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Registered Number: 12382606
England and Wales

 

 

 

GROMODEL LIMITED


Report of the Director and Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Director Belema Chidi Precious Albert TAMUNO-OMI
Registered Number 12382606
Registered Office 79
Towpath Way
Croydon
Cr0 6BW
Accountants Smith & Johnson Limited
7 Bell Yard
London
WC2A 2JR
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 31 January 2024.
Principal activities
Principal activity of the company during the financial year was of ...
Director
The director who served the company throughout the year was as follows:
Belema Chidi Precious Albert TAMUNO-OMI
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Belema Chidi Precious Albert TAMUNO-OMI
Director

Date approved: 08 January 2025
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Gromodel Limited for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gromodel Limited for the year ended 31 January 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Gromodel Limited , as a body, in accordance with the terms of our engagement letter dated 08 January 2025. Our work has been undertaken solely to prepare for your approval the accounts of Gromodel Limited and state those matters that we have agreed to state to the Board of Directors of Gromodel Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gromodel Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Gromodel Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Gromodel Limited . You consider that Gromodel Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Gromodel Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 January 2024



....................................................
TJ Smith
Smith & Johnson Limited

7 Bell Yard
London
WC2A 2JR
08 January 2025
3
 
 
Notes
 
2024
£
  2023
£
Turnover 2,221,236    1,677,037 
Cost of sales (1,943,502)   (1,143,424)
Gross profit 277,734    533,613 
Administrative expenses (183,474)   (359,254)
Other operating income 2   2,400 
Operating profit 3 94,260    176,759 
Profit/(Loss) on ordinary activities before taxation 94,260    176,759 
Tax on profit on ordinary activities 5 (17,427)   (33,584)
Profit/(Loss) for the financial year 76,833    143,175 
 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 6 11,952   
Investments 7 185,693   
197,645   
Current assets      
Debtors 8 29,200   
Cash at bank and in hand 53,762    186,347 
82,962    186,347 
Creditors: amount falling due within one year 9 (51,011)   (33,584)
Net current assets 31,951    152,763 
 
Total assets less current liabilities 229,596    152,763 
Net assets 229,596    152,763 
 

Capital and reserves
     
Profit and loss account 10 229,596    152,763 
Members' funds 229,596    152,763 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the director on 08 January 2025 and were signed by:


-------------------------------
Belema Chidi Precious Albert TAMUNO-OMI
Director
5
General Information
Gromodel Limited is a private company, limited by guarantee, registered in England and Wales, registration number 12382606, registration address 79, Towpath Way, Croydon, Cr0 6BW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Improvements to property 5 Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Other operating income

2024
£
  2023
£
Commissions Received   2,400 
  2,400 

3.

Operating profit/(loss)

2024
£
  2023
£
The operating profit is stated after charging:

 
Directors emoluments 50,000    50,000 
Depreciation of tangible fixed assets 1,216   

4.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
5.

Tax on profit on ordinary activities

2024
£
  2023
£
UK Corporation Tax 17,427    33,584 
17,427    33,584 

6.

Tangible fixed assets

Cost or valuation Improvements to property   Total
  £   £
At 01 February 2023  
Additions 13,168    13,168 
Disposals  
At 31 January 2024 13,168    13,168 
Depreciation
At 01 February 2023  
Charge for year 1,216    1,216 
On disposals  
At 31 January 2024 1,216    1,216 
Net book values
Closing balance as at 31 January 2024 11,952    11,952 
Opening balance as at 01 February 2023  


7.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 February 2023  
Additions 185,693    185,693 
Transfer to/from tangible fixed assets  
Disposals  
At 31 January 2024 185,693    185,693 

8.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 29,200   
29,200   

9.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 51,011    33,584 
51,011    33,584 

10.

Profit and loss account

  2024
£
Balance at 01 February 2023 152,763 
Profit for the year 76,833 
Balance at 31 January 2024 229,596 

11.

Company Limited by Guarantee

The company is limited by guarantee and therefore has no shares.
6
  2024
£
  2023
£
Turnover          
Sales   2,215,023      1,676,908 
Bank Interest   520      129 
Other Income   5,693     
  2,221,236      1,677,037 
Cost of sales          
Staff expenses 56,068      39,719 
Sub-Contract Cost 1,620,721      837,792 
Rent 262,793      265,913 
Light, Power, and Heating 2,512     
Water and rates 1,408     
  (1,943,502)     (1,143,424)
Gross profit   277,734      533,613 
Administrative expenses          
Staff Training 1,797     
Uniform 2,000     
Private health costs 264      15,260 
Directors Salaries 50,000      50,000 
Accountancy Fees 7,110      1,327 
Legal and Professional Fees (Allowable) 1,500      1,795 
Management & Consultancy fees 23,240      2,485 
Rates & Water 3,133      191 
Cleaning of Premises 7,155      4,526 
Use of Home as Office 312     
General Travel Expenses 35,204      17,053 
Bank Charges 832      262 
Late interest charges 431     
Depreciation Charge: Improvements to property 1,216     
Motor Vehicle Expense     14,394 
Advertising 908      808 
Entertainment     1,779 
General Insurance 815      2,820 
Computer Expenses 3,716      10 
Website costs 2,118     
Repairs & Renewals 4,324      1,660 
Stationery & Postage 3,315      637 
Telephone, Fax & Internet 1,758      1,567 
Sundry Expenses     218,176 
Research costs 1,000     
Subscriptions 1,076     
Donations 14,164      2,886 
Subsistence 16,086      21,618 
  (183,474)     (359,254)
Other operating income          
Commissions Received     2,400 
      2,400 
Operating profit   94,260      176,759 
Profit/(Loss) on ordinary activities before taxation   94,260      176,759 
Tax on profit on ordinary activities          
UK Corporation Tax 17,427      33,584 
  (17,427)     (33,584)
Profit/(Loss) for the financial year   76,833      143,175 
 
7