Company registration number 10523409 (England and Wales)
GRAVICUS TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GRAVICUS TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GRAVICUS TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
5,803,159
2,649,160
Cash at bank and in hand
714,635
511,623
6,517,794
3,160,783
Creditors: amounts falling due within one year
4
(297,613)
(1,856,189)
Net current assets
6,220,181
1,304,594
Creditors: amounts falling due after more than one year
5
(7,800)
(15,000)
Net assets
6,212,381
1,289,594
Capital and reserves
Called up share capital
6
442
332
Share premium account
10,605,249
5,823,439
Profit and loss reserves
(4,393,310)
(4,534,177)
Total equity
6,212,381
1,289,594
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
B Gowers
Director
Company registration number 10523409 (England and Wales)
GRAVICUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Gravicus Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. Turnover is recognised at the point of which the service is provided.
1.3
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
GRAVICUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
7
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,140
Amounts owed by group undertakings
5,799,918
2,327,281
Other debtors
3,241
304,739
5,803,159
2,649,160
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7,200
7,200
Trade creditors
11,411
17,140
Other creditors
279,002
1,831,849
297,613
1,856,189
Included in other creditors are loans totaling £200,000 (2023: £40,000) which are secured on the book debts of the company.
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
7,800
15,000
GRAVICUS TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Creditors: amounts falling due after more than one year
(Continued)
- 4 -
Included within creditors falling due within one year and creditors falling due after more than one year is £15,000 (2023: £22,200) in respect of a bank loan which is guaranteed by the government under the Coronavirus Bounce Back Loan Scheme. This loan is repayable by June 2026 and interest is charged at 2.50% per annum on this loan.
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
3,970,400
3,321,064
397
332
B Ordinary shares of 0.01p each
450,000
-
45
-
4,420,400
3,321,064
442
332
During the year the company issued 649,330 Ordinary shares and 450,000 B Ordinary shares of 0.0001p for £4,781,919.