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COMPANY REGISTRATION NUMBER: 07473251
Graphite Global Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Graphite Global Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
577,143
1,497
Current assets
Stocks
8,193
Debtors
5
2,818
215
Cash at bank and in hand
24,434
119,804
--------
----------
27,252
128,212
Creditors: amounts falling due within one year
6
127,772
1,020
----------
----------
Net current (liabilities)/assets
( 100,520)
127,192
----------
----------
Total assets less current liabilities
476,623
128,689
Creditors: amounts falling due after more than one year
7
346,994
----------
----------
Net assets
129,629
128,689
----------
----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
129,628
128,688
----------
----------
Shareholders funds
129,629
128,689
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Graphite Global Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
J L Barker
J Barker
Director
Director
Company registration number: 07473251
Graphite Global Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kennels Farm, Rigg Lane, East Hardwick, Pontefract, West Yorkshire, WF8 3EF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial Statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for services rendered, net of discounts and of Value Added Tax.
(c) Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
50% straight line
(f) Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Financial instruments
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 entity after deducting all of its financial liabilities.
4. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 January 2023
18,252
18,252
Additions
576,795
576,795
Disposals
( 8,436)
( 8,436)
----------
--------
----------
At 31 December 2023
576,795
9,816
586,611
----------
--------
----------
Depreciation
At 1 January 2023
16,755
16,755
Charge for the year
1,149
1,149
Disposals
( 8,436)
( 8,436)
----------
--------
----------
At 31 December 2023
9,468
9,468
----------
--------
----------
Carrying amount
At 31 December 2023
576,795
348
577,143
----------
--------
----------
At 31 December 2022
1,497
1,497
----------
--------
----------
The investment properties were purchased in the year.
5. Debtors
2023
2022
£
£
Trade debtors
2,730
Other debtors
88
215
-------
----
2,818
215
-------
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,140
1,020
Directors loan accounts
126,632
----------
-------
127,772
1,020
----------
-------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
346,994
----------
----
8. Related party transactions
During the year the director made available loans to the company. The loans are interest free and repayable on demand. At 31 December 2023 the balance due to the director totalled £ 126,632 (2022: £ 0 ).