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Registered number: 04713857









GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
REGISTERED NUMBER: 04713857

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
91,570
150,496

  
91,570
150,496

Current assets
  

Stocks
  
20,000
20,000

Debtors: amounts falling due within one year
 5 
1,353,159
1,849,026

Cash at bank and in hand
  
2,031,252
2,771,560

  
3,404,411
4,640,586

Creditors: amounts falling due within one year
 6 
(564,408)
(852,764)

Net current assets
  
 
 
2,840,003
 
 
3,787,822

Total assets less current liabilities
  
2,931,573
3,938,318

  

Net assets
  
2,931,573
3,938,318


Capital and reserves
  

Called up share capital 
 7 
103
103

Profit and loss account
  
2,931,470
3,938,215

  
2,931,573
3,938,318


Page 1

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
REGISTERED NUMBER: 04713857

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr D Mustafa
Director

Date: 25 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Gracelands Complete Maintenance Services Limited is a private compny limited by shares, incorporated in England within the United Kingdom. The address of the registered office is Armitage Business Centre, 1 Armitage Business Centre, Delamare Road, Cheshunt, Herts, EN8 9FN. The Company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixture, fittings and equipment
-
25%

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

Page 4

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.13

Taxation

Tax is recognised in the Statement of Income and Retained Earnings except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 39 (2022 - 52).

Page 6

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixture fittings & equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2022
4,800
488,813
80,009
573,622


Disposals
-
(157,165)
-
(157,165)



At 28 February 2023

4,800
331,648
80,009
416,457



Depreciation


At 1 March 2022
4,041
348,501
70,584
423,126


Charge for the year on owned assets
190
27,979
2,356
30,525


Disposals
-
(128,764)
-
(128,764)



At 28 February 2023

4,231
247,716
72,940
324,887



Net book value



At 28 February 2023
569
83,932
7,069
91,570



At 28 February 2022
759
140,312
9,425
150,496

Page 7

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
851,797
1,166,793

Other debtors
33,000
131,500

Called up share capital not paid
3
3

Prepayments and accrued income
468,359
550,730

1,353,159
1,849,026



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
272,404
290,279

Corporation tax
58,985
199,516

Other taxation and social security
165,703
294,452

Other creditors
12,690
34,061

Accruals and deferred income
54,626
34,456

564,408
852,764



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20 (2022 - 20) Ordinary A shares of £1.00 each
20
20
20 (2022 - 20) Ordinary B shares of £1.00 each
20
20
20 (2022 - 20) Ordinary C shares of £1.00 each
20
20
20 (2022 - 20) Ordinary D shares of £1.00 each
20
20
20 (2022 - 20) Ordinary E shares of £1.00 each
20
20
1 (2022 - 1) Ordinary F share of £1.00
1
1
2 (2022 - 2) Ordinary G shares of £1.00 each
2
2

103

103



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £29,483 (2022 - £38,692). Contributions totalling £5,628 (2022 - £9,768) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
GRACELANDS COMPLETE MAINTENANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
125,000
125,000

Later than 1 year and not later than 5 years
156,250
281,250

281,250
406,250


10.


Related party transactions

The following balances with related parties are due as at the year end. This is repayable on demand and all transactions, including rental expenditure paid to the Associate within the year, are carried out at market value on an arms length basis. 


2023
2022
£
£

Balances owed from Directors
-
98,500
Balances owed from Associates
33,000
33,000
33,000
131,500


Page 9