Granyt Limited 14729352 false 2023-03-14 2023-12-31 2023-12-31 The principal activity of the company is that of a climate fintech. Digita Accounts Production Advanced 6.30.9574.0 true true 14729352 2023-03-14 2023-12-31 14729352 2023-12-31 14729352 core:CurrentFinancialInstruments 2023-12-31 14729352 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14729352 core:Non-currentFinancialInstruments 2023-12-31 14729352 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 14729352 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 14729352 core:OfficeEquipment 2023-12-31 14729352 1 2023-12-31 14729352 2 2023-12-31 14729352 bus:SmallEntities 2023-03-14 2023-12-31 14729352 bus:AuditExemptWithAccountantsReport 2023-03-14 2023-12-31 14729352 bus:FilletedAccounts 2023-03-14 2023-12-31 14729352 bus:SmallCompaniesRegimeForAccounts 2023-03-14 2023-12-31 14729352 bus:RegisteredOffice 2023-03-14 2023-12-31 14729352 bus:Director1 2023-03-14 2023-12-31 14729352 bus:Director2 2023-03-14 2023-12-31 14729352 bus:PrivateLimitedCompanyLtd 2023-03-14 2023-12-31 14729352 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-14 2023-12-31 14729352 core:OfficeEquipment 2023-03-14 2023-12-31 14729352 countries:AllCountries 2023-03-14 2023-12-31 14729352 1 2023-03-14 2023-12-31 14729352 2 2023-03-14 2023-12-31 14729352 1 2023-03-13 14729352 2 2023-03-13 iso4217:GBP xbrli:pure

Registration number: 14729352

Granyt Limited

Unaudited Filleted Financial Statements

for the Period from 14 March 2023 to 31 December 2023

 

Granyt Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Granyt Limited

(Registration number: 14729352)
Statement of Financial Position as at 31 December 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

19,634

Tangible assets

5

339

 

19,973

Current assets

 

Debtors

6

10,279

Cash at bank and in hand

 

12,294

 

22,573

Creditors: Amounts falling due within one year

7

(2,226)

Net current assets

 

20,347

Total assets less current liabilities

 

40,320

Creditors: Amounts falling due after more than one year

7

(71,625)

Net liabilities

 

(31,305)

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 members have not required the company to obtain an audit of its accounts for the period 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.

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 Board on 4 October 2024 and signed on its behalf by:
 

 

Granyt Limited

(Registration number: 14729352)
Statement of Financial Position as at 31 December 2023 (continued)


Caroline Haynes
Director


Bernard Yu
Director

 

Granyt Limited

Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU
England

Principal activity

The principal activity of the company is that of a climate fintech.

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 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
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 3.

 

Granyt Limited

Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

Additions acquired separately

21,816

21,816

At 31 December 2023

21,816

21,816

Amortisation

Amortisation charge

2,182

2,182

At 31 December 2023

2,182

2,182

Carrying amount

At 31 December 2023

19,634

19,634

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

354

354

At 31 December 2023

354

354

Depreciation

Charge for the period

15

15

At 31 December 2023

15

15

Carrying amount

At 31 December 2023

339

339

6

Debtors

2023
£

Other debtors

9,737

Prepayments

542

10,279

 

Granyt Limited

Notes to the Unaudited Financial Statements for the Period from 14 March 2023 to 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

747

Accruals and deferred income

1,150

Other creditors

329

2,226

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

9

71,625

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%.

8

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)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

Other borrowings

71,625

10

Related party transactions

Transactions with directors

2023

At 14 March 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Overdrawn balance

-

6,183

-

6,183

Account in credit

-

(329)

-

(329)

 

-

5,854

-

5,854

       

 

The overdrawn balance was cleared by 31 March 2024, and just represents a timing difference.