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REGISTERED NUMBER: 05002404 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

GRACES BAKERY LIMITED

GRACES BAKERY LIMITED (REGISTERED NUMBER: 05002404)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

GRACES BAKERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: R.S Redrup
C.M Redrup
D.R Redrup
D.S Redrup





SECRETARY: C.M Redrup





REGISTERED OFFICE: 178 High Street
Ryde
Isle of Wight
PO33 2HW





REGISTERED NUMBER: 05002404 (England and Wales)





ACCOUNTANTS: Harrison Black Limited
East Quay
Kite Hill
Wootton Bridge
Isle of Wight
PO33 4LA

GRACES BAKERY LIMITED (REGISTERED NUMBER: 05002404)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 167,733 130,360

CURRENT ASSETS
Stocks 82,033 67,747
Debtors 5 151,592 120,281
Cash at bank and in hand 164,405 124,021
398,030 312,049
CREDITORS
Amounts falling due within one year 6 257,017 238,595
NET CURRENT ASSETS 141,013 73,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

308,746

203,814

CREDITORS
Amounts falling due after more than one
year

7

(27,449

)

(24,841

)

PROVISIONS FOR LIABILITIES (29,594 ) (20,489 )
NET ASSETS 251,703 158,484

CAPITAL AND RESERVES
Called up share capital 6 6
Retained earnings 251,697 158,478
SHAREHOLDERS' FUNDS 251,703 158,484

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GRACES BAKERY LIMITED (REGISTERED NUMBER: 05002404)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th August 2024 and were signed on its behalf by:





C.M Redrup - Director


GRACES BAKERY LIMITED (REGISTERED NUMBER: 05002404)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Graces Bakery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - at varying rates on cost
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

GRACES BAKERY LIMITED (REGISTERED NUMBER: 05002404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitment
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 77 (2022 - 80 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 102,732 250,708 353,440
Additions 2,270 65,281 67,551
Disposals - (2,500 ) (2,500 )
At 31st December 2023 105,002 313,489 418,491
DEPRECIATION
At 1st January 2023 72,619 150,461 223,080
Charge for year 4,858 24,743 29,601
Eliminated on disposal - (1,923 ) (1,923 )
At 31st December 2023 77,477 173,281 250,758
NET BOOK VALUE
At 31st December 2023 27,525 140,208 167,733
At 31st December 2022 30,113 100,247 130,360

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 148,393 115,302
Other debtors 3,199 4,979
151,592 120,281

GRACES BAKERY LIMITED (REGISTERED NUMBER: 05002404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 11,025
Hire purchase contracts 9,298 -
Trade creditors 88,438 93,889
Taxation and social security 55,876 38,295
Other creditors 93,405 95,386
257,017 238,595

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 14,951 24,841
Hire purchase contracts 12,498 -
27,449 24,841

8. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £7,454.73 at the balance sheet date.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
C.M Redrup
Balance outstanding at start of year (5,736 ) (85 )
Amounts advanced 18,431 104,296
Amounts repaid (18,000 ) (109,947 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,305 ) (5,736 )

R.S Redrup
Balance outstanding at start of year (5,736 ) (85 )
Amounts advanced 18,431 104,296
Amounts repaid (18,000 ) (109,947 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,305 ) (5,736 )

GRACES BAKERY LIMITED (REGISTERED NUMBER: 05002404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

D.S Redrup
Balance outstanding at start of year (5,591 ) (214 )
Amounts advanced 9,586 15,623
Amounts repaid (9,094 ) (21,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,099 ) (5,591 )

D.R Redrup
Balance outstanding at start of year (4,765 ) (896 )
Amounts advanced 11,514 18,631
Amounts repaid (9,014 ) (22,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,265 ) (4,765 )

During the 2020 financial year the company provided unlimited guarantee supported by a debenture on behalf of the directors Mr R.S Redrup and Mrs C.M Redrup on a personal mortgage with a initial value of £207,000..

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GRACES BAKERY LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Graces Bakery Limited for the year ended 31st December 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Graces Bakery Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Graces Bakery Limited and state those matters that we have agreed to state to the Board of Directors of Graces Bakery Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Graces Bakery Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Graces Bakery Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Graces Bakery Limited. You consider that Graces Bakery Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Graces Bakery Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Harrison Black Limited
East Quay
Kite Hill
Wootton Bridge
Isle of Wight
PO33 4LA


Date: .............................................