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Registration number: 08991137

Grace Land (Stoke Newington) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Grace Land (Stoke Newington) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Grace Land (Stoke Newington) Limited

Company Information

Directors

Anselm Chatwin

Jon Andreas Akerlund

Registered office

The Axe
18 Northwold Road
London
N16 7HR

Accountants

Carbon Accountancy Limited
80-83 Long Lane
London
EC1A 9ET

 

Grace Land (Stoke Newington) Limited

(Registration number: 08991137)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

229,545

261,790

Current assets

 

Stocks

5

19,143

18,461

Debtors

6

112,989

159,351

Cash at bank and in hand

 

21,304

90,030

 

153,436

267,842

Creditors: Amounts falling due within one year

7

(513,165)

(619,470)

Net current liabilities

 

(359,729)

(351,628)

Total assets less current liabilities

 

(130,184)

(89,838)

Provisions for liabilities

(38,809)

(33,127)

Net liabilities

 

(168,993)

(122,965)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(169,993)

(123,965)

Shareholders' deficit

 

(168,993)

(122,965)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 February 2024 and signed on its behalf by:
 

.........................................
Anselm Chatwin
Director

 

Grace Land (Stoke Newington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Axe
18 Northwold Road
London
N16 7HR

These financial statements were authorised for issue by the Board on 6 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Grace Land (Stoke Newington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold and leasehold improvement

over the term of the lease

Plant and machinery

20% reducing balance

Fixture and fittings

20% reducing balance

Computer equipment

33.33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Grace Land (Stoke Newington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 18).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

152,120

394,558

62,581

609,259

Additions

-

2,260

-

2,260

At 30 June 2023

152,120

396,818

62,581

611,519

Depreciation

At 1 July 2022

31,421

269,337

46,711

347,469

Charge for the year

6,085

25,246

3,174

34,505

At 30 June 2023

37,506

294,583

49,885

381,974

Carrying amount

At 30 June 2023

114,614

102,235

12,696

229,545

At 30 June 2022

120,699

125,221

15,870

261,790

Included within the net book value of land and buildings above is £114,615 (2022 - £120,700) in respect of short leasehold land and buildings.
 

 

Grace Land (Stoke Newington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Other inventories

19,143

18,461

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

70,494

118,907

Prepayments

 

17,354

16,314

Other debtors

 

25,141

24,130

   

112,989

159,351

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

46,790

37,589

Amounts owed to group undertakings

369,988

508,065

Taxation and social security

 

28,632

34,653

Accruals and deferred income

 

26,259

27,713

Other creditors

 

41,496

11,450

 

513,165

619,470

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Parent and ultimate parent undertaking

The company's immediate parent is Grace Land Group Limited, incorporated in England.