Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312No description of principal activity2022-11-01false2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12978979 2022-11-01 2023-10-31 12978979 2021-11-01 2022-10-31 12978979 2023-10-31 12978979 2022-10-31 12978979 c:Director1 2022-11-01 2023-10-31 12978979 d:CurrentFinancialInstruments 2023-10-31 12978979 d:CurrentFinancialInstruments 2022-10-31 12978979 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12978979 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12978979 d:ShareCapital 2023-10-31 12978979 d:ShareCapital 2022-10-31 12978979 d:RetainedEarningsAccumulatedLosses 2023-10-31 12978979 d:RetainedEarningsAccumulatedLosses 2022-10-31 12978979 c:OrdinaryShareClass1 2022-11-01 2023-10-31 12978979 c:OrdinaryShareClass1 2023-10-31 12978979 c:OrdinaryShareClass1 2022-10-31 12978979 c:FRS102 2022-11-01 2023-10-31 12978979 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12978979 c:FullAccounts 2022-11-01 2023-10-31 12978979 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12978979 e:PoundSterling 2022-11-01 2023-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12978979









GRIT SPORTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
GRIT SPORTS LTD
REGISTERED NUMBER: 12978979

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
10
-

Cash at bank and in hand
  
443
38

  
453
38

Creditors: amounts falling due within one year
 5 
(52,854)
(26,156)

Net current liabilities
  
 
 
(52,401)
 
 
(26,118)

Total assets less current liabilities
  
(52,401)
(26,118)

  

Net liabilities
  
(52,401)
(26,118)


Capital and reserves
  

Called up share capital 
 6 
100
2

Profit and loss account
  
(52,501)
(26,120)

  
(52,401)
(26,118)


Page 1

 
GRIT SPORTS LTD
REGISTERED NUMBER: 12978979
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 on 29 July 2024.




T J Watts
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
GRIT SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 12978979.  The Company's registered office is 76 Brook End Drive, Henley-In-Arden, B95 5JF.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

The company incurred losses in the period as a result of initial start up costs and as such has net liabilities as at the balance sheet date.  The main creditor of the company is a company connected to one of the directors, and the directors intend to continue to support the company for the foreseeable future and therefore the directors believe it is appropriate to prepare the accounts on a going concern basis.

Page 3

 
GRIT SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 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

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.

 
2.5

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.

 
2.6

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.

Page 4

 
GRIT SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2


4.


Debtors

2023
2022
£
£


Called up share capital not paid
10
-

10
-



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
954
-

Amounts owed to associated companies
23,787
-

Other creditors
27,159
25,201

Accruals and deferred income
954
955

52,854
26,156



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 2) Ordinary shares of £1.00 each
100
2


 98 Ordinary shares of £1.00 each were issued on 18 November 2022 at par value.

Page 5

 
GRIT SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Related party transactions

During the year expenses of £Nil (2022 - £7,326) were settled on behalf of the company by a company controlled by one of the directors.  In addition loans of £862 (2022 - £6,199) was received from this company.  The balance outstanding and due to this company as at 31 October 2023 was £18,932 (2022 -  £18,070).
During the year expenses of £600 (2022 - £Nil) were settled on behalf of the company by a company who is a shareholder of this company.  In addition loans of £23,187 (2022 - £Nil) was received from this company.  The balance outstanding and due to this company as at 31 October 2023 was £23,787 (2022 -  £Nil).
During the year the company received loans from the directors of £1,095 (2022 - £7,132).  As at 31 October 2023 amounts due to directors was £8,227 (2022 - £7,132).
Loans are interest free and repayable on demand.

 
Page 6