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REGISTERED NUMBER: 02197839 (England and Wales)

















Financial Statements

For The Year Ended 30 April 2024

for

Griptone Limited

Griptone Limited (Registered number: 02197839)

Contents of the Financial Statements
For The Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Griptone Limited

Company Information
For The Year Ended 30 April 2024







DIRECTORS: J C King
T King
M King





SECRETARY: J C King





REGISTERED OFFICE: Unit 21
Impressa Park
Pindar Road
Hoddesdon
Hertfordshire
EN11 0DL





REGISTERED NUMBER: 02197839 (England and Wales)





AUDITORS: LB Group Limited (Chelmsford)
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

Griptone Limited (Registered number: 02197839)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,529 8,858

CURRENT ASSETS
Stocks 38,639 19,825
Debtors 5 77,148 32,170
Cash at bank 243,991 9,058
359,778 61,053
CREDITORS
Amounts falling due within one year 6 291,622 42,119
NET CURRENT ASSETS 68,156 18,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,685

27,792

PROVISIONS FOR LIABILITIES 7 1,882 2,215
NET ASSETS 73,803 25,577

CAPITAL AND RESERVES
Called up share capital 8 105 105
Retained earnings 73,698 25,472
SHAREHOLDERS' FUNDS 73,803 25,577

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





J C King - Director


Griptone Limited (Registered number: 02197839)

Notes to the Financial Statements
For The Year Ended 30 April 2024


1. STATUTORY INFORMATION

Griptone Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Going concern
At the time that the financial statements were approved, the directors had a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

The directors have considered a period of twelve months following the date of approval of the financial statements, when considering the appropriateness of the adoption of the going concern basis of preparation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover for the sale of goods is recognised when the risk and reward is transferred to the customer at the point of sale, the value of the goods can be reliably measured and it is probable that the Company will receive consideration for the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

Recognition and impairment of tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

The entity reviews the carrying value's of its tangible fixed assets at each reporting date, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the estimated recoverable value of the asset is used to determine the extent of the impairment loss (if any).

Griptone Limited (Registered number: 02197839)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Stocks are comprised of raw materials and finished goods plus an element of labour costs incurred.

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 5 ) .

Griptone Limited (Registered number: 02197839)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 221,711
DEPRECIATION
At 1 May 2023 212,853
Charge for year 1,329
At 30 April 2024 214,182
NET BOOK VALUE
At 30 April 2024 7,529
At 30 April 2023 8,858

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 45,326 32,170
Other debtors 31,822 -
77,148 32,170

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 263,693 13,020
Taxation and social security 15,929 12,364
Other creditors 12,000 16,735
291,622 42,119

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,882 2,215

Deferred
tax
£   
Balance at 1 May 2023 2,215
Credit to Statement of Income and Retained Earnings during year (333 )
Balance at 30 April 2024 1,882

Griptone Limited (Registered number: 02197839)

Notes to the Financial Statements - continued
For The Year Ended 30 April 2024


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
5 Ordinary A £1 5 5
105 105

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 30th April 2023 and thus did not observe the counting of physical inventories at the end of the prior year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30th April 2023, which are included in the balance sheet at £19,825, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

In addition, we did attend the stock count for the year ended 30th April 2024 but were unable to select an appropriate sample of stock items. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30th April 2024, which are included in the balance sheet at £38,639, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Laurence Miles FCA (Senior Statutory Auditor)
for and on behalf of LB Group Limited (Chelmsford)

10. ULTIMATE CONTROLLING PARTY

PSV Holdings Limited, a company registered at unit 21, Impressa Park, Pindar Road, Hoddesdon, Hertfordshire, EN11 0DL, heads the smallest group for which consolidated accounts are prepared.