Registration number:
Give-A-Grad-A-Go Ltd
for the Year Ended 30 June 2023
Give-A-Grad-A-Go Ltd
Contents
Directors' Report |
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Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Give-A-Grad-A-Go Ltd
Directors' Report for the Year Ended 30 June 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Give-A-Grad-A-Go Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Give-A-Grad-A-Go Ltd
(Registration number: 05414063)
Balance Sheet as at 30 June 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
A C Curtis
Director
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A), and with the Companies Act 2006.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity,
Group accounts not prepared
The company has taken exemption from preparing group accounts because of being the parent of a small group. Therefore the financial statements present information about the company as an individual undertaking.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Critical accounting judgements and key sources of estimation uncertainity
In the application of the company's accounting policies management is required to make jusdgements, estimates and assumptions about carrying value of assets and liabilities are not readily apparent from other sources.The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Specifically, judgements and estimates are required in determining the value of intangible and tangible fixed assets, recoverability of debtors and the carrying value of investments.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revisedif the resvision affects only that peiod, or in the period of the revision and future periods if the revision affects both current and future periods.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover mainly includes the revenue earned from placement of people on jobs. Turnover is reduced for estimated customer returns, rebates and other similar allowances if a person leaves within three months of the placement on job.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tax
The tax expense for the period comprises current and deferred corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income is determined using tax rates and laws that have been enacted or subsequently enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
20% straight line |
Fixtures, fittings & equipment |
25% straight line |
Motor Vehicle |
25% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
25% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Financial instruments
Classification
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
Impairment
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade and other debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.
Trade and other creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Audit report
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, were
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
(As restated) |
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Current year's charge |
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Adjustments to prior periods |
( |
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74,097 |
205,588 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
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Tax expense in the profit and loss account |
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Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Intangible assets |
Website |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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At 30 June 2023 |
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Amortisation |
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Amortisation charge |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 (un-audited) |
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Tangible assets |
Leasehold Improvements |
Computer Equipments |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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- |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 (As restated & un-audited) |
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Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Investments in subsidiaries, joint ventures, associates and other assets |
2023 |
Un-audited |
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Investments |
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£ |
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Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 (un-audited) |
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Debtors |
Note |
2023 |
Un-audited |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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- |
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Accrued income |
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Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals |
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Corporation tax liability |
195,690 |
198,058 |
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Creditors: amounts falling due after more than one year
2023 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Bank borrowings comprise of two loans of £250,595 (2022: £352,376) provided by Funding Circle under the Coronavirus Business Interruption Loan (CBIL) scheme whereby the Secretary of State for Business, Energy and Industrial Strategy has provided a guarantee to the bank under the terms of the CBIL scheme. Repayments which commenced in July 2021, are by monthly instalments and interest charged is 8.9% p.a over base rate.
Loans and borrowings include hire purchase liability of £32,630 (2022: £Nil) and this is secured on the asset concerned.
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
Un-audited |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Deferred Tax |
The difference between accumulated depreciation and amortisation and capital allowances at the year end is £10,490 (2022: £27,643)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments relating to leases not included in the balance sheet is £
Give-A-Grad-A-Go Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Related party transactions |
Director's loan account
2023 |
At 1 July 2022 |
Advances to director |
Repayments by director |
At 30 June 2023 |
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( |
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2022 |
At 1 July 2021 |
Advances to director |
At 30 June 2022 |
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- |
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The loans to director is interest bearing at 3.5% per annum.
Other
Included in debtors is an amount of £56,385 (2022: £56,385) which is due from the subsidiary, Give A Grad A Go PTY Ltd, registered in Austrailia. This amounts is provided interest free and unsecured.
Other debtors include an amount of £120,296 (2022: £Nil) which is due from IDM Investment Holdings Ltd. IDM Investment Holdings Ltd is also controlled by the directors of the company. There is a floating interest charge on this loan of 1% above barclay's base rate. This loan is unsecured.
Prior year adjustment |
The directors found an error in relation to recognition of motor vehicle which was aquired during last year on hire purchase contract. This has been corrected via a prior year adjustment such that the comparative data now includes the information relating to motor vehicle recognised as a fixed asset and also relating to hire purchase liability. Opening reserves are increased by £10,868.
Contingent liabilities |
During the year HMRC enquired into the corporation tax returns relating to the period ended 30 June 2021 and the year ended 30 June 2022, specifically regarding the Research and Development claim contained within them. If the Research and Development claims will be unsuccessful, the potential tax liability arising will be approximately £48,192.