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REGISTERED NUMBER: 05675437 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

GRACE RESIN FLOORING LIMITED

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

ABRIDGED BALANCE SHEET
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 693 831
Tangible assets 6 111,406 37,038
112,099 37,869

CURRENT ASSETS
Stocks 16,997 9,676
Debtors 406,684 282,993
Cash at bank 186,674 165,671
610,355 458,340
CREDITORS
Amounts falling due within one year 208,284 117,417
NET CURRENT ASSETS 402,071 340,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

514,170

378,792

CREDITORS
Amounts falling due after more than one
year

(67,523

)

(50,000

)

PROVISIONS FOR LIABILITIES (21,167 ) (27,037 )
NET ASSETS 425,480 301,755

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

ABRIDGED BALANCE SHEET - continued
31 March 2022

2022 2021
Notes £    £    £    £   
RESERVES
Called up share capital 100 100
Retained earnings 425,380 301,655
SHAREHOLDERS' FUNDS 425,480 301,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2022 and were signed by:





C J Naylor - Director


GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Grace Resin Flooring Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05675437 and the registered office is 262c Scottow Enterprise Park, Lamas Road, Badersfield, Norwich, NR10 5FB.

The presentation currency of the financial statements is sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the value of goods and services invoiced to customers less returns after deducting trade and other discounts and excluding value added tax.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

3. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Contributions to pension funds
The pension schemes are defined contribution schemes externally maintained. The charge in the profit and loss account is the amount of the contributions paid during the year.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2021
and 31 March 2022 1,383
AMORTISATION
At 1 April 2021 552
Amortisation for year 138
At 31 March 2022 690
NET BOOK VALUE

At 31 March 2022 693
At 31 March 2021 831

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2021 131,414
Additions 85,870
At 31 March 2022 217,284
DEPRECIATION
At 1 April 2021 94,376
Charge for year 11,502
At 31 March 2022 105,878
NET BOOK VALUE
At 31 March 2022 111,406
At 31 March 2021 37,038

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 8,584 -
Between one and five years 51,690 -
60,274 -

Non-cancellable operating leases
2022 2021
£    £   
Within one year 15,125 16,500
Between one and five years 2,750 17,875
17,875 34,375

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2022

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Other loans 25,833 1,667
Hire purchase contracts 60,274 -
86,107 1,667

The loan is secured against specific plant and machinery. The hire purchase liability is secured against a company vehicle.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company operates a current account with its director. The total debit balance at 31.3.22 was £3,650 (31.3.21 £1,763). The maximum debit balance during the year amounted to £3,650 (31.3.21 £1,763).

Directors current accounts are unsecured and repayable on demand. Interest is charged using HM Revenue and Customs official rates.

10. 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.