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 |
|
|
|
_______ |
_______ |
|
|
|
|
|