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Registration number: 09652602

Gnatta Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Gnatta Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Gnatta Limited

Company Information

Directors

Ms J Bowles

Mr J Barmby

Mr D Saltmer

Registered office

Imperial House
79-81 Hornby Street
Bury
Lancashire
BL9 5BN

Accountants

Williamson Croft Accountants Ltd
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gnatta Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gnatta Limited for the year ended 31 January 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Gnatta Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Gnatta Limited and state those matters that we have agreed to state to the Board of Directors of Gnatta Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gnatta Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gnatta Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Gnatta Limited. You consider that Gnatta Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Gnatta Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Ltd
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

23 July 2024

 

Gnatta Limited

(Registration number: 09652602)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,628

12,561

Tangible assets

5

10,684

22,501

 

15,312

35,062

Current assets

 

Debtors

6

1,626,960

3,043,345

Cash at bank and in hand

 

57,579

292,331

 

1,684,539

3,335,676

Creditors: Amounts falling due within one year

7

(1,113,122)

(2,101,293)

Net current assets

 

571,417

1,234,383

Total assets less current liabilities

 

586,729

1,269,445

Creditors: Amounts falling due after more than one year

7

(205,468)

(361,042)

Provisions for liabilities

-

(6,662)

Net assets

 

381,261

901,741

Capital and reserves

 

Called up share capital

8

180

180

Capital redemption reserve

5

5

Retained earnings

381,076

901,556

Shareholders' funds

 

381,261

901,741

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gnatta Limited

(Registration number: 09652602)
Balance Sheet as at 31 January 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 

.........................................
Mr J Barmby
Director

 

Gnatta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Imperial House
79-81 Hornby Street
Bury
Lancashire
BL9 5BN

These financial statements were authorised for issue by the Board on 23 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Gnatta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

3/4 years straight line method

Intangible assets

Development costs that are directly attributable to the design and testing of websites controlled by the company are recognised as intangible assets. Intangible assets are stated in the statement of financial position at cost, less amortisation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

3 years straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Gnatta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 29).

 

Gnatta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Website and internally developed software
 £

Total
£

Cost or valuation

At 1 February 2023

23,800

23,800

At 31 January 2024

23,800

23,800

Amortisation

At 1 February 2023

11,239

11,239

Amortisation charge

7,933

7,933

At 31 January 2024

19,172

19,172

Carrying amount

At 31 January 2024

4,628

4,628

At 31 January 2023

12,561

12,561

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

58,122

58,122

Additions

1,274

1,274

Disposals

(21,099)

(21,099)

At 31 January 2024

38,297

38,297

Depreciation

At 1 February 2023

35,621

35,621

Charge for the year

11,155

11,155

Eliminated on disposal

(19,163)

(19,163)

At 31 January 2024

27,613

27,613

Carrying amount

At 31 January 2024

10,684

10,684

At 31 January 2023

22,501

22,501

 

Gnatta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

135,432

1,397,078

Prepayments

41,528

90,075

Other debtors

1,450,000

1,556,192

 

1,626,960

3,043,345

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

167,274

151,929

Trade creditors

 

54,293

41,045

Taxation and social security

 

83,632

246,884

Accruals and deferred income

 

806,367

1,657,456

Other creditors

 

1,556

3,979

 

1,113,122

2,101,293

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

205,468

361,042

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary

180,375

180.38

180,375

180.38

         
 

Gnatta Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,206 (2023 - £58,198).

The total amount of guarantees not included in the balance sheet is £578,000 which relates to cross company guarantees.