1 February 2024 v2025.12.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP060422452024-02-012025-01-31060422452025-01-31060422452024-01-3106042245core:WithinOneYear2025-01-3106042245core:WithinOneYear2024-01-3106042245core:AfterOneYear2025-01-3106042245core:AfterOneYear2024-01-3106042245core:ShareCapital2025-01-3106042245core:ShareCapital2024-01-3106042245core:RetainedEarningsAccumulatedLosses2025-01-3106042245core:RetainedEarningsAccumulatedLosses2024-01-3106042245bus:Director12024-02-012025-01-3106042245bus:RegisteredOffice2024-02-012025-01-3106042245core:NetGoodwill2024-02-012025-01-3106042245core:Goodwill2024-02-012025-01-3106042245core:FurnitureFittingsToolsEquipment2024-02-012025-01-31060422452023-02-012024-01-3106042245core:NetGoodwill2025-01-3106042245core:PlantMachinery2024-02-012025-01-3106042245core:PlantMachinery2025-01-310604224512024-02-012025-01-3106042245countries:EnglandWales2024-02-012025-01-3106042245bus:AuditExempt-NoAccountantsReport2024-02-012025-01-3106042245bus:PrivateLimitedCompanyLtd2024-02-012025-01-3106042245bus:SmallEntities2024-02-012025-01-3106042245bus:FullAccounts2024-02-012025-01-31
Company registration number:
06042245
Grit Limited
Unaudited Filleted Financial Statements for the year ended
31 January 2025
Grit Limited
Statement of Financial Position
31 January 2025
20252024
Note££
Fixed assets    
Tangible assets 6
4,306
  -  
Current assets    
Debtors 7
43,748
 
23,099
 
Cash at bank and in hand
33,961
 
57,796
 
77,709
 
80,895
 
Creditors: amounts falling due within one year 8
(49,595
)
(52,803
)
Net current assets
28,114
 
28,092
 
Total assets less current liabilities 32,420   28,092  
Creditors: amounts falling due after more than one year 9
(4,247
)
(14,268
)
Net assets
28,173
 
13,824
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
28,172
 
13,823
 
Shareholders funds
28,173
 
13,824
 
For the year ending
31 January 2025
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
28 February 2025
, and are signed on behalf of the board by:
S Humphrey
Director
Company registration number:
06042245
Grit Limited
Notes to the Financial Statements
Year ended
31 January 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
16 Hailsham Close
,
Surbiton
,
Surrey
,
KT6 6QD
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
Amortised on a systematic basis over its expected life.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
33 1/3% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2024:
1.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 February 2024
and
31 January 2025
20,000
 
Amortisation  
At
1 February 2024
and
31 January 2025
20,000
 
Carrying amount  
At
31 January 2025
-  
At 31 January 2024 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 February 2024
-  
Additions
6,458
 
At
31 January 2025
6,458
 
Depreciation  
At
1 February 2024
-  
Charge
2,152
 
At
31 January 2025
2,152
 
Carrying amount  
At
31 January 2025
4,306
 
At 31 January 2024 -  

7 Debtors

20252024
££
Trade debtors
42,739
 
22,483
 
Other debtors
1,009
 
616
 
43,748
 
23,099
 

8 Creditors: amounts falling due within one year

20252024
££
Bank loans and overdrafts
9,950
 
9,950
 
Trade creditors
2,858
 
7,961
 
Taxation and social security
33,485
 
32,025
 
Other creditors
3,302
 
2,867
 
49,595
 
52,803
 

9 Creditors: amounts falling due after more than one year

20252024
££
Bank loans and overdrafts
4,247
 
14,268