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Company registration number: 01825649
Grace Overseas Limited
Unaudited filleted financial statements
31 March 2022
Grace Overseas Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 99,632 54,626
_______ _______
99,632 54,626
Current assets
Debtors 6 2,093,171 1,295,535
Cash at bank and in hand 146,942 238,510
_______ _______
2,240,113 1,534,045
Creditors: amounts falling due
within one year 7 ( 1,771,656) ( 1,222,518)
_______ _______
Net current assets 468,457 311,527
_______ _______
Total assets less current liabilities 568,089 366,153
Creditors: amounts falling due
after more than one year 8 ( 5,646) ( 16,019)
_______ _______
Net assets 562,443 350,134
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 562,343 350,034
_______ _______
Shareholders funds 562,443 350,134
_______ _______
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2022 , and are signed on behalf of the board by:
Mrs S J Taylor Mrs V A Cooney
Director Director
Company registration number: 01825649
Grace Overseas Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 3 Bridgewater Park, Robson Road, Trafford Park, Manchester, M41 7TE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the amount derived from the provision of goods and services after deduction of trade discounts and value added tax.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Income Statement.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment - 33.33 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
The company operates defined contribution pension schemes. The schemes and their assets are held by independent managers. The pension costs charged in the financial statements represent the contributions payable by the company during the year
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2021: 9 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 - 48,277 62,000 110,277
Additions 13,868 68,824 - 82,692
Disposals - ( 18,577) - ( 18,577)
_______ _______ _______ _______
At 31 March 2022 13,868 98,524 62,000 174,392
_______ _______ _______ _______
Depreciation
At 1 April 2021 - 24,513 31,138 55,651
Charge for the year 1,210 15,757 7,716 24,683
Disposals - ( 5,574) - ( 5,574)
_______ _______ _______ _______
At 31 March 2022 1,210 34,696 38,854 74,760
_______ _______ _______ _______
Carrying amount
At 31 March 2022 12,658 63,828 23,146 99,632
_______ _______ _______ _______
At 31 March 2021 - 23,764 30,862 54,626
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 2,019,860 1,259,934
Other debtors 73,311 35,601
_______ _______
2,093,171 1,295,535
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 1,635,723 1,139,909
Corporation tax 61,585 52,107
Social security and other taxes 18,848 7,592
Other creditors 55,500 22,910
_______ _______
1,771,656 1,222,518
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 5,646 16,019
_______ _______