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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
Page
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Graphite Inc. Limited Company Information for the year ended 31 January 2024
Director
S. Newbold
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
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Graphite Inc. Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
890 
274 
Current assets
Debtors
65,880 
80,608 
Cash at bank and in hand
1,375 
1,999 
67,255 
82,607 
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
Deferred tax
(169)
- 
Net assets
11,871 
11,198 
Capital and reserves
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
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Graphite Inc. Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
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.
3
Accounting policies
Basis of preparation
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.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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.
Pension costs
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.
Taxation
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.
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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:
Land & buildings
5 years
Plant & machinery
3 years
Financial instruments
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.
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Graphite Inc. Limited Notes to the Accounts for the year ended 31 January 2024
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 February 2023
44,166 
Additions
1,335 
At 31 January 2024
45,501 
Depreciation
At 1 February 2023
43,892 
Charge for the year
719 
At 31 January 2024
44,611 
Net book value
At 31 January 2024
890 
At 31 January 2023
274 
5
Share capital
2024 
2023 
£ 
£ 
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).
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