Company registration number: SC429895
Unaudited financial statements
for the year ended 31 August 2024
for
Gr8 Living Limited
Pages for filing with the Registrar
Company registration number: SC429895
Gr8 Living Limited
Balance sheet
as at 31 August 2024
31 Aug 24 31 Aug 23
Note £ £ £ £
Fixed assets
Tangible assets 4 19,942 28,915
19,942 28,915
Current assets
Stocks 154,729 134,946
Debtors 56,526 606,796
Cash at bank and in hand 458,082 388,990
669,337 1,130,732
Creditors: amounts falling due within one
year 		(443,833) (916,526)
Net current assets 225,504 214,206
Total assets less current liabilities 245,446 243,121
Creditors: Amounts falling due after more
than one year 		(118,333) (118,333)
Provisions for liabilities (13,060) (13,060)
NET ASSETS 114,053 111,728
Capital and reserves
Called up share capital 75,000 75,000
Profit and loss account 39,053 36,728
TOTAL EQUITY 114,053 111,728
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 August 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: SC429895
Gr8 Living Limited
Balance sheet - continued
as at 31 August 2024
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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 20 June 2025 and signed on its behalf by:
Mrs S Robinson, Director Mr G Robinson, Director
20 June 2025 20 June 2025
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Gr8 Living Limited
Notes to the financial statements
for the year ended 31 August 2024
1 Company information
Gr8 Living Limited is a private company registered in Scotland. Its registered number is SC429895. The company is limited by shares. Its registered office is 11 Skaterigg Gardens, Glasgow, G13 1ST.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Plant and machinery - 20% straight line
Fixtures & fittings - 20% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 20% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first -in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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Gr8 Living Limited
Notes to the financial statements - continued
for the year ended 31 August 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 10 (2023 - 10).
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 September 2023 447,874
At 31 August 2024 447,874
Depreciation
At 1 September 2023 418,959
Charge for year 8,973
At 31 August 2024 427,932
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Gr8 Living Limited
Notes to the financial statements - continued
for the year ended 31 August 2024
4 Tangible fixed assets - continued
Net book value
At 31 August 2024 19,942
At 31 August 2023 28,915
5 Advances, credit and guarantees granted to directors
The following advances and credits to a director subsisted during the periods ended 31 August 2024 and 31 August 2023.
31 Aug 24 31 Aug 23
£ £
D G Robinson and Mrs S H Robinson
Balance outstanding at start of year 14,105 (453)
Amounts advanced (14,240) -
Balance outstanding at end of year (135) (453)
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