GRACE MECHANICS LTD

Company Registration Number:
07919523 (England and Wales)

Unaudited abridged accounts for the year ended 31 January 2023

Period of accounts

Start date: 01 February 2022

End date: 31 January 2023

GRACE MECHANICS LTD

Contents of the Financial Statements

for the Period Ended 31 January 2023

Balance sheet
Notes

GRACE MECHANICS LTD

Balance sheet

As at 31 January 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 6,809 8,630
Total fixed assets: 6,809 8,630
Current assets
Stocks: 411 413
Debtors:   21,064 18,298
Cash at bank and in hand: 4,130 4,072
Total current assets: 25,605 22,783
Creditors: amounts falling due within one year:   (21,429) (13,923)
Net current assets (liabilities): 4,176 8,860
Total assets less current liabilities: 10,985 17,490
Creditors: amounts falling due after more than one year: 4 (9,333) (14,666)
Provision for liabilities: (1,294) (1,640)
Total net assets (liabilities): 358 1,184
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 357 1,183
Shareholders funds: 358 1,184

The notes form part of these financial statements

GRACE MECHANICS LTD

Balance sheet statements

For the year ending 31 January 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 19 October 2023
and signed on behalf of the board by:

Name: N Taylor
Status: Director

The notes form part of these financial statements

GRACE MECHANICS LTD

Notes to the Financial Statements

for the Period Ended 31 January 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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.

Tangible fixed assets and depreciation policy

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:Plant and machinery - 20% reducing balanceFittings, fixtures and equipment - 20-33% straight lineMotor vehicles - 20% straight line

Other accounting policies

Going concern:The accounts have been prepared on a going concern basis due to the continued financial support provided by the Directors and on this basis along with improved trading results they consider the use of the going concern basis to be appropriate.Taxation:The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tangible assets: Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.Stocks:Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Provisions: Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.Defined contribution plans:Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

GRACE MECHANICS LTD

Notes to the Financial Statements

for the Period Ended 31 January 2023

2. Employees

2023 2022
Average number of employees during the period 2 2

GRACE MECHANICS LTD

Notes to the Financial Statements

for the Period Ended 31 January 2023

3. Tangible Assets

Total
Cost £
At 01 February 2022 18,843
Additions 712
Disposals (100)
At 31 January 2023 19,455
Depreciation
At 01 February 2022 10,213
Charge for year 2,433
At 31 January 2023 12,646
Net book value
At 31 January 2023 6,809
At 31 January 2022 8,630

GRACE MECHANICS LTD

Notes to the Financial Statements

for the Period Ended 31 January 2023

4. Creditors: amounts falling due after more than one year note

Included within creditors is a Coronavirus Business Interruption Loan of £9,333 due for repayment by 2026.

GRACE MECHANICS LTD

Notes to the Financial Statements

for the Period Ended 31 January 2023

5. Loans to directors

Name of director receiving advance or credit: N Taylor
Description of the loan: Advance to director
£
Balance at 01 February 2022 7,173
Advances or credits repaid: 1,679
Balance at 31 January 2023 5,494
Name of director receiving advance or credit: R Taylor
Description of the loan: Advance to director
£
Balance at 01 February 2022 4,769
Advances or credits made: 3,647
Balance at 31 January 2023 8,416

Advances to directors are interest free and repayable on demand.

GRACE MECHANICS LTD

Notes to the Financial Statements

for the Period Ended 31 January 2023

6. Related party transactions

Name of the related party: N and R Taylor
Relationship:
Directors
Description of the Transaction: During the year, dividends totalling £10,500 were paid to N and R Taylor
£
Balance at 01 February 2022 0
Balance at 31 January 2023 0

Controlling party:The company is controlled jointly by the two directors N and R Taylor.