Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3142023-01-01falseNo description of principal activity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01383692 2023-01-01 2023-12-31 01383692 2022-01-01 2022-12-31 01383692 2023-12-31 01383692 2022-12-31 01383692 c:Director1 2023-01-01 2023-12-31 01383692 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 01383692 d:Buildings d:LongLeaseholdAssets 2023-12-31 01383692 d:Buildings d:LongLeaseholdAssets 2022-12-31 01383692 d:PlantMachinery 2023-01-01 2023-12-31 01383692 d:PlantMachinery 2023-12-31 01383692 d:PlantMachinery 2022-12-31 01383692 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01383692 d:MotorVehicles 2023-01-01 2023-12-31 01383692 d:FurnitureFittings 2023-01-01 2023-12-31 01383692 d:FurnitureFittings 2023-12-31 01383692 d:FurnitureFittings 2022-12-31 01383692 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01383692 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01383692 d:CurrentFinancialInstruments 2023-12-31 01383692 d:CurrentFinancialInstruments 2022-12-31 01383692 d:Non-currentFinancialInstruments 2023-12-31 01383692 d:Non-currentFinancialInstruments 2022-12-31 01383692 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01383692 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01383692 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01383692 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01383692 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 01383692 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 01383692 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 01383692 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 01383692 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 01383692 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 01383692 d:ShareCapital 2023-12-31 01383692 d:ShareCapital 2022-12-31 01383692 d:RetainedEarningsAccumulatedLosses 2023-12-31 01383692 d:RetainedEarningsAccumulatedLosses 2022-12-31 01383692 c:FRS102 2023-01-01 2023-12-31 01383692 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01383692 c:FullAccounts 2023-01-01 2023-12-31 01383692 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01383692 d:WithinOneYear 2023-12-31 01383692 d:WithinOneYear 2022-12-31 01383692 d:BetweenOneFiveYears 2023-12-31 01383692 d:BetweenOneFiveYears 2022-12-31 01383692 d:MoreThanFiveYears 2023-12-31 01383692 d:MoreThanFiveYears 2022-12-31 01383692 2 2023-01-01 2023-12-31 01383692 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01383692










GRACE ELECTRONICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GRACE ELECTRONICS LIMITED
REGISTERED NUMBER: 01383692

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
471,304
477,273

Investments
 5 
1,881
1,881

  
473,185
479,154

Current assets
  

Stocks
 6 
39,597
20,885

Debtors: amounts falling due within one year
 7 
240,078
290,734

Cash at bank and in hand
  
34,731
24,092

  
314,406
335,711

Creditors: amounts falling due within one year
 8 
(171,175)
(179,899)

Net current assets
  
 
 
143,231
 
 
155,812

Total assets less current liabilities
  
616,416
634,966

Creditors: amounts falling due after more than one year
 9 
(206,213)
(221,767)

Provisions for liabilities
  

Deferred tax
  
(967)
(1,288)

  
 
 
(967)
 
 
(1,288)

Net assets
  
409,236
411,911


Capital and reserves
  

Called up share capital 
  
150
150

Profit and loss account
  
409,086
411,761

  
409,236
411,911


Page 1

 
GRACE ELECTRONICS LIMITED
REGISTERED NUMBER: 01383692
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






J D Saunders
Director

Date: 27 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company, which was incorporated and registered in England & Wales (registered number 01383692) is a privately owned company limited by shares. The registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight-line method..

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over period of lease (111 years)
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties amd investments in ordinary shares.

Page 4

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Page 5

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
519,720
24,370
14,227
558,317



At 31 December 2023

519,720
24,370
14,227
558,317



Depreciation


At 1 January 2023
47,600
21,363
12,081
81,044


Charge for the year on owned assets
4,682
751
536
5,969



At 31 December 2023

52,282
22,114
12,617
87,013



Net book value



At 31 December 2023
467,438
2,256
1,610
471,304



At 31 December 2022
472,120
3,007
2,146
477,273




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
467,438
472,120


Page 7

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
1,881



At 31 December 2023
1,881





6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
39,597
20,885

39,597
20,885



7.


Debtors

2023
2022
£
£


Trade debtors
231,398
280,385

Other debtors
-
1,333

Prepayments and accrued income
8,680
9,016

240,078
290,734


Page 8

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
17,876
16,570

Trade creditors
82,767
80,946

Corporation tax
16,873
12,827

Other taxation and social security
16,200
8,744

Other creditors
25,058
57,476

Accruals and deferred income
12,401
3,336

171,175
179,899



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
206,213
221,767

206,213
221,767


Secured Loan
The bank loan is secured by a legal charge over Unit 12 Business Village, Blackbushe Business Park,
Yateley, Hampshire. There is also a fixed charge over the rights, title and interest of the company together with an unlimited debenture incorporating a fixed and floating charge over all property and assets of the company.

Page 9

 
GRACE ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
17,876
16,570

Amounts falling due 1-2 years

Bank loans
17,876
16,570

Amounts falling due 2-5 years

Bank loans
53,629
49,710

Amounts falling due after more than 5 years

Bank loans
134,708
155,486

224,089
238,336



11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
100
100

Later than 1 year and not later than 5 years
400
400

Later than 5 years
9,450
9,550

9,950
10,050

 
Page 10