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GRIIB DESIGN LIMITED

Registered Number
05469556
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

GRIIB DESIGN LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

Andrew Griib

Company Secretary

Catherine Griib

Registered Address

8 Bobbins Way
Swardeston
Norwich
NR14 8DT

Registered Number

05469556 (England and Wales)
GRIIB DESIGN LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,6502,642
1,6502,642
Current assets
Stocks-7,001
Debtors49,3474,031
Cash at bank and on hand93,18368,613
102,53079,645
Creditors amounts falling due within one year5(47,062)(37,122)
Net current assets (liabilities)55,46842,523
Total assets less current liabilities57,11845,165
Net assets57,11845,165
Capital and reserves
Called up share capital100100
Profit and loss account57,01845,065
Shareholders' funds57,11845,165
The financial statements were approved and authorised for issue by the Director on 23 January 2025, and are signed on its behalf by:
Andrew Griib
Director
Registered Company No. 05469556
GRIIB DESIGN LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Current taxation
Current tax is recognised in profit or loss and represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Office Equipment-3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 July 236,6552,9169,571
Additions-340340
At 30 June 246,6553,2569,911
Depreciation and impairment
At 01 July 235,5581,3716,929
Charge for year2751,0571,332
At 30 June 245,8332,4288,261
Net book value
At 30 June 248228281,650
At 30 June 231,0971,5452,642
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables9,3474,031
Total9,3474,031
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security18,93919,881
Other creditors25,47715,741
Accrued liabilities and deferred income2,6461,500
Total47,06237,122