Registered number
07865879
GRAFFA LTD
Filleted Accounts
30 November 2024
GRAFFA LTD
Registered number: 07865879
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 65,845 47,949
Current assets
Debtors 4 229,604 159,318
Cash at bank and in hand 582,343 371,345
811,947 530,663
Creditors: amounts falling due within one year 5 (187,696) (107,721)
Net current assets 624,251 422,942
Net assets 690,096 470,891
Capital and reserves
Called up share capital 100 100
Profit and loss account 689,996 470,791
Shareholders' funds 690,096 470,891
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K Lyons
Director
Approved by the board on 14 March 2025
GRAFFA LTD
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2023 41,952 76,806 118,758
Additions 1,999 41,495 43,494
At 30 November 2024 43,951 118,301 162,252
Depreciation
At 1 December 2023 17,803 53,006 70,809
Charge for the year 10,449 15,149 25,598
At 30 November 2024 28,252 68,155 96,407
Net book value
At 30 November 2024 15,699 50,146 65,845
At 30 November 2023 24,149 23,800 47,949
4 Debtors 2024 2023
£ £
Trade debtors 203,428 149,694
Other debtors 26,176 9,624
229,604 159,318
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 41,636 20,570
Taxation and social security costs 116,373 58,670
Other creditors 29,687 28,481
187,696 107,721
6 Pension commitments
The Company makes pension contributions to approved pension schemes. The total contributions made during the year amounted to £1,730 (£1,455 in the year to 30 November 2023).
7 Related party transactions
Within debtors is an amount owed to the company by G Safety Ltd of £14,900. G Safety Ltd is related to the company by way of common control.
8 Controlling party
Mr K Lyons, a Director of the company, holds the controlling interest in the company.
9 Other information
GRAFFA LTD is a private company limited by shares and incorporated in England. Its registered office is:
27a Maxwell Road
Northwood
Middlesex
HA6 2XY
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