Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31907414990702101403850202022-04-01falseNo description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03165411 2022-04-01 2023-03-31 03165411 2021-04-01 2022-03-31 03165411 2023-03-31 03165411 2022-03-31 03165411 c:Director1 2022-04-01 2023-03-31 03165411 c:Director2 2022-04-01 2023-03-31 03165411 d:MotorVehicles 2022-04-01 2023-03-31 03165411 d:MotorVehicles 2023-03-31 03165411 d:MotorVehicles 2022-03-31 03165411 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03165411 d:FurnitureFittings 2022-04-01 2023-03-31 03165411 d:FurnitureFittings 2023-03-31 03165411 d:FurnitureFittings 2022-03-31 03165411 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03165411 d:ComputerEquipment 2022-04-01 2023-03-31 03165411 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03165411 d:Goodwill 2022-04-01 2023-03-31 03165411 d:Goodwill 2023-03-31 03165411 d:Goodwill 2022-03-31 03165411 d:FreeholdInvestmentProperty 2023-03-31 03165411 d:FreeholdInvestmentProperty 2022-03-31 03165411 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 03165411 d:CurrentFinancialInstruments 2023-03-31 03165411 d:CurrentFinancialInstruments 2022-03-31 03165411 d:Non-currentFinancialInstruments 2023-03-31 03165411 d:Non-currentFinancialInstruments 2022-03-31 03165411 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03165411 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03165411 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03165411 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03165411 d:ShareCapital 2023-03-31 03165411 d:ShareCapital 2022-03-31 03165411 d:RevaluationReserve 2023-03-31 03165411 d:RevaluationReserve 2022-03-31 03165411 d:RetainedEarningsAccumulatedLosses 2023-03-31 03165411 d:RetainedEarningsAccumulatedLosses 2022-03-31 03165411 c:FRS102 2022-04-01 2023-03-31 03165411 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03165411 c:FullAccounts 2022-04-01 2023-03-31 03165411 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03165411 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 03165411 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 03165411 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 03165411 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 03165411










D N GRADY & SONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
D N GRADY & SONS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF D N GRADY & SONS LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D N Grady & Sons Limited for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of D N Grady & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 2 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of D N Grady & Sons Limited  and state those matters that we have agreed to state to the Board of directors of D N Grady & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D N Grady & Sons Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that D N Grady & Sons 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 profit of D N Grady & Sons Limited. You consider that D N Grady & Sons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of D N Grady & Sons 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.

  



MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ
28 September 2023
Page 1

 
D N GRADY & SONS LIMITED
REGISTERED NUMBER: 03165411

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
22,745
1,024

Investment property
 6 
9,048,750
9,098,750

  
9,071,495
9,099,774

Current assets
  

Debtors: amounts falling due within one year
 7 
1,285,796
1,616,502

Cash at bank and in hand
  
499,528
37,656

  
1,785,324
1,654,158

Creditors: amounts falling due within one year
 8 
(681,922)
(643,961)

Net current assets
  
 
 
1,103,402
 
 
1,010,197

Total assets less current liabilities
  
10,174,897
10,109,971

Creditors: amounts falling due after more than one year
 9 
(1,478,324)
(1,556,626)

Provisions for liabilities
  

Deferred tax
  
(464,975)
(391,486)

Net assets
  
8,231,598
8,161,859


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
  
3,615,927
3,740,912

Profit and loss account
  
4,614,671
4,419,947

  
8,231,598
8,161,859


Page 2

 
D N GRADY & SONS LIMITED
REGISTERED NUMBER: 03165411
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 comprehensive income 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 on 28 September 2023.




D N Grady
J A Grady
Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
D N GRADY & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office is 7 The Close, Norwich, NR1 4DJ. The principal place of business is Bellars Barn, The Street, Ashwellthorpe, Norwich, NR16 1FE.
The company's principal activities are that of letting own real estate.

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 and value added tax.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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 profit or loss 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.

Page 4

 
D N GRADY & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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 and a straight line basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Equipment - Fixtures and fittings
-
15%
reducing balance
Equipment - Computer equipment
-
33%
straight line basis

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 profit or loss.

Page 5

 
D N GRADY & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial insturment transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other thrid parties and loans to related parties and investments in ordinary shares. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

 
D N GRADY & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Entitlements

£





At 1 April 2022
23,352


Disposals
(23,352)



At 31 March 2023

-





At 1 April 2022
23,352


On disposals
(23,352)



At 31 March 2023

-



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
D N GRADY & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Motor vehicles
Equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
-
11,846
11,846


Additions
29,167
-
29,167



At 31 March 2023

29,167
11,846
41,013



Depreciation


At 1 April 2022
-
10,822
10,822


Charge for the year on owned assets
7,292
154
7,446



At 31 March 2023

7,292
10,976
18,268



Net book value



At 31 March 2023
21,875
870
22,745



At 31 March 2022
-
1,024
1,024


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
9,098,750


Surplus on revaluation
(50,000)



At 31 March 2023
9,048,750

The 2023 valuations were made by a director, on an open market value for existing use basis.




Page 8

 
D N GRADY & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£


Trade debtors
97,749
97,725

Other debtors
1,143,343
1,473,388

Prepayments and accrued income
44,704
45,389

1,285,796
1,616,502



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
75,179
73,918

Trade creditors
13,815
10,203

Other taxation and social security
87,042
96,445

Other creditors
410,481
384,623

Accruals and deferred income
95,405
78,772

681,922
643,961


The bank loans are secured by a debenture and mortgages against the Company's investment property.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,478,324
1,556,626

1,478,324
1,556,626


The bank loans are secured by a debenture and mortgages against the Company's investment property.

Page 9

 
D N GRADY & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Transactions with directors

As at 1 April 2022 a director owed the company £88,561. During the year, the director received advancements of £402,004 and made payments on behalf of the company totalling £114,312. Interest of £2,282 was charged. As a result, at 31 March 2023 the director owed the company £378,535.
                                                                                                                                                                                                                                        As at 1 April 2022 a director owed the company £4003. During the year, the director received advancements of £5,775 and made payments on behalf of the company totalling £4,003. Interest of £57 was charged. As a result, at 31 March 2023 the director owed the company £5,831.                                                                                                                    
As at 1 April 2022 the company owed a director £2180. During the year, the director received advancements of £91,291 and made payments on behalf of the company totalling £89,000. Interest of £543 was charged. As a result, at 31 March 2023 the director owed the company £654

 
Page 10