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REGISTERED NUMBER: 03924907 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

GRACEFIELD CONSULTANTS LIMITED

GRACEFIELD CONSULTANTS LIMITED (REGISTERED NUMBER: 03924907)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GRACEFIELD CONSULTANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: T S Gill
R P Jones





SECRETARY: R P Jones





REGISTERED OFFICE: 3rd Floor
21 Perrymount Road
Haywards Heath
West Sussex
RH16 3TP





REGISTERED NUMBER: 03924907 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

GRACEFIELD CONSULTANTS LIMITED (REGISTERED NUMBER: 03924907)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 8,183 10,427

CURRENT ASSETS
Debtors 5 8,479 17,870
Cash at bank 30,245 16,025
38,724 33,895
CREDITORS
Amounts falling due within one year 6 (32,775 ) (27,120 )
NET CURRENT ASSETS 5,949 6,775
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,132

17,202

PROVISIONS FOR LIABILITIES 7 (1,555 ) (1,981 )
NET ASSETS 12,577 15,221

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 12,575 15,219
SHAREHOLDERS' FUNDS 12,577 15,221

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

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 29 August 2024 and were signed on its behalf by:





T S Gill - Director


GRACEFIELD CONSULTANTS LIMITED (REGISTERED NUMBER: 03924907)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Gracefield Consultants 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents revenue recognised in the accounts excluding value added tax. Services are performed gradually over time so revenue is recognised as the company fulfils its contractual obligations and activity progresses by reference to the value of work performed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on cost
Office equipment - 25% on cost
Computer equipment - 33% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

GRACEFIELD CONSULTANTS LIMITED (REGISTERED NUMBER: 03924907)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS
Plant and Office Computer
machinery equipment equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 10,543 1,377 9,382 21,302
DEPRECIATION
At 1 March 2023 2,108 1,309 7,458 10,875
Charge for year 1,055 34 1,155 2,244
At 29 February 2024 3,163 1,343 8,613 13,119
NET BOOK VALUE
At 29 February 2024 7,380 34 769 8,183
At 28 February 2023 8,435 68 1,924 10,427

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,479 939
Other debtors - 16,931
8,479 17,870

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 9,538 10,852
Other creditors 23,237 16,268
32,775 27,120

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,555 1,981

Deferred
tax
£   
Balance at 1 March 2023 1,981
Movement in year (426 )
Balance at 29 February 2024 1,555

8. ULTIMATE CONTROLLING PARTY

During the year the company was under the control of T S Gill and Ms R P Jones, the directors and shareholders of the company.