Grasp Accounting & Advisory Limited

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

1. General Information

Grasp Accounting & Advisory Limited is a private company, limited by shares, incorporated in England & Wales, registered number 16392253 . The registered office is First Floor, 3 Winchester Place, Poole, Dorset, BH15 1NX.

The company is trading as Grasp Accountants.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The company has early adopted the amendments to FRS 102 issued by the Financial Reporting Council as part of the Periodic Review 2024. The amendments have been applied from the start of the company’s first accounting period. The principal impact of early adoption is the recognition of a right-of-use asset and corresponding lease liability in respect of the company’s leased motor vehicle.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover represents amounts receivable for services provided to clients, excluding value added tax and net of discounts and allowances.

Revenue is recognised when, or as, the company satisfies its performance obligations under client contracts. For recurring retainers, revenue is recognised over time as the client receives the benefit of the company’s ongoing support, access to the firm, compliance monitoring, workflow administration and recurring professional services. Recurring fees are recognised over the period to which they relate unless a separately identifiable service has not yet been provided and deferral would be material.

Revenue from separately agreed fixed-fee assignments is recognised as the related performance obligations are satisfied, by reference to the work performed and progress towards completion of the agreed deliverables. Revenue from ad hoc advisory work and time-based services is recognised as the work is performed.

Amounts invoiced or received before the related performance obligations are satisfied are recognised as deferred income where material. Amounts earned but not invoiced at the reporting date are recognised as accrued income where material.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicle - right of use asset	3 years
Computer Equipment	5 years straight line

2.5. Leasing and Hire Purchase Contracts

At the commencement date of a lease, the company recognises a right-of-use asset and a corresponding lease liability where the company has the right to control the use of an identified asset for a period of time in exchange for consideration.

The right-of-use asset is initially measured at cost, comprising the initial measurement of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, and any initial direct costs incurred by the company.

The lease liability is initially measured at the present value of lease payments not paid at the commencement date, discounted using the interest rate implicit in the lease or, where that rate cannot be readily determined, the company’s incremental borrowing rate.

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the useful economic life of the underlying asset. Lease liabilities are subsequently measured by increasing the carrying amount to reflect interest on the liability and reducing the carrying amount to reflect lease payments made.

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Grasp Accounting & Advisory Limited

Notes to the Abridged Financial Statements (continued)

For the Period 16 April 2025 to 30 April 2026

2.5. Leasing and Hire Purchase Contracts - continued

The finance cost is charged to the profit and loss account over the lease term so as to produce a constant periodic rate of interest on the remaining balance of the lease liability.

The following lease term applies to each category of right-of-use asset:

Motor vehicles

3 years

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

Tax expense represents corporation tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 2

4. Tangible Assets

	Total
	£
Cost
As at 16 April 2025	-
Additions	27,224

As at 30 April 2026	27,224

Depreciation
As at 16 April 2025	-
Provided during the period	1,111

As at 30 April 2026	1,111

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Grasp Accounting & Advisory Limited

Notes to the Abridged Financial Statements (continued)

For the Period 16 April 2025 to 30 April 2026

Net Book Value
As at 30 April 2026	26,113

As at 16 April 2025	-

Included above are assets held under leases or hire purchase contracts with a net book value as follows:

	30 April 2026
	£
Motor vehicle - right of use asset	20,272

5. Secured Creditors

Of the creditors the following amounts are secured against the assets to which they relate.

	30 April 2026
	£
Other Creditors	17,390

6. Share Capital


Shares issued during the period:	£
95 Ordinary A shares of £ 1.00 each	95
5 Ordinary B shares of £ 1.00 each	5

	100

The Ordinary A and Ordinary B shares rank pari passu in all respects.

All shares are allotted, called up and fully paid.

7. Related Party Transactions

During the period the company received the following loans from related parties.

At the balance sheet date, £25,000 was owed to the director of the company. Interest is payable at 7.5% per annum and is repayable by September 2031. At the balance sheet date, £3,334 was due within one year and £21,666 was due after more than one year. The balances are included within other creditors.

At the balance sheet date, £25,000 was owed to a shareholder of the company. Interest is payable at 7.5% per annum and is repayable by September 2031. At the balance sheet date, £3,334 was due within one year and £21,666 was due after more than one year. The balances are included within amounts owed to participating interests.

Interest charged during the period on the above related party loans amounted to £308. No amounts were written off or waived during the period. The loans are unsecured.

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		30 April 2026
	Notes	£	£
FIXED ASSETS
Tangible Assets	4		26,113

			26,113
CURRENT ASSETS
Debtors		5,339
Cash at bank and in hand		72,466

		77,805
Creditors: Amounts Falling Due Within One Year		(37,675 )

NET CURRENT ASSETS (LIABILITIES)			40,130

TOTAL ASSETS LESS CURRENT LIABILITIES			66,243

Creditors: Amounts Falling Due After More Than One Year			(55,069 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,110 )

NET ASSETS			10,064

CAPITAL AND RESERVES
Called up share capital	6		100
Profit and Loss Account			9,964

SHAREHOLDERS' FUNDS			10,064