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Registration number: 05032670

Graceheath Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Graceheath Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Graceheath Ltd

Company Information

Director

Mr Moti Friedlander

Registered office

8 Rodborough Rd
London
London
NW11 8RY

Accountants

Gilbert, Allan & Co
8 Rodborough Rd
London
London
NW11 8RY

 

Graceheath Ltd

(Registration number: 05032670)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

21,514

26,892

Investment property

5

2,600,000

2,600,000

 

2,621,514

2,626,892

Current assets

 

Debtors

6

4,894

233,844

Cash at bank and in hand

 

1,005

3,089

 

5,899

236,933

Creditors: Amounts falling due within one year

7

(266,528)

(496,733)

Net current liabilities

 

(260,629)

(259,800)

Total assets less current liabilities

 

2,360,885

2,367,092

Creditors: Amounts falling due after more than one year

7

(1,037,101)

(415,903)

Provisions for liabilities

(267,737)

(203,480)

Net assets

 

1,056,047

1,747,709

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

940,896

1,005,153

Other reserves

-

627,073

Retained earnings

115,150

115,482

Shareholders' funds

 

1,056,047

1,747,709

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 March 2024
 

 

Graceheath Ltd

(Registration number: 05032670)
Balance Sheet as at 30 June 2023

.........................................
Mr Moti Friedlander
Director

 

Graceheath Ltd

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 and Wales.

The address of its registered office is:
8 Rodborough Rd
London
London
NW11 8RY
England

The principal place of business is:
24 Stamford Hill
London
N16 6XZ
United Kingdom

These financial statements were authorised for issue by the director on 12 March 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.

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 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.

 

Graceheath Ltd

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

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

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

Fixtures & Fittings

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

Borrowings

 

Graceheath Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Graceheath Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

84,122

84,122

At 30 June 2023

84,122

84,122

Depreciation

At 1 July 2022

57,230

57,230

Charge for the year

5,378

5,378

At 30 June 2023

62,608

62,608

Carrying amount

At 30 June 2023

21,514

21,514

At 30 June 2022

26,892

26,892

5

Investment properties

2023
£

At 1 July

2,600,000

At 30 June

2,600,000

Fair value of investment property is based on valuation by an independent valuer at least once in every three years. In other years the director will use his experience to determine the fair value.

A comprehensive valuation was last completed on 23rd January 2018 prior to the publication of these accounts.

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,894

1,347

Other debtors

-

232,497

 

4,894

233,844

 

Graceheath Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

9,460

11,460

Taxation and social security

87,436

66,202

Accruals and deferred income

35,479

32,599

Other creditors

134,153

386,472

266,528

496,733

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,037,101

415,903

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(64,257)

(64,257)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,037,101

415,903