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REGISTERED NUMBER: 02359355 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

GRACE CONTRACTS LIMITED

GRACE CONTRACTS LIMITED (REGISTERED NUMBER: 02359355)

ABRIDGED BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 57,621 75,848
57,621 75,848

CURRENT ASSETS
Stocks 5,697 4,836
Debtors 44,268 32,400
Cash at bank 38,995 89,298
88,960 126,534
CREDITORS
Amounts falling due within one year 79,487 89,913
NET CURRENT ASSETS 9,473 36,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

67,094

112,469

CREDITORS
Amounts falling due after more than one
year

-

(15,360

)

PROVISIONS FOR LIABILITIES (8,020 ) (9,249 )
NET ASSETS 59,074 87,860

RESERVES
Called up share capital 50 50
Retained earnings 59,024 87,810
SHAREHOLDERS' FUNDS 59,074 87,860

GRACE CONTRACTS LIMITED (REGISTERED NUMBER: 02359355)

ABRIDGED BALANCE SHEET - continued
31 January 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 5 March 2024 and were signed on its behalf by:





C J Broome - Director


GRACE CONTRACTS LIMITED (REGISTERED NUMBER: 02359355)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Grace Contracts Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02359355 and its registered office is Unit 74, Hellesdon Park Road, Norwich, Norfolk, NR6 5DR. The presentation currency is pound sterling (£).

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 comprises the value of goods and services invoiced to customers and uninvoiced contracted work-in-progress less returns after deducting trade and other discounts and excluding value added tax.

Goodwill
Purchased goodwill has been written off to the profit and loss account over five years being its estimated economic life.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.

Depreciation on fixed assets is provided at rates calculated to write off the cost of the assets, less their estimated residual value, over their expected useful lives at the following annual rates:

Motor vehicles - 25% reducing balance basis
Plant and machinery - 25% reducing balance basis

Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks on a basis consistent with previous years.

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.


GRACE CONTRACTS LIMITED (REGISTERED NUMBER: 02359355)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

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.

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 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 5,800
AMORTISATION
At 1 February 2023
and 31 January 2024 5,800
NET BOOK VALUE

At 31 January 2024 -
At 31 January 2023 -

GRACE CONTRACTS LIMITED (REGISTERED NUMBER: 02359355)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023 135,926
Additions 1,059
Disposals (447 )
At 31 January 2024 136,538
DEPRECIATION
At 1 February 2023 60,078
Charge for year 19,207
Eliminated on disposal (368 )
At 31 January 2024 78,917
NET BOOK VALUE
At 31 January 2024 57,621
At 31 January 2023 75,848

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 15,360 3,622
Between one and five years - 15,360
15,360 18,982

Non-cancellable operating leases
2024 2023
£    £   
Within one year 7,500 7,500
Between one and five years 10,000 17,500
17,500 25,000

GRACE CONTRACTS LIMITED (REGISTERED NUMBER: 02359355)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 15,360 18,982

The hire purchase liability is secured against the relevant fixed asset.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company operates a current account with a director. The debit balance on this account at 31 January 2024 was £3,244 (31 January 2023 £1,224). No interest was charged during the year as the balance was below the HM Revenue & Customs beneficial loan threshold.

Directors accounts are unsecured and repayable on demand.