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Registered number: 12281651
GGG Kemptown Limited
Financial Statements
For The Year Ended 31 October 2023
Gravitate Accounting
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12281651
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,142 11,730
Tangible Assets 5 39,206 50,331
47,348 62,061
CURRENT ASSETS
Debtors 6 12,612 11,383
12,612 11,383
Creditors: Amounts Falling Due Within One Year 7 (38,462 ) (38,041 )
NET CURRENT ASSETS (LIABILITIES) (25,850 ) (26,658 )
TOTAL ASSETS LESS CURRENT LIABILITIES 21,498 35,403
Creditors: Amounts Falling Due After More Than One Year 8 (44,114 ) (37,300 )
NET LIABILITIES (22,616 ) (1,897 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (22,617 ) (1,898 )
SHAREHOLDERS' FUNDS (22,616) (1,897)
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For the year ending 31 October 2023 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
Andrew Little
Director
31/07/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
GGG Kemptown Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12281651 . The registered office is Unit 13e, 92 Burton Road, Sheffield, South Yorkshire, England, S3 8BX.
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. 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 and from the rendering of services. 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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website costs. It is amortised to profit and loss account over its estimated economic life of 3 years.
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:
Leasehold 10% Straight Line
Plant & Machinery 14% Straight Line
Fixtures & Fittings 20% Straight Line
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 4)
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4. Intangible Assets
Other
£
Cost
As at 1 November 2022 16,559
Additions 552
As at 31 October 2023 17,111
Amortisation
As at 1 November 2022 4,829
Provided during the period 4,140
As at 31 October 2023 8,969
Net Book Value
As at 31 October 2023 8,142
As at 1 November 2022 11,730
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2022 22,850 37,718 9,988 70,556
Additions - 3,527 - 3,527
Disposals (3,260 ) - - (3,260 )
As at 31 October 2023 19,590 41,245 9,988 70,823
Depreciation
As at 1 November 2022 2,151 13,474 4,600 20,225
Provided during the period 1,666 7,640 2,086 11,392
As at 31 October 2023 3,817 21,114 6,686 31,617
Net Book Value
As at 31 October 2023 15,773 20,131 3,302 39,206
As at 1 November 2022 20,699 24,244 5,388 50,331
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income - 30
Other debtors 4,777 10,698
Other taxes and social security 569 655
Director's loan account 7,266 -
12,612 11,383
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 8,575
Trade creditors 863 13,244
Bank loans and overdrafts 6,054 1,027
Other creditors 31,545 3,253
Director's loan account - 11,942
38,462 38,041
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 44,114 37,300
44,114 37,300
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 8,575
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
11. Related Party Transactions
Included within debtors are loans to related parties amounting to £7,265 (2022 -  Creditor of £11,941). These loans are unsecured, interest free and repayable on demand.
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