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Registration number: 11494047

Grace Land (Dalston) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Grace Land (Dalston) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Grace Land (Dalston) 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 (Dalston) Limited

(Registration number: 11494047)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

176,128

191,076

Current assets

 

Stocks

5

12,888

14,992

Debtors

6

42,475

55,703

Cash at bank and in hand

 

13,296

105,784

 

68,659

176,479

Creditors: Amounts falling due within one year

7

(294,938)

(484,401)

Net current liabilities

 

(226,279)

(307,922)

Total assets less current liabilities

 

(50,151)

(116,846)

Provisions for liabilities

(44,032)

(36,304)

Net liabilities

 

(94,183)

(153,150)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(95,183)

(154,150)

Shareholders' deficit

 

(94,183)

(153,150)

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 (Dalston) 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 current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Grace Land (Dalston) 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 improvements

over the term of the lease

Furniture, fittings and 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 (Dalston) 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 13 (2022 - 12).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

200,705

58,810

259,515

Additions

-

653

653

At 30 June 2023

200,705

59,463

260,168

Depreciation

At 1 July 2022

36,742

31,697

68,439

Charge for the year

10,035

5,566

15,601

At 30 June 2023

46,777

37,263

84,040

Carrying amount

At 30 June 2023

153,928

22,200

176,128

At 30 June 2022

163,963

27,113

191,076

Included within the net book value of land and buildings above is £153,928 (2022 - £163,963) in respect of short leasehold land and buildings.
 

 

Grace Land (Dalston) Limited

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

5

Stocks

2023
£

2022
£

Other inventories

12,888

14,992

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

706

15,168

Prepayments

 

1,526

201

Other debtors

 

40,243

40,334

   

42,475

55,703

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

26,461

22,822

Amounts owed to group undertakings

172,544

335,938

Taxation and social security

 

25,617

24,888

Accruals and deferred income

 

66,695

97,372

Other creditors

 

3,621

3,381

 

294,938

484,401

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.