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REGISTERED NUMBER: 07402113 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st October 2023

for

Grace Supplies Limited

Grace Supplies Limited (Registered number: 07402113)

Contents of the Financial Statements
for the Year Ended 31st October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Grace Supplies Limited

Company Information
for the Year Ended 31st October 2023







DIRECTORS: A C Overvoorde
Mrs L B Overvoorde





REGISTERED OFFICE: 406 Cottingham Road
Hull
HU6 8QE





REGISTERED NUMBER: 07402113 (England and Wales)





ACCOUNTANTS: Dymond Accountants
Office F1,
Beverley Enterprise Centre
Beck View Road
Beverley
East Yorkshire
HU17 0JT

Grace Supplies Limited (Registered number: 07402113)

Balance Sheet
31st October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,288 9,594

CURRENT ASSETS
Stocks 15,132 11,913
Debtors 5 1,364 2,519
Cash at bank 47,454 79,128
63,950 93,560
CREDITORS
Amounts falling due within one year 6 73,946 102,842
NET CURRENT LIABILITIES (9,996 ) (9,282 )
TOTAL ASSETS LESS CURRENT LIABILITIES 292 312

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 192 212
292 312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 23rd November 2023 and were signed on its behalf by:





A C Overvoorde - Director


Grace Supplies Limited (Registered number: 07402113)

Notes to the Financial Statements
for the Year Ended 31st October 2023


1. STATUTORY INFORMATION

Grace Supplies 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Grace Supplies Limited (Registered number: 07402113)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st November 2022 125 3,732 30,887 34,744
Additions - - 4,583 4,583
At 31st October 2023 125 3,732 35,470 39,327
DEPRECIATION
At 1st November 2022 124 3,239 21,787 25,150
Charge for year - 172 3,717 3,889
At 31st October 2023 124 3,411 25,504 29,039
NET BOOK VALUE
At 31st October 2023 1 321 9,966 10,288
At 31st October 2022 1 493 9,100 9,594

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,364 2,519

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 30,286 34,286
Trade creditors 4,755 14,452
Taxation and social security 1,885 6,666
Other creditors 37,020 47,438
73,946 102,842