotted, called-up and fully-paid | |
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Transactions with the entity's director
31.08.2023 | |
£ | |
Directors Loan Account | 24,079 |
During the year, the company made advances to the director totalling £30,800 and received repayment totalling £6,721.
The loan to the director is unsecured and repayable on demand.