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Registered number: 03822165
















GRANITE PLANET LTD




FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023


































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GRANITE PLANET LTD
REGISTERED NUMBER:03822165

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
101,641
134,481

CURRENT ASSETS
  

Stocks
 5 
30,570
18,339

Debtors: amounts falling due within one year
 6 
86,250
46,583

Cash at bank and in hand
  
106,689
213,667

  
223,509
278,589

Creditors: amounts falling due within one year
 7 
(98,978)
(131,423)

NET CURRENT ASSETS
  
124,531
147,166

TOTAL ASSETS LESS CURRENT LIABILITIES
  
226,172
281,647

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
(16,131)
(22,531)

NET ASSETS
  
210,041
259,116


CAPITAL AND RESERVES
  

Called up share capital 
 9 
360
360

Profit and loss account
 10 
209,681
258,756

  
210,041
259,116


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: 





A J Drew
Director

Date: 16 July 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1


GRANITE PLANET LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Granite Planet Ltd is a private company limited by shares incorporated in England and Wales. The address of the registered office is Unit 27 Weston Industrial Estate, Honeybourne, Evesham, Worcestershire, WR11 7QU. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Directors continue to adopt the going concern basis in preparing the financial statements as they believe the Company has adequate resources and support to continue in operational existence for the foreseeable future. The Directors have prepared forecasts which support this conclusion which factor in the macroeconomic events to which the Company is exposed. In making this assessment, the Directors consider a period of at least 12 months from the date of approval of these financial statements.

 
2.3

FOREIGN CURRENCY TRANSLATION

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
The Company's functional and presentational currency is GBP, and the Financial Statements are rounded to the nearest GBP.

 
2.4

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.

Page 2


GRANITE PLANET LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
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.

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
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.

Page 3


GRANITE PLANET LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as noted below.

Depreciation is provided on the following basis:

Property improvements
-
10% straight line
Plant and machinery
-
20% - 33.5% reducing balance
Motor vehicles
-
20% reducing balance

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

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4


GRANITE PLANET LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

  
2.14

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Sections 11 and 12 of FRS 102 to all of its financial instruments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

DIVIDENDS

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 7 (2022: 7).


4.


TANGIBLE FIXED ASSETS





Property improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 January 2023
11,274
504,129
35,787
551,190


Disposals
-
(115,228)
-
(115,228)



At 31 December 2023

11,274
388,901
35,787
435,962



DEPRECIATION


At 1 January 2023
11,274
385,071
20,364
416,709


Charge for the year on owned assets
-
23,182
3,085
26,267


Disposals
-
(108,655)
-
(108,655)



At 31 December 2023

11,274
299,598
23,449
334,321



NET BOOK VALUE



At 31 December 2023
-
89,303
12,338
101,641



At 31 December 2022
-
119,058
15,423
134,481

Page 5


GRANITE PLANET LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


STOCKS

2023
2022
£
£

Finished goods and goods for resale
30,570
18,339



6.


DEBTORS

2023
2022
£
£


Trade debtors
73,169
34,529

Other debtors
2,225
2,375

Prepayments and accrued income
10,856
9,679

86,250
46,583



7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
18,780
18,613

Amounts owed to group undertakings
18,394
28,925

Corporation Tax
2,327
5,905

Other taxation and social security
12,494
25,011

Other creditors
28,395
38,330

Accruals and deferred income
18,588
14,639

98,978
131,423


Page 6


GRANITE PLANET LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


DEFERRED TAXATION




2023


£






At beginning of year
(22,531)


Charged to profit or loss
6,400



AT END OF YEAR
(16,131)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(16,131)
(22,531)


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



360 (2022: 360) Ordinary shares of £1.00 each
360
360



10.


RESERVES

Profit and loss account

This reserve includes all current and prior periods retained profits and losses.


11.


PENSION COMMITMENTS

The Company operates a defined contribution pension schemes. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charges represent contributions payable by those companies to the respective funds and amounted to £5,692 (2022: £5,794). As at the year end contributions totalling £1,501 (2022: £246) were payable to the funds by the Company and are included within other creditors.

Page 7


GRANITE PLANET LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


RELATED PARTY TRANSACTIONS

The company has taken exemption from disclosure of related party transactions with wholly owned group
entities under Section 33 of FRS 102.

The Company incurred expenditure of £6,000 SAMM Software Services Limited, a company related by virtue of common directors, of which £NIL was outstanding at year end. The Willcox Group Limited, of which the Company is a subsidiary, disposed of SAMM Software Services Limited on 27 September 2022, however SAMM Software Services Limited remained a related party by virtue of common directors. In the remaining period to 31st December 2022, the Company incurred expenditure to SAMM Software Services of £1,500, of which £NIL was outstanding at the reporting date.


13.


CONTROLLING PARTY

The immediate parent company is The Willcox Group Limited, a company incorporated and registered in England and Wales.
The ultimate parent company is Willcox Group Holdings Limited, a company incorporated and registered in England and Wales. Their registered address is Unit 27 Weston Industrial Estate, Honeybourne, Evesham, Worcestershire, WR11 7QU. Consolidated financial statements prepared by Willcox Group Holdings Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
There is no ultimate controlling party.


14.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 July 2024 by Gary Woodhall ACA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.

 
Page 8