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REGISTERED NUMBER: 06026303 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 December 2023

for

Gravitass Ltd

Gravitass Ltd (Registered number: 06026303)

Contents of the Financial Statements
For The Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Gravitass Ltd

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mrs K E H Tassell
G H Tassell





REGISTERED OFFICE: Orchard House Mill Lane
Brandeston
Woodbridge
Suffolk
IP13 7AP





REGISTERED NUMBER: 06026303 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

Gravitass Ltd (Registered number: 06026303)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,732 12,877

CURRENT ASSETS
Debtors 5 2,440 5,203
Cash at bank 39,753 16,137
42,193 21,340
CREDITORS
Amounts falling due within one year 6 43,847 22,100
NET CURRENT LIABILITIES (1,654 ) (760 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,078

12,117

CREDITORS
Amounts falling due after more than one
year

7

(6,000

)

(9,667

)

PROVISIONS FOR LIABILITIES 8 (2,433 ) (2,447 )
NET (LIABILITIES)/ASSETS (355 ) 3

CAPITAL AND RESERVES
Called up share capital 9 3 3
Retained earnings 10 (358 ) -
SHAREHOLDERS' FUNDS (355 ) 3

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:



G H Tassell - Director


Gravitass Ltd (Registered number: 06026303)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Gravitass Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on reducing balance

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, 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.

Creditors
Short term creditors are measured at the transaction price.


Gravitass Ltd (Registered number: 06026303)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 30,306 23,700 - 54,006
Additions - - 110 110
At 31 December 2023 30,306 23,700 110 54,116
DEPRECIATION
At 1 January 2023 17,429 23,700 - 41,129
Charge for year 3,219 - 36 3,255
At 31 December 2023 20,648 23,700 36 44,384
NET BOOK VALUE
At 31 December 2023 9,658 - 74 9,732
At 31 December 2022 12,877 - - 12,877

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,440 720
Other debtors - 4,483
2,440 5,203

Gravitass Ltd (Registered number: 06026303)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,365 4,000
Taxation and social security 31,481 18,102
Other creditors 2,001 (2 )
43,847 22,100

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 6,000 9,667

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,433 2,447

Deferred
tax
£   
Balance at 1 January 2023 2,447
Credit to Statement of Income and Retained Earnings during year (14 )
Balance at 31 December 2023 2,433

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3 Ordinary £1 3 3

10. RESERVES
Retained
earnings
£   

Profit for the year 92,542
Dividends (92,900 )
At 31 December 2023 (358 )