Company Registration No. 03058223 (England and Wales)
Graphite Inc. Limited
Unaudited accounts
for the year ended 31 January 2024
Graphite Inc. Limited
Unaudited accounts
Contents
Graphite Inc. Limited
Company Information
for the year ended 31 January 2024
Company Number
03058223 (England and Wales)
Registered Office
Graphite Design
Unit 4
Westerham Trade Centre, The Flyers Way
Westerham
Kent
TN16 1DE
England
Accountants
Bromley Consultancy Ltd trading as Bromley Accounting
8 Lilah Mews
Bromley
Kent
BR2 0BZ
Graphite Inc. Limited
Statement of financial position
as at 31 January 2024
Cash at bank and in hand
1,375
1,999
Creditors: amounts falling due within one year
(56,105)
(71,683)
Net current assets
11,150
10,924
Total assets less current liabilities
12,040
11,198
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
11,771
11,098
Shareholders' funds
11,871
11,198
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 October 2024 and were signed on its behalf by
S. Newbold
Director
Company Registration No. 03058223
Graphite Inc. Limited
Notes to the Accounts
for the year ended 31 January 2024
Graphite Inc. Limited is a private company, limited by shares, registered in England and Wales, registration number 03058223. The registered office is Graphite Design, Unit 4, Westerham Trade Centre, The Flyers Way, Westerham, Kent, TN16 1DE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Graphite Inc. Limited
Notes to the Accounts
for the year ended 31 January 2024
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.
Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and 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.
Graphite Inc. Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Total
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
6
Operating lease commitments
2024
2023
At 31 January 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
11,300
7
Transactions with related parties
Included within other creditors is a balance of £22,000 (2023 - £29,801) owed to companies with a common director. This balance is unsecured and interest free and repayable on demand with no fixed repayment terms.
8
Average number of employees
During the year the average number of employees was 4 (2023: 6).