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Logo On Report
Registered Number: 09933622


 

 

 

GROSS AND NET CITY LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gross And Net City Limited for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of Gross And Net City Limited, as a body, in accordance with the terms of our engagement letter dated 30 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Gross And Net City Limited and state those matters that we have agreed to state to the Board of Directors of Gross And Net City Limited, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gross And Net City Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Gross And Net City Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gross And Net City Limited. You consider that Gross And Net City 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 financial statements of Gross And Net City 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 financial statements.



....................................................
Boffix & Co Accountancy Limited
Boffix & Co Accountancy Limited

St Alban Tower
Wood Street
London
EC2V 7AF
30 September 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 290    290 
Tangible fixed assets 4 253    377 
543    667 
Current assets      
Cash at bank and in hand 2    31 
Creditors: amount falling due within one year (16,720)   (19,613)
Net current assets (16,718)   (19,582)
 
Total assets less current liabilities (16,175)   (18,915)
Creditors: amount falling due after more than one year (17,759)   (17,759)
Net assets (33,934)   (36,674)
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account (34,034)   (36,774)
Shareholders' funds (33,934)   (36,674)
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 30 September 2024 and were signed by:


-------------------------------
Oladeji Iwalehin-Ikuesan
Director
2
General Information
Gross And Net City Limited is a private company, limited by shares, registered in , registration number 09933622, registration address 30th Floor, 40 Bank Street, Canary Wharf, London, E14 5NR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33 Reducing Balance
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 February 2023 1,300    1,300 
Additions  
Disposals  
At 31 January 2024 1,300    1,300 
Amortisation
At 01 February 2023 1,010    1,010 
Charge for year  
On disposals  
At 31 January 2024 1,010    1,010 
Net book values
At 31 January 2024 290    290 
At 31 January 2023 290    290 


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 February 2023 2,562    2,562 
Additions  
Disposals  
At 31 January 2024 2,562    2,562 
Depreciation
At 01 February 2023 2,185    2,185 
Charge for year 124    124 
On disposals  
At 31 January 2024 2,309    2,309 
Net book values
Closing balance as at 31 January 2024 253    253 
Opening balance as at 01 February 2023 377    377 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

3