(1) General Information
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GRACEHILL PROPERTY SOLUTIONS LTD is a private company limited by shares, domiciled and incorporated in England and Wales. Its registered office is Petronne House, 31 Church Street, Dagenham RM10 9UR. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies regime. |
Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Sale of goods
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Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them. |
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Rendering of Services
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Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
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(4) Critical accounting judgements and key sources of estimation uncertainty
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No judgement
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No significant judgements or estimates have been made in preparation of these financial statements. |
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(5) Turnover
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The revenue from company's operations comprise: |
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(6) Employees
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During the year, the average number of employees including director was 0 . |
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(7) Debtors
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Amounts falling due within one year
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| | | 2024 | | | | £ | | | | | | | | Other debtors | 7,181 | | | Prepayments and accrued income | 3,200 | | | | 10,381 | | |
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(8) Cash and cash equivalents
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| | | 2024 | | | | £ | | | | Bank balance | 1,257 | | | | | | | | 1,257 | | |
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(9) Creditors: Amounts falling due within one year
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| | | 2024 | | | | £ | | | | Trade creditors | 360 | | | | | | | | | | | | | | | | | | | | | | | | 360 | | |
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(10) Share capital and reserves
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| Alloted,called up and fully paid: | 2024 | | | | £ | | | | 30,000 Ordinary Shares of £ 1 each | 30,000 | | 30,000 | | 0 | | Ordinary shares hold equal voting rights. | | Retained earnings | | | 2024 | | | | £ | | | | | Loss of the year | | | (18,721) | | | | | At 24 January 2024 | | | (18,721) | |
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