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Company registration number: NI017244
Gracemount Enterprises Limited
Unaudited filleted financial statements
31 March 2020
Gracemount Enterprises Limited
Contents
Directors and other information
Director's report
Accountants' report
Balance sheet
Notes to the financial statements
Gracemount Enterprises Limited
Directors and other information
Director Mr Gareth Nethercott
Company number NI017244
Registered office 143 Ballyskeagh Road
Dunmurry
Belfast
BT17 9LL
Accountants Jones Peters
Hughes House
6 Church Street
Banbridge
Co Down
BT32 4AA
Bankers Ulster Bank Limited
11-16 Donegall Square East
Belfast
BT1 5HD
Solicitors Shean Dickson Merrick
38 - 42 Hill Street
Belfast
BT1 2LB
Gracemount Enterprises Limited
Director's report
Year ended 31 March 2020
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2020.
Director
The director who served the company during the year was as follows:
Mr Gareth Nethercott
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 02 September 2022 and signed on behalf of the board by:
Mr Gareth Nethercott
Director
Gracemount Enterprises Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Gracemount Enterprises Limited
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gracemount Enterprises Limited for the year ended 31 March 2020 which comprise the profit and loss account, balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Gracemount Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gracemount Enterprises Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gracemount Enterprises Limited and its director as a body for our work or for this report.
It is your duty to ensure that Gracemount Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gracemount Enterprises Limited. You consider that Gracemount Enterprises Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gracemount Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
Hughes House
6 Church Street
Banbridge
Co Down
BT32 4AA
2 September 2022
Gracemount Enterprises Limited
Balance sheet
31 March 2020
31/03/20 31/03/19
Note £ £ £ £
Fixed assets
Tangible assets 5 270,652 298,081
_______ _______
270,652 298,081
Current assets
Stocks 4,800 3,155
Debtors 6 17,793 16,927
Cash at bank and in hand 7,130 5,024
_______ _______
29,723 25,106
Creditors: amounts falling due
within one year 7 ( 540,052) ( 421,398)
_______ _______
Net current liabilities ( 510,329) ( 396,292)
_______ _______
Total assets less current liabilities ( 239,677) ( 98,211)
_______ _______
Net liabilities ( 239,677) ( 98,211)
_______ _______
Capital and reserves
Called up share capital 60,000 60,000
Capital redemption reserve 40,000 40,000
Profit and loss account ( 339,677) ( 198,211)
_______ _______
Shareholders deficit ( 239,677) ( 98,211)
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 September 2022 , and are signed on behalf of the board by:
Mr Gareth Nethercott
Director
Company registration number: NI017244
Gracemount Enterprises Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 143 Ballyskeagh Road, Dunmurry, Belfast, BT17 9LL.
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - 2 % straight line
Fittings fixtures and equipment - 33 % straight line
Catering equipment - 20 % straight line
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2019: 16 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Catering equipment Total
£ £ £ £
Cost
At 1 April 2019 645,857 105,341 98,649 849,847
Additions - 3,015 - 3,015
_______ _______ _______ _______
At 31 March 2020 645,857 108,356 98,649 852,862
_______ _______ _______ _______
Depreciation
At 1 April 2019 378,621 74,496 98,649 551,766
Charge for the year 12,912 17,532 - 30,444
_______ _______ _______ _______
At 31 March 2020 391,533 92,028 98,649 582,210
_______ _______ _______ _______
Carrying amount
At 31 March 2020 254,324 16,328 - 270,652
_______ _______ _______ _______
At 31 March 2019 267,236 30,845 - 298,081
_______ _______ _______ _______
6. Debtors
31/03/20 31/03/19
£ £
Other debtors 17,793 16,927
_______ _______
7. Creditors: amounts falling due within one year
31/03/20 31/03/19
£ £
Trade creditors 64,036 71,017
Amounts owed to connected companies 448,487 263,411
Social security and other taxes 17,460 52,665
Other creditors 10,069 34,305
_______ _______
540,052 421,398
_______ _______
8. Controlling party
Gracemount Enterprises Limited is a 100% subsidiary of Grahamsbridge Limited, a holding company incorporated in Northern Ireland. The ultimate controlling party is Paul Camplisson.