Registration number:
Granyt Limited
for the Period from 14 March 2023 to 31 December 2023
Granyt Limited
Contents
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Granyt Limited
(Registration number: 14729352)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
|
Fixed assets |
||
Intangible assets |
|
|
Tangible assets |
|
|
|
||
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
Creditors: Amounts falling due after more than one year |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
2 |
|
Other reserves |
13,884 |
|
Profit and loss account |
(45,191) |
|
Shareholders' deficit |
(31,305) |
For the financial period 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
Granyt Limited
(Registration number: 14729352)
Statement of Financial Position as at 31 December 2023 (continued)
|
|
Granyt Limited
Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
Principal activity
The principal activity of the company is that of a climate fintech.
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 prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Granyt Limited
Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
25% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Granyt Limited
Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)
2 |
Accounting policies (continued) |
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 |
Patents, trademarks and software |
straight line over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
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 statement of comprehensive income 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.
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.
Granyt Limited
Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
The proceeds received on issue of convertible debt are allocated into their liability and equity components and presented separately in the balance sheet. Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.
The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert. This is then measured at amortised cost.
The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently re-measured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate, with no gain or loss recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Granyt Limited
Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)
Intangible assets |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
Amortisation charge |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
Tangible assets |
Office equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
Charge for the period |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
|
|
Debtors |
2023 |
|
Other debtors |
|
Prepayments |
|
|
Granyt Limited
Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
2023 |
|
Due within one year |
|
Taxation and social security |
|
Accruals and deferred income |
|
Other creditors |
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
|
Due after one year |
||
Loans and borrowings |
|
Creditors include convertible debt of £71,625 which is interest free. The market rate of interest for a similar debt instrument has been estimated at 10%.
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Granyt Limited
Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)
Loans and borrowings |
Non-current loans and borrowings
2023 |
|
Other borrowings |
|
Related party transactions |
Transactions with directors |
2023 |
At 14 March 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
Overdrawn balance |
- |
|
- |
|
Account in credit |
- |
( |
- |
( |
- |
5,854 |
- |
5,854 |
|
|
The overdrawn balance was cleared by 31 March 2024, and just represents a timing difference.