Registered number
10650585
Grabbit Away Ltd
Filleted Accounts
31 March 2024
Goldsmith BALL
a c c o u n t a n t s
Harwell Innovation Centre, 173 Curie Avenue, Harwell Science and Innovation Campus,
Didcot, Oxfordshire OX11 0QG
Grabbit Away Ltd
Registered number: 10650585
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 107,091 126,281
Current assets
Debtors 4 10,084 8,571
Cash at bank and in hand 69,379 67,946
79,463 76,517
Creditors: amounts falling due within one year 5 (99,989) (99,380)
Net current liabilities (20,526) (22,863)
Total assets less current liabilities 86,565 103,418
Creditors: amounts falling due after more than one year 6 (35,920) (59,071)
Provisions for liabilities (20,347) (15,913)
Net assets 30,298 28,434
Capital and reserves
Called up share capital 10 10
Profit and loss account 30,288 28,424
Shareholders' funds 30,298 28,434
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G. Salman
Director
Approved by the board on 28 August 2024
Grabbit Away Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% on reducing balance
Plant and machinery 25% on reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 1,690 173,235 174,925
Additions 7,000 - 7,000
At 31 March 2024 8,690 173,235 181,925
Depreciation
At 1 April 2023 614 48,030 48,644
Charge for the year 1,149 25,041 26,190
At 31 March 2024 1,763 73,071 74,834
Net book value
At 31 March 2024 6,927 100,164 107,091
At 31 March 2023 1,076 125,205 126,281
4 Debtors 2024 2023
£ £
Trade debtors 9,184 7,671
Prepayments 900 900
10,084 8,571
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,054 8,054
Obligations under finance lease and hire purchase contracts 17,116 16,267
Trade creditors and accruals 8,031 8,432
Taxation and social security costs 4,979 3,731
Other creditors 61,809 62,896
99,989 99,380
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,903 18,254
Obligations under finance lease and hire purchase contracts 25,017 40,817
35,920 59,071
7 Other information
Grabbit Away Ltd is a private company limited by shares and incorporated in England. Its registered office is:
24 Lottage Road
Aldbourne
Marlborough
Wilts
SN8 2ED
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