Company registration number 10954387 (England and Wales)
GRAACE & DAANGER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GRAACE & DAANGER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GRAACE & DAANGER LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,336
24,610
Current assets
Debtors
4
821
3,531
Cash at bank and in hand
996
4,054
1,817
7,585
Creditors: amounts falling due within one year
5
(164,801)
(206,597)
Net current liabilities
(162,984)
(199,012)
Net liabilities
(121,648)
(174,402)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(121,649)
(174,403)
Total equity
(121,648)
(174,402)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 3 April 2024 and are signed on its behalf by:
Mary Elizabeth Douglas-Home
Director
Company registration number 10954387 (England and Wales)
GRAACE & DAANGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Graace & Daanger Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thoralby Hall, Malton Lane, Bugthorpe, North Yorkshire, YO41 1RF.
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
Going concern
As at the balance sheet date, the financial statements show that the company has liabilities intrue excess of assets of £121,648 (2022: £174,402) as a result of losses made to date. The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company for foreseeable future and meet the excess liabilities if the company is unable to do so.
1.3
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. Revenue from the sale of goods is recognised at point of sales when the significant risks and rewards of ownership have passed to the buyer.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Office equipment
25% straight line method
Computer equipment
33.33% 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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
GRAACE & DAANGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 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, 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.
1.7
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.
1.8
Leases
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
GRAACE & DAANGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
3
Tangible fixed assets
Plant & Machinery
£
Cost
At 1 October 2022
39,855
Additions
31,024
At 30 September 2023
70,879
Depreciation and impairment
At 1 October 2022
15,245
Depreciation charged in the year
14,298
At 30 September 2023
29,543
Carrying amount
At 30 September 2023
41,336
At 30 September 2022
24,610
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14
13
Other debtors
807
3,518
821
3,531
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
360
3,598
Other creditors
164,441
202,999
164,801
206,597
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
GRAACE & DAANGER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
7
Directors' transactions
Included within other creditors is an amount of £162,991 (2022: £122,328) the company owed to the directors. The loans are interest free and repayable on demand.