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Registered number: 08249344









GRANITE WORLD LONDON LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
GRANITE WORLD LONDON LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
GRANITE WORLD LONDON LIMITED
REGISTERED NUMBER: 08249344

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,997
42,157

Current assets
  

Debtors: amounts falling due within one year
 5 
77,779
42,901

Cash at bank and in hand
  
856
19,101

  
78,635
62,002

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(154,298)
(151,450)

Net current liabilities
  
 
 
(75,663)
 
 
(89,448)

Creditors: amounts falling due after more than one year
 7 
(14,000)
(39,009)

Net liabilities
  
(59,666)
(86,300)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(59,766)
(86,400)

  
(59,666)
(86,300)


Page 1

 
GRANITE WORLD LONDON LIMITED
REGISTERED NUMBER: 08249344
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2024.




................................................
Z Witynski
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GRANITE WORLD LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Granite World London Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is Stanford House Greenford Business Centre, Oldfield Lane North, Station Approach, England, UB6 0AL, which is the principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through its bank facilities.
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements,

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
GRANITE WORLD LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

  
2.5

Functional and presentational currency

The company's functional and presentational currency is GBP. 

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 years Straight Line
Motor vehicles
-
5 years Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

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

Page 4

 
GRANITE WORLD LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

2023
2022
£
£

Wages and salaries
118,238
115,740

Social security costs
4,850
4,757

Cost of defined contribution scheme
1,299
2,792

124,387
123,289


The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 5

 
GRANITE WORLD LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost


At 1 November 2022
23,660
118,450
142,110



At 31 October 2023

23,660
118,450
142,110



Depreciation


At 1 November 2022
23,660
76,293
99,953


Charge for the year on owned assets
-
12,160
12,160



At 31 October 2023

23,660
88,453
112,113



Net book value



At 31 October 2023
-
29,997
29,997



At 31 October 2022
-
42,157
42,157

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
29,996
42,156

29,996
42,156

Page 6

 
GRANITE WORLD LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
53,166
16,377

Other debtors
24,613
26,524

77,779
42,901



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,000
8,000

Trade creditors
19,078
12,622

Other taxation and social security
73,823
90,798

Obligations under finance lease and hire purchase contracts
28,156
18,664

Other creditors
18,241
2,616

Accruals
7,000
18,750

154,298
151,450



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,000
22,000

Net obligations under finance leases and hire purchase contracts
-
17,009

14,000
39,009


Page 7

 
GRANITE WORLD LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
8,000
8,000

Amounts falling due 1-2 years

Bank loans
14,000
22,000

22,000
30,000



9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £1,299 (2022 - £2,792).
Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date and are included in creditors.


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Share Capital share of £100.00
100
100


 
Page 8