Registered number
06992717
Grime Daily Limited
Filleted Accounts
31 August 2024
Grime Daily Limited
Registered number: 06992717
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 758 1,516
Tangible assets 4 355,328 88,884
Investments 5 431,735 94,840
787,821 185,240
Current assets
Debtors 6 1,047,932 1,052,213
Cash at bank and in hand 232,479 734,360
1,280,411 1,786,573
Creditors: amounts falling due within one year 7 (161,230) (325,666)
Net current assets 1,119,181 1,460,907
Total assets less current liabilities 1,907,002 1,646,147
Creditors: amounts falling due after more than one year 8 (579,649) -
Provisions for liabilities (88,832) (22,221)
Net assets 1,238,521 1,623,926
Capital and reserves
Called up share capital 200 200
Capital redemption reserve 9 57 57
Profit and loss account 1,238,264 1,623,669
Shareholders' funds 1,238,521 1,623,926
The director is 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 director acknowledges his 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 I Hagan
Director
Approved by the board on 17 January 2025
Grime Daily Limited
Notes to the Accounts
for the year ended 31 August 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 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 8 9
3 Intangible fixed assets £
Trade marks:
Cost
At 1 September 2023 3,790
At 31 August 2024 3,790
Amortisation
At 1 September 2023 2,274
Provided during the year 758
At 31 August 2024 3,032
Net book value
At 31 August 2024 758
At 31 August 2023 1,516
Trade marks is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 27,941 110,366 138,307
Additions 5,652 390,000 395,652
At 31 August 2024 33,593 500,366 533,959
Depreciation
At 1 September 2023 21,831 27,592 49,423
Charge for the year 4,117 125,091 129,208
At 31 August 2024 25,948 152,683 178,631
Net book value
At 31 August 2024 7,645 347,683 355,328
At 31 August 2023 6,110 82,774 88,884
5 Investments
Other
investments
£
Cost
At 1 September 2023 94,840
Additions 336,895
At 31 August 2024 431,735
Historical cost
At 1 September 2023 94,840
At 31 August 2024 94,840
6 Debtors 2024 2023
£ £
Trade debtors 217,795 480,375
Amounts owed by group undertakings and undertakings in which the company has a participating interest 726,738 564,930
Other debtors 103,399 6,908
1,047,932 1,052,213
7 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 32,311 -
Trade creditors 70,324 104,686
Director's loan account 18,335 -
Taxation and social security costs - 191,842
Other creditors 40,260 29,138
161,230 325,666
8 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 274,304 -
Director's loan account 305,345 -
579,649 -
9 Capital redemption reserve 2024 2023
£ £
At 1 September 2023 57 57
At 31 August 2024 57 57
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr. I. Hagan
Loan 6,908 4,092 (29,335) (18,335)
6,908 4,092 (29,335) (18,335)
During the year under review the company advanced £4,092 (2023: £14,060) to the director. The maximum amount outstanding during the year was £11,000. The amount outstanding on 31 August 2024 was £Nil (£6,908). This loan was repaid in full on 31 January 2024.
The company charged the director interest at the Official rate of interest (2.5%) totalling £114 (2023: £302) on this loan.
11 Controlling party
The company is deemed to be controlled by Mr I. Hagan due to his shareholding and directorship.
12 Other information
Grime Daily Limited is a private company limited by shares and incorporated in England. Its registered office is:
124 City Road
London
EC1V 2NX
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