Company registration number 08483906 (England and Wales)
GRACEWOOD CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GRACEWOOD CONSTRUCTION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GRACEWOOD CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,444
44,406
Current assets
Debtors
4
2,397,873
2,888,418
Cash at bank and in hand
71,008
146,928
2,468,881
3,035,346
Creditors: amounts falling due within one year
5
(2,331,932)
(2,354,297)
Net current assets
136,949
681,049
Total assets less current liabilities
185,393
725,455
Creditors: amounts falling due after more than one year
6
(21,712)
(30,822)
Net assets
163,681
694,633
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
163,581
694,533
Total equity
163,681
694,633
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 February 2024
Michael Docker
Director
Company Registration No. 08483906
GRACEWOOD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Gracewood Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery, etc
20% - 33% straight line method
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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
GRACEWOOD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, are 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.
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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
12
GRACEWOOD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
52,333
Additions
16,100
At 31 March 2023
68,433
Depreciation and impairment
At 1 April 2022
7,927
Depreciation charged in the year
12,062
At 31 March 2023
19,989
Carrying amount
At 31 March 2023
48,444
At 31 March 2022
44,406
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
34,159
44,406
Depreciation charge for the year in respect of leased assets
10,247
6,052
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
764,942
1,158,881
Other debtors
1,632,931
1,729,537
2,397,873
2,888,418
GRACEWOOD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
821,733
838,771
Taxation and social security
35,095
42,066
Other creditors
1,475,104
1,473,460
2,331,932
2,354,297
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
21,712
30,822
Included within creditors due within one year and creditors due after one year is an aggregate amount of £30,822 (2022: £39,932) in respect of hire purchase liabilities which are secured against the assets to which they relate.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
8,278
GRACEWOOD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Related party transactions
Included within debtors is £1,215 (2022: £1,821) due from a company which is controlled by Mr Docker. During the year Gracewood Construction Ltd made sales to this company amounting to £3,318 (2022: £2,111).
Included within debtors is £1,952,583 (2022: £2,534,315) due from companies which are controlled by Mr Docker and his wife. During the year Gracewood Construction Ltd made sales to these companies amounting to £14,111,146 (2022: £8,306,155).
Included within debtors is £68,154 (2022: £49,629) due from limited liability partnerships in which Mr Docker is a member. During the year Gracewood Construction Ltd made sales to these limited liability partnerships amounting to £576,250 (2022: £199,502).
Included within creditors is £345,879 (2022: £352,421) due to companies controlled by Mr Docker. During the year Gracewood Construction Ltd acquired services from these companies amounting to £171,833 (2022: £301,531).
Included within creditors is £115,072 (2022: £110,872) due to a company which is controlled by Mr Docker and his wife.
Included within creditors is £788,000 (2022: £804,000) due to a limited liability partnership in which Mr Docker is a member.
Included within creditors is £190,754 (2022: £185,395) due to Mr Docker.
During the year Gracewood Construction Ltd made sales to a close family member of the director amounting to £63,763 (2022: £523,489).