Registered number
10751329
Gravitas Ground ScrewsLtd
Filleted Accounts
31 May 2024
Gravitas Ground ScrewsLtd
Registered number: 10751329
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,331 38,041
Current assets
Stocks 12,000 7,500
Debtors 4 2,340 3,268
Cash at bank and in hand 35,605 35,675
49,945 46,443
Creditors: amounts falling due within one year 5 (13,884) (14,623)
Net current assets 36,061 31,820
Total assets less current liabilities 63,392 69,861
Creditors: amounts falling due after more than one year 6 (13,800) (21,000)
Net assets 49,592 48,861
Capital and reserves
Called up share capital 100 100
Profit and loss account 49,492 48,761
Shareholders' funds 49,592 48,861
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G H Schaeffer
Director
Approved by the board on 21 November 2024
Gravitas Ground ScrewsLtd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 5 years
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 22,570 45,995 68,565
Additions 1,854 - 1,854
At 31 May 2024 24,424 45,995 70,419
Depreciation
At 1 June 2023 12,128 18,396 30,524
Charge for the year 3,365 9,199 12,564
At 31 May 2024 15,493 27,595 43,088
Net book value
At 31 May 2024 8,931 18,400 27,331
At 31 May 2023 10,442 27,599 38,041
4 Debtors 2024 2023
£ £
Trade debtors 2,340 3,268
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 7,200 7,200
Taxation and social security costs 6,542 5,500
Other creditors 142 1,923
13,884 14,623
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 13,800 21,000
7 Other information
Gravitas Ground ScrewsLtd is a private company limited by shares and incorporated in England. Its registered office is:
15 Pulborough Road
Storrington
Pulborough
RH20 4HJ
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