Grafmarine Limited - Accounts to registrar (filleted) - small 18.2
Grafmarine Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 |
FOR |
GRAFMARINE LIMITED |
GRAFMARINE LIMITED (REGISTERED NUMBER: 09750381) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GRAFMARINE LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Spring Court |
Spring Road |
Hale |
Altrincham |
Cheshire |
WA14 2UQ |
GRAFMARINE LIMITED (REGISTERED NUMBER: 09750381) |
BALANCE SHEET |
31 August 2020 |
31.8.20 | 31.8.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | 10 | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GRAFMARINE LIMITED (REGISTERED NUMBER: 09750381) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2020 |
1. | STATUTORY INFORMATION |
Grafmarine Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax |
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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
As at 31 August 2020, the company had negative Shareholder's Funds of £383,266 (2019- £258,890). The company activity was funded by the loans made by C R Topham and related companies and we have prepared the Financial Statements on the confirmation that the loan will not be called in and that further loan funding is available for subsequent accounting periods to support the company through to the generation of commercial turnover and cashflow. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GRAFMARINE LIMITED (REGISTERED NUMBER: 09750381) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2020 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 September 2019 |
Additions |
At 31 August 2020 |
NET BOOK VALUE |
At 31 August 2020 |
At 31 August 2019 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Other debtors |
Value added tax |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.20 | 31.8.19 |
£ | £ |
Trade creditors |
Amounts owed to related undertakings |
Directors' current accounts | 436,170 | 255,000 |
Accrued expenses |
7. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.8.20 | 31.8.19 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2019 | ( |
) |
Deficit for the year | ( |
) |
At 31 August 2020 | ( |
) |
GRAFMARINE LIMITED (REGISTERED NUMBER: 09750381) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2020 |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
10. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
31.8.20 | 31.8.19 |
£ | £ |
Loss for the financial year | ( |
) | ( |
) |
Opening balance adjustment | - | (175,272 | ) |
Net reduction of shareholders' funds | (123,626 | ) | (258,890 | ) |
Opening shareholders' funds | (258,890 | ) | - |
Closing shareholders' funds | (382,516 | ) | (258,890 | ) |