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REGISTERED NUMBER: 06916048 (England and Wales)




















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

GRACE GROUP OF HOTELS LIMITED

GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRACE GROUP OF HOTELS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2022







DIRECTOR: Z Kajani



REGISTERED OFFICE: 29 Welbeck street
London
W1G 8DA



REGISTERED NUMBER: 06916048 (England and Wales)



AUDITORS: Ward Divecha Limited
Chartered Accountants &
Statutory Auditors
29 Welbeck Street
London
W1G 8DA



BANKERS: HSBC Bank Plc
8 Canada Suqare
Canary Wharf
London
E14 5HQ



SOLICITORS: Harold Benjamin Solicitors
Hill house
67-71 Lowlands Road
Harrow
Middlesex
HA1 3EQ

GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

BALANCE SHEET
31 OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 756,914

CURRENT ASSETS
Debtors 6 47,130 295,919
Cash at bank and in hand 58,721 264,020
105,851 559,939
CREDITORS
Amounts falling due within one year 7 1,145,690 895,544
NET CURRENT LIABILITIES (1,039,839 ) (335,605 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,039,839

)

421,309

CREDITORS
Amounts falling due after more than one
year

8

(39,352

)

(50,000

)

PROVISIONS FOR LIABILITIES - (66,669 )
NET (LIABILITIES)/ASSETS (1,079,191 ) 304,640

CAPITAL AND RESERVES
Called up share capital 9 55 55
Retained earnings (1,079,246 ) 304,585
SHAREHOLDERS' FUNDS (1,079,191 ) 304,640

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

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 9 October 2023 and were signed by:





Z Kajani - Director


GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022


1. STATUTORY INFORMATION

Grace Group Of Hotels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared on a basis other than going concern as operation had been ceased during the year.


The functional currency of the company is GBP £.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at historical cost or market value less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is de-recognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the written down value method. Depreciation is charged once the asset is brought into use:

Leasehold land and buildingOver the life of lease
Plant and machinery10% written down value
Fixture and fittings10% written down value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 that have been enacted or substantively enacted by the balance sheet date.


GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022


2. 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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Financial instrument
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022


2. ACCOUNTING POLICIES - continued

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market value rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 10 ) .

4. AUDITORS' REMUNERATION
2022 2021
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

3,500

5,900
Other non- audit services 3,925 2,000

GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022


5. TANGIBLE FIXED ASSETS
Improvement Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 November 2021 562,098 597,849 590,662 1,750,609
Disposals (562,098 ) (597,849 ) (590,662 ) (1,750,609 )
At 31 October 2022 - - - -
DEPRECIATION
At 1 November 2021 223,080 434,831 335,784 993,695
Charge for year 21,079 12,226 19,116 52,421
Eliminated on disposal (244,159 ) (447,057 ) (354,900 ) (1,046,116 )
At 31 October 2022 - - - -
NET BOOK VALUE
At 31 October 2022 - - - -
At 31 October 2021 339,018 163,018 254,878 756,914

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 49,743
Other debtors 47,130 246,176
47,130 295,919

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 414,622 505,073
Amounts owed to group undertakings 723,643 176,811
Social security and other taxes - 4,944
VAT - 3,014
Accrued expenses 7,425 205,702
1,145,690 895,544

GRACE GROUP OF HOTELS LIMITED (REGISTERED NUMBER: 06916048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2022


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans - 1-2 years 39,352 50,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
55 Ordinary share 1 55 55

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adil Divecha (Senior Statutory Auditor)
for and on behalf of Ward Divecha Limited

11. CONTROLLING PARTY

The overall control of the company rests with Chart Forte Holdings Limited and its shareholders.