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REGISTERED NUMBER: 05675437 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

GRACE RESIN FLOORING LIMITED

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

ABRIDGED BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 417 555
Tangible assets 6 133,498 160,880
133,915 161,435

CURRENT ASSETS
Stocks 3,431 10,854
Debtors 183,019 204,971
Cash at bank 131,635 84,365
318,085 300,190
CREDITORS
Amounts falling due within one year 278,797 316,998
NET CURRENT ASSETS/(LIABILITIES) 39,288 (16,808 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

173,203

144,627

CREDITORS
Amounts falling due after more than one
year

(78,333

)

(48,774

)

PROVISIONS FOR LIABILITIES (32,349 ) (30,567 )
NET ASSETS 62,521 65,286

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

ABRIDGED BALANCE SHEET - continued
31 March 2024

2024 2023
Notes £    £    £    £   
RESERVES
Called up share capital 100 100
Retained earnings 62,421 65,186
SHAREHOLDERS' FUNDS 62,521 65,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 17 September 2024 and were signed by:





C J Naylor - Director


GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Grace Resin Flooring Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05675437 and the registered office is Unit 3 Hornet Court, 34 Hurricane Way, Norwich Airport Industrial Estate, Norwich, NR6 6HJ.

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

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the value of goods and services invoiced to customers less returns after deducting trade and other discounts and excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% 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 balance sheet date.


GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued
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.

Contributions to pension funds
The pension schemes are defined contribution schemes externally maintained. The charge in the profit and loss account is the amount of the contributions paid during the year.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023
and 31 March 2024 1,383
AMORTISATION
At 1 April 2023 828
Amortisation for year 138
At 31 March 2024 966
NET BOOK VALUE

At 31 March 2024 417
At 31 March 2023 555

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 264,305
Additions 54,225
Disposals (75,274 )
At 31 March 2024 243,256
DEPRECIATION
At 1 April 2023 103,425
Charge for year 39,328
Eliminated on disposal (32,995 )
At 31 March 2024 109,758
NET BOOK VALUE
At 31 March 2024 133,498
At 31 March 2023 160,880

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 8,749
Between one and five years - 42,941
- 51,690

Non-cancellable operating leases
2024 2023
£    £   
Within one year 6,000 2,750
Between one and five years 8,000 -
14,000 2,750

GRACE RESIN FLOORING LIMITED (REGISTERED NUMBER: 05675437)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 98,333 15,833
Hire purchase contracts - 51,690
98,333 67,523

The loan is secured against specific plant and machinery. The hire purchase liability is secured against a company vehicle.

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.