Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr G Cullen 22/02/2016 Mrs S Cullen 22/02/2016 08 June 2023 The principal activity of the company continued to be that of joinery installation. 10018566 2023-02-28 10018566 bus:Director1 2023-02-28 10018566 bus:Director2 2023-02-28 10018566 2022-02-28 10018566 core:CurrentFinancialInstruments 2023-02-28 10018566 core:CurrentFinancialInstruments 2022-02-28 10018566 core:ShareCapital 2023-02-28 10018566 core:ShareCapital 2022-02-28 10018566 core:RetainedEarningsAccumulatedLosses 2023-02-28 10018566 core:RetainedEarningsAccumulatedLosses 2022-02-28 10018566 core:PlantMachinery 2022-02-28 10018566 core:Vehicles 2022-02-28 10018566 core:OfficeEquipment 2022-02-28 10018566 core:PlantMachinery 2023-02-28 10018566 core:Vehicles 2023-02-28 10018566 core:OfficeEquipment 2023-02-28 10018566 2022-03-01 2023-02-28 10018566 bus:FullAccounts 2022-03-01 2023-02-28 10018566 bus:SmallEntities 2022-03-01 2023-02-28 10018566 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10018566 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10018566 bus:Director1 2022-03-01 2023-02-28 10018566 bus:Director2 2022-03-01 2023-02-28 10018566 core:PlantMachinery 2022-03-01 2023-02-28 10018566 core:Vehicles 2022-03-01 2023-02-28 10018566 core:OfficeEquipment 2022-03-01 2023-02-28 10018566 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure

Company No: 10018566 (England and Wales)

GEORGE GRACE JOINERY LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

GEORGE GRACE JOINERY LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

GEORGE GRACE JOINERY LIMITED

BALANCE SHEET

As at 28 February 2023
GEORGE GRACE JOINERY LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 80,866 81,423
80,866 81,423
Current assets
Stocks 40,000 55,000
Debtors 261,179 270,459
Cash at bank and in hand 35,931 76,911
337,110 402,370
Creditors: amounts falling due within one year 5 ( 88,085) ( 145,334)
Net current assets 249,025 257,036
Total assets less current liabilities 329,891 338,459
Net assets 329,891 338,459
Capital and reserves
Called-up share capital 2 2
Profit and loss account 329,889 338,457
Total shareholder's funds 329,891 338,459

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of George Grace Joinery Limited (registered number: 10018566) were approved and authorised for issue by the Board of Directors on 08 June 2023. They were signed on its behalf by:

Mr G Cullen
Director
GEORGE GRACE JOINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
GEORGE GRACE JOINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

George Grace Joinery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 78 Chorley New Road, Bolton, BL1 4BY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 March 2022 62,975 47,000 940 110,915
Additions 23,000 0 256 23,256
Disposals ( 15,950) 0 ( 773) ( 16,723)
At 28 February 2023 70,025 47,000 423 117,448
Accumulated depreciation
At 01 March 2022 28,114 783 595 29,492
Charge for the financial year 10,222 9,244 95 19,561
Disposals ( 11,867) 0 ( 604) ( 12,471)
At 28 February 2023 26,469 10,027 86 36,582
Net book value
At 28 February 2023 43,556 36,973 337 80,866
At 28 February 2022 34,861 46,217 345 81,423

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,684 3,445
Taxation and social security 73,234 119,171
Other creditors 9,167 22,718
88,085 145,334