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REGISTERED NUMBER: 12274128 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Grantify Ltd

Grantify Ltd (Registered number: 12274128)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Grantify Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Dr M R K Westergreen-Thorne
Mr L K R Westergreen-Thorne
Mr J C Rosenberg





REGISTERED OFFICE: Fora
210 Euston Road
London
NW1 2DA





REGISTERED NUMBER: 12274128 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Grantify Ltd (Registered number: 12274128)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 188,098 324,826
Tangible assets 5 36,444 25,604
Investments 6 8 -
224,550 350,430

CURRENT ASSETS
Debtors 7 1,576,321 855,100
Cash at bank 1,416,828 1,182,873
2,993,149 2,037,973
CREDITORS
Amounts falling due within one year 8 (1,455,503 ) (1,125,101 )
NET CURRENT ASSETS 1,537,646 912,872
TOTAL ASSETS LESS CURRENT LIABILITIES 1,762,196 1,263,302

CREDITORS
Amounts falling due after more than one year 9 (1,125,144 ) (185,062 )

PROVISIONS FOR LIABILITIES (9,111 ) (6,401 )
NET ASSETS 627,941 1,071,839

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 626,941 1,070,839
627,941 1,071,839

Grantify Ltd (Registered number: 12274128)

Balance Sheet - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





Dr M R K Westergreen-Thorne - Director


Grantify Ltd (Registered number: 12274128)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Grantify Ltd 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.

The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the provision of services in the ordinary nature of the business. Turnover is shown net of Value Added Tax as calculated under the accruals scheme.

Turnover is recognised ratably over the period it relates. Income not released to the profit and loss account is carried in the balance sheet in deferred income.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.


Grantify Ltd (Registered number: 12274128)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Research and development
Previously capitalised expenditure on software development directly associated with on-going revenue streams is amortised over 5 years. All research and development costs are expensed in the year in which it is incurred on a go forward basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2023 - 33 ) .

Grantify Ltd (Registered number: 12274128)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 358,267
AMORTISATION
At 1 February 2023 33,441
Charge for year 136,728
At 31 January 2024 170,169
NET BOOK VALUE
At 31 January 2024 188,098
At 31 January 2023 324,826

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 40,280
Additions 45,348
Disposals (25,290 )
At 31 January 2024 60,338
DEPRECIATION
At 1 February 2023 14,676
Charge for year 23,565
Eliminated on disposal (14,347 )
At 31 January 2024 23,894
NET BOOK VALUE
At 31 January 2024 36,444
At 31 January 2023 25,604

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 8
At 31 January 2024 8
NET BOOK VALUE
At 31 January 2024 8

Grantify Ltd (Registered number: 12274128)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 958,971 757,752
Amounts owed by group undertakings 536,746 -
Other debtors 80,604 97,348
1,576,321 855,100

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 55,090 36,800
Trade creditors 117,618 53,766
Taxation and social security 265,187 383,117
Other creditors 1,017,608 651,418
1,455,503 1,125,101

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans 1,125,144 185,062

The company holds a loan with Funding Circle carrying an interest rate of 11% p.a. The term of loan is 72 months.

The company holds a facility agreement with BPC UK Lending They have withdrawn £1,000,000 at an interest rate of 13% p.a. The term of the facility is 60 months.

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.24 31.1.23
£    £   
Within one year 16,780 -
Between one and five years 36,098 -
52,878 -

11. RELATED PARTY DISCLOSURES

As at the period end £nil (2023: £16,855), was owed by Luma West Ltd. A company which Directors Mr L Westergreen-Thorne and Dr M Westergreen-Thorne are shareholders.

As at the period end Grantify Inc owed us £536,746 (2023: £nil). A company in which Grantify Ltd holds shares.